AkzoNobel signs new JV agreement to expand Mideast operations

30 November 2012 10:30  [Source: ICIS news]

AkzoNobel headquartersLONDON (ICIS)--AkzoNobel on Friday announced it has signed an expanded joint venture agreement with the Gulf-based multinational group of companies Yusuf Bin Ahmed Kanoo in order to strengthen the Netherlands-headquartered coatings and specialty chemicals group’s growth ambitions in the Middle East.

The existing joint venture with Kanoo only covered the supply of AkzoNobel's international paint brand, along with coil and packaging coatings.

Under the terms of the new deal, AkzoNobel will offer products from across its Performance Coatings portfolio, including professional woodcare, automotive refinish, marine, yacht, fire protection, protective and powder coatings.

Leif Darner, AkzoNobel's executive committee member responsible for Performance Coatings, said: "It [the new deal] will give us a firm foothold in the Middle East and a solid platform from which to deliver on our ambitious growth strategy in the region.

“We see many opportunities for our products and services to supply the construction, oil and gas and transportation sectors in the Middle East," Darner added.

By: Franco Capaldo
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