Akzo Nobel NV : AkzoNobel to divest Building Adhesives business to Sika AG for
August 8, 2013
AkzoNobel today announced that it has received a binding offer for the
purchase of its Building Adhesives business by Sika AG for €260 million.
Building Adhesives generated annual revenues of €185 million in 2012.
The transaction, which is expected to be completed in the fourth quarter of
this year subject to regular consultation with employee representatives, will
see all of Building Adhesives' approximately 550 employees as well as its two
manufacturing facilities inRosendahl(Germany) andDamville(France) and its
products and brands transfer to Swiss-based Sika AG.
The intended sale of Building Adhesives follows a strategic review of the
business' fit within AkzoNobel's portfolio. Building Adhesives is a standalone
business within AkzoNobel's Decorative Paints business area, primarily serving
the professional market in North Western Europe with a portfolio of brands and
products including floor and wall leveling compounds, floor adhesives, tile
setting, sealants and floor finishes. Its respected brands include Schönox,
Casco, Cégécol, Synteko and EriKeeper. AkzoNobel's Wood Finishes and Adhesives
business (which also operates under the Casco brand) is not the subject of
"We want to focus our Decorative Paints business at AkzoNobel on the strong
strategic paint positions we have in Europe and the growth markets of Asia and
South America," commented AkzoNobel CEO Ton Büchner. "The intended sale of
Building Adhesives is in line with this strategy. In Sika, with its portfolio
of businesses in this industry, we are pleased to have found a good future
home for this business."
Jan Jenisch, CEO of Sika: "Sika is looking forward to welcoming the successful
team from the Building Adhesives business of AkzoNobel. The acquisition will
make Sika a strong player in the interior finishing construction market and
will complement our product range."
The proceeds will be used to repay short-term debt and improve liquidity.
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AkzoNobel is a leading global paints and coatings company and a major producer
of specialty chemicals. We supply industries and consumers worldwide with
innovative products and are passionate about developing sustainable answers
for our customers. Our portfolio includes well-known brands such as Dulux,
Sikkens, International and Eka. Headquartered in Amsterdam, the Netherlands,
we are consistently ranked as one of the leaders in the area of
sustainability. With operations in more than 80 countries, our 50,000 people
around the world are committed to excellence and delivering Tomorrow's Answers
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