2004/8/2 Akzo Nobel
completes two Chemicals divestments
As expected Akzo
Nobel has completed the sale of its Catalysts and Phosphorus
Chemicals businesses for a total of some EUR 850 million, free
of cash and debt and prior to final closing adjustments for
Hans Wijers, Chairman of Akzo Nobel's Board of Management, said: "The Company's drive to create more financial room to maneuver is on track. The closing prices truly reflect the value of these businesses and we will use the proceeds to reduce net debt and to strategically upgrade our portfolio."
Both deals involve all assets and all current employees of the businesses. The Catalysts divestment includes shares in joint venture companies. Unions and employee representative bodies, where applicable, have advised positively on the sales and all required regulatory approvals have been obtained.
Albemarle Completes Akzo Nobel Refinery Catalysts Acquisition
Corporation has completed the acquisition of the
catalyst business of Akzo Nobel N.V. With this acquisition,
Albemarle becomes one of the world's largest producers of hydro
processing catalysts (HPC) and fluidized catalytic cracking (FCC)
catalysts used in the petroleum refining industry. Including
joint ventures and Albemarle's current polyolefin catalyst
business, the new Catalyst segment is expected to generate sales
of roughly $680 million on an annual basis.
Mark C. Rohr, President and Chief Executive Officer of Albemarle said, "The addition of Akzo's catalyst business provides a new platform to broaden Albemarle's portfolio of specialty chemicals and service solutions, and expands our interaction with a global customer base that plays a key role in the world economy. We are impressed with the energy and talent our new employees bring to Albemarle, and we are confident we can create value by building on this strong marketing, manufacturing and technology leadership position."
Albemarle is acquiring production sites for HPC and FCC catalysts in Amsterdam and Pasadena, Texas. Additionally, Albemarle is acquiring 50 percent ownership of non-consolidated joint ventures in Brazil (FCC SA), Japan (Nippon Ketjen) and France (Eurecat, with affiliates in the US, Saudi Arabia and Italy). The transaction was financed through a new $1.2 billion senior credit facility and bridge loan.
Ray Hurley, Vice President -- Catalysts, said, "I am very excited about the future, given the many strengths of Albemarle and the long-term commitment to the growth and success of our business. Albemarle's core strengths will help us further enhance our current market leadership positions in the fastest growing catalyst segments, such as the rapidly expanding clean fuels catalyst market, and help us establish ourselves into segments of the catalyst industry where we are not currently active."
Albemarle Corporation, headquartered in Richmond, Virginia, is a leading producer of specialty chemicals for consumer electronics; transportation and industrial products; pharmaceuticals; agricultural products; construction and packaging materials. The company's three business segments, Polymer Additives, Catalysts and Fine Chemicals (which includes custom manufacturing services for the life sciences market) serve customers in more than 100 countries, generating annual revenue of approximately $1.75 billion. Learn more about Albemarle at http://www.albemarle.com.
Albemarle Corporation offers EUR 625 million for refinery Catalysts business
Akzo Nobel has
received an offer from Albemarle Corporation for the sale of its refinery Catalysts
EUR 625 million, free of cash and debt. Akzo Nobel announced its
intention to divest this business in September 2003 in order to
create more room to maneuver for the Company. Closing of the
transaction is expected to be in the second quarter of 2004. The
deal involves all assets and all current employees of the
business, including shares in joint venture companies. Employee
representative bodies and unions have been informed and
consultation procedures will commence shortly, where applicable.
The required regulatory approvals will be sought as and when
Hans Wijers, Chairman of Akzo Nobel's Board of Management, said: "We are pleased with the speed at which we have been able to proceed with this divestment and that the offer we have received reflects the value of the business. Catalysts is an excellent and innovative business manned by creative people making positive contributions to refinery efficiency and the reduction of emissions. We are confident that Albemarle will continue to develop the business."
