Akzo Nobel gets coated
15 Apr 2002
Akzo Nobel has signed a contract with NOF Corporation of Japan to acquire the world-wide marine and aerospace coatings businesses of its subsidiaries, US Paint and NOF Europe.
The businesses, which produce the AWLGRIP brand for marine coatings systems, posted total sales of $30 million in 2001. Financial details of the deal were not disclosed. US Paint will retain its general industrial coatings business and its production site in St. Louis, MO. Under the terms of the deal, Akzo Nobel will acquire the marine business' sales and technical support unit in Antwerp, Belgium.
Production of the marine and aerospace products will move to Akzo Nobel facilities in Europe and the US in due course.
In total, 34 employees will transfer to Akzo Nobel.
Consolidated sales for Akzo Nobel in 2001 totalled 14 billion Euros.
