media release

Polymer Chemicals Business Acquires Italian Company

Akzo Nobel's Polymer Chemicals business has acquired Italian raw materials manufacturer CIRS SpA.

Akzo Nobel’s Polymer Chemicals business has strengthened its position as a supplier to the PVC industry with the acquisition of CIRS SpA.

The Italian company, headquartered in Padova, manufactures two strategic raw materials for the production of PVC—antifouling agents and secondary suspending agents.

“This relatively small acquisition is well in line with Akzo Nobel’s strategy to focus on global leading positions in specialty chemicals and grow them through selected acquisitions, funded from within the Chemicals group’s own cash flow,” said Dag Strömqvist, member of Akzo Nobel’s Board of Management responsible for Chemicals.

CIRS has production facilities in Colafonda, Italy, and Conroe, Texas, USA, and since 1999, Polymer Chemicals has held exclusive rights to sell the CIRS products on a worldwide basis.

“The success of this partnership and the strategic fit has led to this acquisition,” added Paul Radlinski, Manager Europe within Akzo Nobel Polymer Chemicals. “Polymer Chemicals will be able to supply these key raw materials for PVC producers, along with its organic peroxide initiators.”

Bob Margevich, General Manager of the Polymer Chemicals business unit, went on: “This acquisition will make an important contribution towards expanding both our product line and overall service to the PVC industry.”

The Padova headquarters and the Conroe facilities are not included in the acquisition. The 65 people currently employed at Colofonda will be transferred to Akzo Nobel.

(Released: April 2, 2003)

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