ARNHEM, Netherlands, July 8, 2003 (PRIMEZONE) -- Akzo Nobel and Deutsche Beteiligungs AG and Harvest Partners Inc. have closed the deal concerning the divestment of Akzo Nobel's Impregnated Papers business. Taking into account certain adjustments, a cash and debt free amount of EUR 112 million was involved in the transaction. "This is another step in the continuous pruning and upgrading of the Akzo Nobel portfolio. It also contributes to the debt reduction program for 2003," said CFO Fritz Frohlich. "Our aim is to reduce Akzo Nobel's net debt by at least EUR 250 million this year."
Casco Impregnated Papers is a major global supplier of surfacing materials for applications in the woodworking, furniture, flooring and automotive industries. The company is active in 45 countries and posted total worldwide sales of EUR 265 million in 2002. All 900 employees worldwide will move with the business to the new owners.
Note for the editor
Akzo Nobel, based in the Netherlands, serves customers throughout the world with healthcare products, coatings and chemicals. Consolidated sales for 2002 totaled EUR 14 billion. The Company currently employs approximately 67,500 people in more than 80 countries. Financial results for the second quarter will be published on July 18, 2003.
Internet: www.akzonobel.com; www.deutschebeteiligungs.de; www.harvpart.com
Safe Harbor Statement (Pursuant to the U.S. Private Securities Litigation Reform Act of 1995)
This press release contains statements, which address such key issues as Akzo Nobel's growth strategy, future financial results, market positions, product development, pharmaceutical products in the pipeline, and product approvals. Such statements should be carefully considered and it should be understood that many factors could cause forecasted and actual results to differ from these statements. These factors include, but are not limited to price fluctuations, currency fluctuations, developments in raw material and personnel costs, physical and environmental risks, legal issues, and legislative, fiscal, and other regulatory measures. Stated competitive positions are based on management estimates supported by information provided by specialized external agencies. For a more complete discussion of the risk factors affecting our business please refer to our Annual Report on Form 20-F filed with the United States Securities and Exchange Commission.
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