Amsterdam, the Netherlands, April 3, 2008 - Akzo Nobel N.V. has today completed the on sale of the Adhesives and Electronic Materials businesses, part of the former ICI's National Starch business, to Henkel KGaA for GBP 2.7 billion (EUR 4 billion) in cash.
The agreement with Henkel for the on sale of the two businesses was announced by Akzo Nobel in its offer for the ICI Group in August 2007. The transaction was subject to the completion of Akzo Nobel's recommended offer for ICI and clearance by relevant anti-trust authorities. Both conditions have now been met.
"I am pleased that the sale has been concluded so rapidly, just three months after the ICI acquisition, and we are confident Henkel will further develop these strong businesses," said Akzo Nobel CEO Hans Wijers. "The on sale allows Akzo Nobel to focus on its core businesses and we are making good progress with integrating the ICI and Akzo Nobel organizations."
Akzo Nobel will provide an update on the integration at the Annual General Meeting of Shareholders, being held on April 22, 2008. Added Wijers: "We will keep up the pace and the positive energy, and build the enlarged group into one of the world's leading and most respected industrial companies."
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Note to editors
Akzo Nobel is one of the world's leading industrial companies. We are the largest global coatings manufacturer and the number one in decorative paints and performance coatings, as well as being a major worldwide supplier of specialty chemicals.
We employ around 60,000 people in more than 80 countries and are committed to developing innovative products and cutting-edge sustainable technologies. We endeavor to deliver whatever our customers require, wherever and whenever they need it. Based in the Netherlands, Akzo Nobel is a Fortune Global 500 company and is listed on the Euronext Amsterdam stock exchange. We are the Chemicals industry leader on the Dow Jones Sustainability Indexes, as well as being included on the FTSE4Good Index. Pro forma combined revenue for 2007 totaled EUR 14.4 billion. The financial results for the first quarter will be published on May 7, 2008.
Internet: www.akzonobel.com
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Akzo Nobel nv
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