media release

Akzo Nobel buys remaining stake in Korean Powder Coatings’ joint venture

Press Release - Akzo Nobel will increase to 100% its shareholding in the South Korean powder coatings company, Interpon Powder Coatings (Korea) Co., Ltd (IPCK).

IPCK is currently a 50-50 joint venture between Akzo Nobel and DPI Co., Ltd of Korea, and manufactures and markets powder products in Ansan-City, near Seoul. Sales for the company in 2002 were KRW 24 billion (EUR 19 million).

“Akzo Nobel has been a shareholder in the IPCK business since formation of the joint venture in 1985,” said Rudy van der Meer, Member of Akzo Nobel’s Board of Management and responsible for Coatings. “Our increase in ownership to 100% is a clear indication of the Company’s commitment to the South Korean paint market.”

Added Bill McPherson, General Manager of Akzo Nobel Powder Coatings: “Korea is an important market for Interpon since it represents at least 10% of all powder coatings consumption in the Asia Pacific region. Asia plays a vital role in the world’s major electrical appliances market, which is an important user of powder coatings. Our position as leading global powder supplier to international appliance manufacturers has been built upon our commitment to servicing and supporting their powder coatings needs throughout their worldwide operations.”

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