12 November 2009 08:11 [Source: ICIS news]
The financial details of the transaction were not disclosed.
Dow bought the powder coatings activities earlier this year as part of its acquisition of Rohm & Haas. The business achieves global sales of several hundred million dollars and employs around 700 people, Akzo Nobel added in a statement.
"This is a strategic acquisition which will enable us to further penetrate key industrial coatings segments," said Leif Darner, the AkzoNobel board member responsible for Performance Coatings.
"By adding new powder technologies to our extensive portfolio we will be even better equipped to lead the way in meeting the increasing demand for innovative products with strong environmental profiles," he said.
The company added that the sale was expected to close during the second quarter of 2010 but this would be subject to customary closing conditions, including regulatory approvals.
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