Arnhem, the Netherlands, February 27, 2002 – Akzo Nobel Coatings has increased its shareholding in the Greek paint company, Vivechrom from 51% to 76%. The move strengthens Akzo Nobel’s position in the Greek decorative paint market, in which Vivechrom is the leading brand.
“Akzo Nobel has been a shareholder in Vivechrom for over ten years and in that time the company has grown into the clear market leader,“ said Rudy van der Meer, Member of the Akzo Nobel Board responsible for Coatings. “This investment leaves us ideally placed to play an even greater part in future growth in this area.”
Jan Andersson, General Manager of the Decorative Coatings International business unit responsible for Vivechrom, added: “Akzo Nobel’s additional 25% stake in Vivechrom is a clear indication of the company’s commitment to the Greek paint market.”
Vivechrom has recently made a number of major investments in production and warehousing giving it the most modern paint production facilities in the country.
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