Mark C. Rohr, President and Chief Executive Officer of Albemarle, said, "The critical mass in catalysis represented by our proposed acquisition of the Akzo Nobel business provides a strong technology foundation, positioning us well for sustainable growth in the refinery market. Refiners are increasingly challenged to provide higher quality fuels, the market is globalizing, and we will have the technology and innovation capability to serve more than 750 refineries worldwide facing these issues."
Cornerstones of the Catalysts business are the Fluid Catalytic Cracking Catalysts (FCC) and Hydro Processing Catalysts (HPC), used in the oil refining process. Globally, the business has a leading position in both product areas. Other catalysts, such as those for isomerization and alkylation, are also marketed or under development. Sales in 2003 amounted to some EUR 350 million, while EBITDA for the same period was EUR 87 million inclusive of income from non-consolidated joint ventures.
Production sites for FCC and HPC catalysts are in Amsterdam (The Netherlands) and Pasadena (Texas, United States). Chemical Processing Catalysts (CPC) are produced in Amsterdam. The BU has 50% owned, non consolidated joint ventures in Brazil (FCC SA,) France (Eurecat, with affiliates in the U.S., Saudi Arabia and Italy) and Japan (Nippon Ketjen).
The business currently has its main office in Amersfoort (The Netherlands) and regional offices in Houston (Texas, U.S.) and Singapore. Research centers are located in Amsterdam and Pasadena. Employees total some 825 worldwide.
Ripplewood Holdings L.L.C. offers EUR 230 million for Akzo Nobel Phosphorus Chemicals business
Akzo Nobel has
received an offer from Ripplewood Holdings L.L.C. for the sale of its Phosphorus Chemicals
EUR 230 million free of cash and debt. The intention to divest
this business was announced in September 2003, with the purpose
of creating more financial room to maneuver for the Company.
Closing of the transaction is expected to be completed in the
second quarter of 2004. The deal involves all assets and all
current employees of the business. Employee representative bodies
and unions have been informed and consultation procedures will
commence shortly, where applicable. The required regulatory
approvals will be sought as and when appropriate.
Hans Wijers, Chairman of Akzo Nobel's Board of Management, said: "This is a further stage in our program to create more financial room to maneuver for the Company and we are pleased with the speed at which we have been able to proceed. The offer fully reflects the value of this excellent business. I am confident that the new owner will continue to develop its value, both in the interests of the business and their new employees."
Phosphorus Chemicals is an industry leader relative to the worldwide manufacture, distribution and service of organophosphorus flame retardants, plasticizers, and lubricants. Applications include engineered resins, plastics, urethane foams, oil additives, fire-resistant fluids and turbine oils. Products are supplied worldwide from production locations in Germany (Bitterfeld) and the United States (Gallipolis Ferry, West Virginia). The business has approximately 280 employees worldwide and had annual revenues of approximately EUR 187 million in 2003.
Ian Snow, a Managing Director of Ripplewood, said: "We are very pleased with the acquisition of Akzo Nobel's Phosphorus Chemicals business. This transaction will be our second in the specialty chemicals sector, following our exit late last year from a successful investment in KRATON Polymers, which was purchased in 2001 from Royal Dutch Shell. We look forward to achieving similar success with this business."
John Georges, an Industrial Partner of Ripplewood, said: "We are excited about the growth prospects for the Phosphorus Chemicals business and are impressed by its management team. We look forward to providing the support the business needs to continue to grow and strengthen its position as a global market leader."
October 13, 2005 Akzo Nobel
Akzo Nobel expands
chemicals activities in China
Akzo Nobel is ramping up its Chemicals activities in China by investing approximately EUR 15 million in two new production facilities. In addition to building a new polysulfides plant in Taixing, the company will construct a new paper chemicals site in Guangzhou, two projects which emphasize the businessf ambitious growth plans for the region.
gAkzo Nobel has clearly stated its strategy of supporting growth in five Chemicals platforms with good prospects for profitable leadership,h explained Leif Darner, the companyfs Board Member responsible for Chemicals. gThese two investments will consolidate and expand our well established activities in China and are a clear indication of our commitment to creating strong competitive positions in selected markets.h
Akzo Nobel already commands a strong position in the global polysulfides market and the new plant[which will be built at the companyfs existing Functional Chemicals site in Taixing ]hÈ×»[will have an annual production capacity of 10,000 tons.
