07 October 2011 14:30 [Source: ICIS news]
LONDON (ICIS)--AkzoNobel has completed the acquisition of Germany-based coatings manufacturer Schramm Holding, the Dutch specialty chemicals maker said on Friday.
Financial details regarding the deal were not disclosed.
AkzoNobel also expects to finalise the acquisition of the coatings activities operated by Schramm's previous largest shareholder – South Korean company SSCP – as of 1 November 2011.
"This is an important step for [AkzoNobel] Industrial Coatings, making us the global leader in specialty plastic coatings for mobile devices, laptops, TVs and automotive interiors," said Conrad Keijzer, managing director of AkzoNobel Industrial Coatings.
Based in Germany and listed on the Hong Kong stock exchange, Schramm manufactures and markets coatings for plastics, metals and electrical insulation, as well as coil coatings for aluminium, the company said.
The acquisition was first announced in June this year.
Schramm achieved global revenues in 2010 of €115m ($155m) and employs about 800 people..
($1 = €0.74)
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