AkzoNobel acquires full ownership of Chinese decorative paints joint venture
Akzo Nobel N.V. signed and closed the acquisition of Swire Industrial Limited's minority interest in the AkzoNobel Swire Paints joint venture.
Having held the majority share in the decorative paints joint venture since 1989, AkzoNobel has now acquired full ownership.
“The timing of this acquisition is perfect,” AkzoNobel CEO Thierry Vanlancker said. “It also supports our ongoing transformation into a focused paints and coatings company and gives further momentum to our strategy of achieving 15 percent return on sales by 2020."
"The ANSP joint venture has well-established sales channels, strong brand recognition and a high level of innovation,” added Ruud Joosten, COO of AkzoNobel.
The ANSP joint venture manufactures and distributes decorative paints, primarily under the Dulux brand. Manufacturing plants are located at Guangzhou (including a 10 percent joint venture with a local partner), Shanghai, Langfang and Chengdu.