AkzoNobel sells Specialty Chemicals to The Carlyle Group and GIC
Apr. 3, 2018 - AkzoNobel announces the sale of its Specialty Chemicals business to The Carlyle Group and GIC for an enterprise value of €10.1 billion.
April 3, 2018 By P&PC Staff
According to the parties, the transaction creates two “focused and high performing” businesses – Paints and Coatings, and Specialty Chemicals – as part of its strategy announced in April 2017. The transaction is expected to be completed before the end of the year.
“We are pleased to invest in the Specialty Chemicals business and proud to support a business with such a strong heritage. We are committed to growing the business, and building upon its innovation capability, high quality work force and asset base, as well as its world-class sustainability and environmental practices,” said Martin Sumner and Zeina Bain, managing directors at The Carlyle Group.
The Board of Management and the Supervisory Board concluded that a private sale to The Carlyle Group and GIC is in the best interests of AkzoNobel, Specialty Chemicals and its respective stakeholders, including employees, shareholders and customers.
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