AkzoNobel Finishes $6B Sale of Specialty Chemicals Unit

October 3, 2018

2 Min Read
AkzoNobel Finishes $6B Sale of Specialty Chemicals Unit
AkzoNobel finished the sale of its Specialty Chemicals business this week. Image courtesy of Flickr user dennism2

Dutch specialty chemicals and coatings producer AkzoNobel announced Monday that the sale of its Specialty Chemicals unit to asset management company Carlyle Group and investment firm GIC officially closed. Sold for €10.1 billion, or about $6.4 billion, the transaction is part of AkzoNobel’s efforts to hone its focus on its coatings and paints business. 

“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,” said Thierry Vanlancker, the Dutch firm’s chief executive officer, in a press release. “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 business supplies ethylene and sulfur derivatives, bleaching and oxidizing chemicals, salt-chlorine products, surface chemistry solutions, polymer-related chemicals, and other products to end users in a variety of industries, including food processing, pharmaceuticals, and plastics.

“We are excited to invest in Specialty Chemicals and we are committed to growing the business and continuing to enhance its competitive position. 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,” said a statement by Carlyle managing directors Zeina Bain and Martin Sumner. “We look forward to working with Charlie and the management team to support Specialty Chemicals as it embarks on a new phase as an independent company.”

AkzoNobel Specialty Chemicals operates in more than 80 countries and employs some 9500 workers across its footprint, according to the Dutch company. Its brands include Berol, Eka, and Trigonox. 

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