AkzoNobel to take 100 % control of Metlac Group
10 Jan 2012
The world's largest manufacturer of paints and coatings and leading producer of specialty chemicals, AkzoNobel plans to strengthen its position in packaging coatings by exercising the right to buy the remaining shares of Metlac, an Italian packaging coatings producer, for an undisclosed sum.
AkzoNobel acquired its stake in the packaging coatings maker Metlac Group, through its 2008 acquisition of British paints manufacturer ICI.
"The deal underlines the company's strong commitment to supporting the coatings and inks market for metal packaging by securing the future of a well-recognised supplier," AkzoNobel said in a statement.
The Amsterdam-headquartered chemicals giant said, the combination of the two companies would bring value to its customers by leveraging the AkzoNobel global footprint and the product range of Metlac.
Leif Darner, executive committee member responsible for performance coatings, AkzoNobel, said, "This acquisition will reinforce our customer offering and links perfectly with the strategy to strengthen our positions in core markets.".
The completion of the transaction is subject to antitrust approval. The company expects to finalise the acquisition in Q2 2012.
Global Fortune 500 company AkzoNobel is a major producer of specialty chemicals. Its portfolio includes well known brands such as Dulux, Sikkens, International and Eka.
