AkzoNobel agrees to acquire Changzhou Prime Automotive Paint

08 September 2010 08:08  [Source: ICIS news]

SINGAPORE (ICIS)--AkzoNobel has agreed to acquire Chinese vehicle refinish supplier Changzhou Prime Automotive Paint Co for an undisclosed sum, the Netherlands-based paints, coatings and specialty chemicals company said on Wednesday.

Based in China's Jiangsu province, Changzhou Prime Automotive Paint develops, manufactures, markets and distributes automotive coatings, primarily for the refinish market, AkzoNobel said in a statement.

"This is an excellent deal…which gives us strong representation in one of China's most promising growth segments," said Leif Darner, AkzoNobel's board member responsible for its performance coatings business.

Earlier this year, AkzoNobel announced plans to double its revenue in China to $3bn (€2.4bn) within five years.

AkzoNobel’s operations in China posted revenues of $1.5bn in 2009, the company added.

($1 = €0.79)

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By: Nurluqman Suratman

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