Arnhem, the Netherlands, June 1, 2006 — Akzo Nobel has completed the divestment of its Ink and Adhesive Resins business to Hexion Specialty Chemicals for EUR 88 million free of cash and debt.
Hexion, the world’s largest producer of thermoset resins, has acquired all assets of the business and all employees (around 560) have transferred to the new owner. Ink & Adhesive Resins has manufacturing facilities in the Netherlands, Portugal, Canada, Argentina, New Zealand, China, Korea and the United States.
"Ink and Adhesive Resins will clearly have better prospects for growth and development under the new owner, for whom these activities are core business,” said Leif Darner, the Akzo Nobel Board member responsible for Chemicals. “It was important that we found a buyer with the right strategic focus and that the employees who have transferred are in good hands.”
Added Hexion’s Division President, Sarah Coffin: “This acquisition further strengthens and diversifies our range of products and technologies and expands our geographic footprint to help us effectively serve our global customer base.”
Akzo Nobel has now completed the sale of four Chemicals businesses in 2006, with the remaining divestments resulting from the strategic realignment of the company’s Chemicals portfolio expected to be finalized during the course of the year.