Arnhem, the Netherlands, April 27, 2004 – Akzo Nobel today announced its intention to divest the Company’s mirror coatings business to the Italian Group Fenzi. Akzo Nobel expects the transaction to be concluded in the second quarter of 2004. The mirror coatings business, which is based in Vilvoorde, Belgium, produces paints that are applied to the backs of mirrors to protect the silver lining which makes up the reflective surface. The business had sales of over EUR 7 million in 2003.
“Within Coatings we have been moving towards a more consistent portfolio of core global businesses over the last couple of years,” explained Rudy van der Meer, Member of Akzo Nobel’s Board of Management responsible for Coatings. “Although mirror coatings has performed admirably and continues to grow, it is no longer considered to be part of our strategic framework. We have therefore decided to find an owner who is committed to growing the business, thereby opening up new opportunities in the market.”
As part of the deal, Fenzi will also continue to toll produce coatings for building components – used in concrete roof tile protection – for Akzo Nobel.
“Acquiring Akzo Nobel’s mirror coatings business means that we will be able to tap into the considerable expertise and proven track record which has been built up by the company over the years,” said Fenzi CEO, Alessandro Fenzi. Group Fenzi is one of the worldwide leaders in the field of specialty chemicals for glass processing and is a global leader in the manufacturing of mirror coatings, sealants for insulating glass, and ceramic and decorative paints for glass.
Employee unions and representative bodies were informed about the intention to divest and the consultation procedures will continue where applicable. A total of 58 employees will transfer to the Group Fenzi.
In addition to the Fenzi deal, Akzo Nobel is also in the final stages of divesting its Vilvoorde general industrial coatings activities, as well as planning to relocate the site’s coil coatings activities to another Akzo Nobel plant in Europe.
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