AkzoNobel to divest non-stick coatings business

16 January 2009 07:52  [Source: ICIS news]

SINGAPORE (ICIS news)--AkzoNobel has agreed to divest its non-stick coatings business to privately-owned US-based company Whitford Worldwide for an undisclosed amount, the Netherlands-based specialty chemicals maker said on Friday.

"Although it is a solid business, our non-stick coatings operation does not have the scale for it to become a true market leader globally," said Leif Darner, board member at AkzoNobel in charge of its performance coatings business.

The deal involves AkzoNobel's global cookware and bakeware operations in the US, China, India, Brazil and Italy. The transaction is expected to be completed in the first quarter of 2009.

The divestment is expected to affect up to 140 employees and details about how many will be transferred are being discussed, AkzoNobel said.

“Unions and employee representative bodies have been informed and consultations procedures will begin shortly, where applicable. Regulatory approval will also be sought as and where appropriate,” the company said.

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By: Bohan Loh
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