AkzoNobel to divest its North American Decorative Paints business
AkzoNobel announced the divestment of its North American Decorative paints business to PPG Industries, Inc. (PPG), for the value of $1.05 billion.
The company made the decision to divest Decorative Paints North America following a four year turnaround. AkzoNobel has made the choice to focus its Decorative Paints Business Area on key markets in Europe and in high growth regions.
The cash proceeds of approximately $875 million will be deployed to support the company's strategy. This includes investing in organic growth for AkzoNobel, and reducing net debt.
"This acquisition continues the accelerated pace of our business portfolio transformation through further expansion of our coatings businesses," said Charles E. Bunch, PPG chairman and CEO. "It is also an attractive way to significantly increase our scale in the North American paint market."
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