media release

Buyer Found For Sneek Site

Akzo Nobel has found a buyer for its Decorative Coatings production site in Sneek, the Netherlands.

A letter of intent has been signed with leading coatings colorant manufacturers CPS Colors, which will hand over all the facilities, including the workforce.

The conditions of the sale state that all present employment agreements will be respected, with an additional guarantee for future years. In turn, Akzo Nobel will buy an annualized volume of colorants for at least the next four-and-a-half years.

“Over the last year we have been looking for a solution which is acceptable for both the workforce and management of Sneek and this deal combines the two interests perfectly,” said Leif Abildgaard, general manager of the Decorative Coatings Europe business unit.

“We are very happy to have found a buyer for the site from a related business who considers the skills and know-how of the team in Sneek to be an asset.”

Akzo Nobel has a long-standing relationship with CPS Colors, which is one of the largest producers of colorants in the world.

Financial details of the sale have not been disclosed, although the final transfer is expected to take place at the beginning of October.

(Released: February 12, 2001)