End of the ICI era

London - Akzo Nobel NV has completed its £8-billion takeover of Imperial Chemical Industries PLC (ICI). The UK company has officially delisted from the London Stock Exchange, dealing in its shares having already been suspended just before Christmas.

The takeover ends over 80 years of independence for ICI, which was formed in 1926 from the merger of four UK chemical companies - alkali company Brunner, Mond; Nobel Industries, a major explosives concern established in 1870 by Alfred Nobel; United Alkali; and British Dyestuffs. The agreement to create ICI was made during a transatlantic voyage aboard the Aquitania.

Within Akzo Nobel, ICI’s National Starch and ICI Paints  businesses will join the world's largest coatings manufacturer and a major supplier of speciality chemicals. The Dutch owner has yet to announce whether or not it will retain ICI’s famous roundel logo, which was originally based on that of Nobel Industries.

Akzo Nobel is to position ICI within a new organisational structure comprising three business areas—Decorative Paints, Performance Coatings and Specialty Chemicals. ICI’s retained Specialty Polymers and regional and industrial activities will move to Akzo Nobel Specialty Chemicals, while ICI’s Packaging Coatings operation will join Akzo Nobel’s Performance Coatings portfolio. ICI’s deco activities will be part of a new Akzo Nobel Decorative Paints unit.

The restructure has also involved several senior appointments, including Antoine Fady, who formerly led ICI Decorative Paints in Continental Europe and Packaging Coatings, will head up Akzo Nobel's Decorative Paints Continental Europe unit. He will also continue to manage Packaging Coatings on an interim basis.

Meanwhile, Richard Stuckes is to manage Decorative Paints UK, Northern Ireland and South Africa - the same responsibilities he held within ICI. Similarly, Chas Eggert is to manage the Specialty Polymers business, mirroring his former responsibilities within ICI).