Global paints and coatings company AkzoNobel (Amsterdam, The Netherlands) completed the sale of the Specialty Chemicals business to private equity company The Carlyle Group (Washington, DC, USA) and sovereign wealth fund GIC (Singapore) for an enterprise value of €10.1 billion ($11.7 billion).
“Today is a key milestone in the history of AkzoNobel, creating a focused paints and coatings company, with market leading positions, strong global brands, and a clear strategy to create value for all our stakeholders,” says Thierry Vanlancker, CEO of AkzoNobel. “This is also an important step for the Specialty Chemicals business, and I would like to take this opportunity to say thank you to our colleagues and wish them a successful future with Carlyle and GIC.”
The closing of the transaction was announced on October 1, 2018.
Martin Sumner and Zeina Bain, managing directors at The Carlyle Group, say they are planning to invest in Specialty Chemicals and are committed to growing the business and enhancing its competitive position as an independent company.
“Specialty Chemicals has a great heritage, a high quality asset base and workforce, an excellent track record of innovation, as well as a diversified customer and product portfolio,” the managing directors explain in a statement.
AkzoNobel says it plans to return the vast majority of the sale's net proceeds to its shareholders.
Source: AkzoNobel, www.akzonobel.com.