Arnhem, The Netherlands, November 28, 2005 - Akzo Nobel has received an offer from Hexion Specialty Chemicals for its Ink and Adhesive Resins business of EUR 88 million free of cash and debt. The offer involves all assets and all current employees of the business.
completed, the deal would represent the first major divestment to be completed following the company’s strategic realignment of its Chemicals portfolio, which was announced early this year.
business, which had 2004 sales of EUR 166 million, employs around 560 people and has its global headquarters in Maastricht, the Netherlands, along with production sites in seven countries, including Portugal, New Zealand, the USA, China and Argentina.
“This transaction would be the first in a series of planned Chemicals divestments designed to give the company a clear focus for its future operations,” explained Leif Darner, Akzo Nobel’s Board member responsible for Chemicals. “Ink and Adhesive Resins is one of several businesses we identified as having better prospects for growth and development in the hands of an owner with a different strategic focus to our own. We’re confident that this deal with Hexion would offer the best opportunity to flourish for both the business and its employees.”
"The acquisition of Akzo Nobel's Ink and Adhesive Resins business demonstrates Hexion's continued commitment to leadership in the global ink and adhesive resins industry,” explained Jeff Nodland, President of Hexion's Coatings and Inks Division. “The combination with Hexion's existing businesses will strengthen and diversify our product capabilities and allow Hexion to meet more effectively the existing and emerging requirements of our customers.”
manufactured by the Ink and Adhesive Resins business include printing ink resins, rubber emulsifiers, alkyd resins and solid tackifier resins.
and employee representative bodies have been informed and consultation procedures will commence shortly, where applicable. Regulatory approvals will be sought as and where appropriate.