(AGENPARL) - Roma, 19 Aprile 2023 - (AGENPARL) – mer 19 aprile 2023 Akzo Nobel N.V
Media
release
Christian Neefestraat 2
1077 WW Amsterdam
P.O. Box 75730
www.akzonobel.com
1070 AS Amsterdam
Netherlands
April 19, 2023
AkzoNobel to acquire
Chinese Decorative Paints business
from Sherwin
Williams
(AKZA; AKZOY)
AkzoNobel is to further strengthen its China position after reaching an agreement with Sherwin
Williams to acquire its
Chinese Decorative Paints business*.
regulatory approvals, is expected
in the second half
of 2023.
The business has
annual revenue of
about
€100 million
and employs around 300 people.
transaction includes the
Huarun brand
which
has a long history and
recognized in China
“Acquiring the Chinese Decorative Paints business from Sherwin
Williams will help us to deliver our
growth ambitions in tier three to tier five geographi
cal areas in China. This intended acquisition is a
strong strategic fit and our current business is best
placed to unlock the full potential, thereby offering
new opportunities for employees and customers
” says AkzoNobel CEO, Greg Poux
Guillaume.
Commenting on the deal, Mark Kwok, Director Decorative Paints North Asia, says:
“Acquiring this
business from Sherwin
Williams, and especially their
renowned decorative paints brand
Huarun
will
strongly complement our existing premium
focused Dulux produ
ct portfolio. This will give our
customers access to a more diverse and stronger offering. We look forward to welcoming
these
employees to the AkzoNobel China family and are excited about the opportunities we can achieve
together.”
The intended acquisitio
n follows on from a series of recent acquisitions by AkzoNobel across paints
and coatings over the last years, including Titan Paints in Spain and Portugal, New Nautical Coatings
in the US
Grupo Orbis in Latin America
and, most recently,
Lankwitzer
Lackfa
in Germany.
*The Chinese Decorative Paints business is known within Sherwin
Williams as the Chinese Architectural Paint business
About AkzoNobel
We supply the sustainable and innovative paints and coatings that our customers,
communities
and the environment
are increasingly relying
on. Our world class portfolio of brands
including Dulux, International,
Sikkens and Interpon
is trusted by customers around the globe. We’re
active in more than 150
countries and have set our
sights on becoming the global industry leader. It’s what you’d expect
from a pioneering paints
company that’s committed to science
based targets and is taking
genuine action to address globally relevant challenges and protect future
generations.
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publication
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Diana Abrahams
Contact:
Kenny Chae
Safe Harbor Statement
This report contains statements which address such key issues as AkzoNobel’s growth strategy, future financial results, marke
t positions, product
development, products in the pipeline and product approvals. Such statements should be carefully considered, a
nd it should be understood that
many factors could cause forecast and actual results to differ from these statements. These factors include, but are not limi
ted to, price
fluctuations, currency fluctuations, developments in raw material and personnel costs
, pensions, physical and environmental risks, legal issues,
and legislative, fiscal, and other regulatory measures, as well as significant market disruptions such as the impact of pande
mics. Stated
competitive positions are based on management estimates su
pported by information provided by specialized external agencies. For a more
comprehensive discussion of the risk factors affecting our business, please see our latest annual report.