media release

Akzo Nobel Divests PRC DeSoto to PPG Industries for USD 512.5 million

“This completes the divestment program connected with the Courtaulds acquisition, which in total significantly reduces our debt levels by some EUR 1.1 billion” said Fritz W. Fröhlich, Akzo Nobel‘s Chief Financial Officer.

Akzo Nobel continues to serve the aerospace industry through Akzo Nobel Aerospace Coatings, which it now wholly owns, and which supplies a full range of coatings for aerospace applications.

Akzo Nobel, based in the Netherlands, serves customers throughout the world with healthcare products, coatings, chemicals and fibers. The fibers business, now known as Acordis, will be demerged. The company currently employs approximately 86,000 people in more than 70 countries. As of 1999 the euro is Akzo Nobel’s external reporting currency. Consolidated sales for 1998 totaled EUR 12.5 billion (NLG 27.5 billion / USD 13.8 billion / GBP 8.4 billion). Financial results for the second quarter of 1999 will be announced on July 28.