Akzo Nobel: Offer received for Ink and Adhesive Resins
Akzo Nobel has received an offer from Hexion specialty chemicals for its Ink and Adhesive Resins business for EUR 88 million free of cash and debt. 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 early this year.
The business, which had 2004 sales of EUR 166 million, employs around 560 people and has its global headquarters in Maastricht, the Netherlands, along with production sites in seven countries, including Portugal, New Zealand, the USA, China and Argentina.
Products manufactured by the Ink and Adhesive Resins business include printing ink resins, rubber emulsifiers, alkyd resins and solid tackifier resins. Unions and employee representative bodies have been informed and consultation procedures will commence shortly, where applicable. Regulatory approvals will be sought as and where appropriate.
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