AKZO NOBEL RECEIVES OFFER
FROM HEXION FOR ITS INK AND
ADHESIVE RESINS BUSINESS
Akzo Nobel has received an offer from
Hexion Specialty Chemicals for its ink
and adhesive resins business for €88
million. The offer involves all assets and
all current employees of the business. If
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 in early 2005.
The business, which had 2004 sales of
€166 million, employs approximately
560 people and is based in Maastricht,
the Netherlands. It has production sites
in seven countries, including Portugal,
New Zealand, the U.S., China and
Argentina. Products manufactured by
the ink and adhesive resins business
include printing ink resins, rubber
emulsifiers, alkyd resins and solid tackifier
resins.
“This transaction would be the first
in a series of planned chemical divestments
designed to give the company a
clear focus for its future operations,”
said 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.”