Arnhem, the Netherlands, March 15, 2007 — Akzo Nobel has divested its Akcros Chemicals PVC additives business to UK-based private investment firm GIL Investments. Financial details were not disclosed.
Under the terms of the deal, the company’s sites in Eccles, UK, and New Brunswick in the United States—along with all of the approximately 160 employees at these locations—will be transferred to the new owner.
An agreement has also been reached whereby Akzo Nobel will continue to operate two smaller, related production operations in Greiz, Germany, and Itupeva in Brazil. Employees at these two locations—who will provide toll production services to the new owner—will therefore remain with Akzo Nobel.
“Transferring the bulk of the PVC additives activities to a new owner is the best way forward for the business, which will continue to operate under its current name,” explained Leif Darner, member of Akzo Nobel’s Board of Management responsible for Chemicals. “This transaction means that we have just one more divestment to finalize before completing the strategic realignment of our Chemicals portfolio.”
Regulatory approvals will be sought as and where appropriate.
Akcros Chemicals is one of the world leaders in the field of additives for the processing and manufacturing of PVC products. The business’ range of additives includes stabilizers, biocides and bonding agents.
Headquartered in the Midlands, GIL Investments has an established track record of acquiring and developing businesses and adding value over the long term.