13 December 2018
DETAILS
has signed and closed the acquisition of
Swire Industrial Limited’s minority interest in the
AkzoNobel Swire Paints (ANSP) joint venture.
Having held the majority share
in the decorative paints joint venture since 1989,
AkzoNobel has now acquired full ownership.
This acquisition strengthens
AkzoNobel’s leading position in the Chinese
decorative paints market while also increasing
the flexibility to further develop the business.
The ANSP joint venture manufactures and distributes
decorative paints, primarily under the Dulux brand.
Manufacturing plants are located at
Guangzhou
(including a 10% joint venture with a local partner),
Shanghai, Langfang and Chengdu.
Thierry Vanlancker,
CEO of AkzoNobel
“China has been, and continues to be,
a strategic growth market for AkzoNobel.
The timing of this acquisition is perfect.
It will strengthen our leading position
and help drive our value creation ambition for China.
It also supports our ongoing transformation into
a focused paints and coatings company
and gives further momentum
to our strategy of
achieving 15% return on sales by 2020.”
Ruud Joosten,
COO of AkzoNobel
“We would like to thank Swire
for the constructive and strong partnership
we’ve had over the last three decades.
The ANSP joint venture has well established
sales channels, strong brand recognition
and a high level of innovation.
We look forward to maintaining this successful path
and continuing to serve our customers
with top quality brands.”
WWW.CHEMWINFO.COM BY KHUN PHICHAI
