Akzo Nobel has made an offer to acquire Sico, Inc. Sico’s two largest shareholders, who own approximately 34% of the company’s common shares, have signed a binding commitment to tender their shares under the offer. The Sico board of directors has also recommended the offer to its shareholders.
Headquartered in Quebec City, Canada, Sico develops, manufactures and markets architectural paints including key brands such as Sico, Para and Bentonel, as well as related products such as Mulco caulking compounds. The company, which also produces and supplies industrial coatings, employs approximately 1,000 people in Canada, the U.S. and Mexico and achieved sales in 2005 of $270 million.