It is scheduled to become operational by early 2007, by which time the companyfs polysulfides plant in Germany will already have reached maximum capacity. Polysulfides are the key ingredient in sealants used in the aerospace and glass insulation industries.
Over in Guangzhou, the new Pulp and Paper Chemicals facility[operated by the companyfs Eka Chemicals business[will be built close to two major customers and will produce sizing agents.
Production of paper and board is expected to double in China by 2010 and once construction of the factory is complete[expected to be around the fourth quarter of next year[Eka will become the first paper chemicals company operating in China to establish a facility to produce sizing agents in the strategically important paperboard manufacturing area of Guangdong.
Added Darner: gThese investments will not only help us to develop the necessary critical mass required to further support our leading status in the industry, but will also accelerate our continued expansion in China by helping us to directly serve the fast-growing Chinese market.h
2006/1/26 Akzo Nobel
Akzo Nobel Makes Progress With Chemicals Divestments
Akzo Nobel has made major
progress with its Chemicals divestment program. Two deals have
been agreed as part of the strategic realignment of the
portfolio, while a decision has been made to close part of a
The first transaction concerns a EUR 24 million agreement for oleochemicals which will see Akzo Nobel divest the 65 percent majority interest in its Malaysian oleochemicals joint ventures to JV partner Lam Soon Group. The companyfs other oleochemicals operation, located in Emmerich, Germany, is not involved in the transaction, but with a number of parties interested - including Lam Soon Group - progress is being made on the sale.
gWe have been keen to finalize a satisfactory agreement and are delighted to have concluded a deal with our JV partner, with whom we have had a successful working relationship since 1987,h said Leif Darner, Akzo Nobelfs Board member responsible for Chemicals.
The company has also signed an agreement to divest its Electro Magnetic Compatibility (EMC) business to ETL Semko K.K., part of UK company Intertek Group plc. Currently operated on a stand-alone basis, the business is the market leader in the Japanese commercial laboratory EMC market.
gWe no longer consider the EMC business to be one of Akzo Nobelfs core activities and itfs clear that the business will have better opportunities to develop and prosper in the hands of new owners,h added Darner.
The sale of Akzo Nobelfs MACC activities will now involve only two sites following a decision to close the MACC plant at Delfzijl in the Netherlands in April. The decision to close this plant was prompted by the facilityfs poor financial results and its weak prospects for the future. gWe have reached this conclusion with difficulty after exhaustive attempts to turn around or sell this part of the business during the past two years,h explained Darner.
The proposed closing date is April 1. Discussions with unions about a social plan for the 33 employees have started.
The divestment program - which was announced in February 2005 - involves divesting 14 businesses with combined 2004 sales of EUR 700 million. So far, Akzo Nobelfs Chemicals group has agreed five deals, with the company aiming to finalize agreements for the remaining businesses during the first half of 2006.
2006/10/12 Akzo Nobel
Akzo Nobel Plans to Establish Chemicals Multi-Site in China
Akzo Nobel has today signed a memorandum of understanding with the Ningbo Chemical Industry Zone (NCIZ) which paves the way for the creation of a new chemicals multi-site in China. The company plans to install the facilities on a 50 hectare plot, making it one of the biggest sites for Akzo Nobel's activities in the world.
The project which provides the basis for a variety of future investments in grassroots chemicals production facilities would involve building plants for the manufacture of ethylene amines and chelating agents. The company also intends to produce organic peroxides L@ß_»¨ on the site. More details about these intended investments will be announced early next year.
gThis is a clear signal that our growth strategy is gathering momentum,h said Leif Darner, the Akzo Nobel Board member responsible for Chemicals. gChina is becoming increasingly important for us, driven mainly by growing demand in the country. Lower production costs are also an important factor. This new multi-site represents an excellent opportunity for us to invest in a key strategic market where we are continuing to target expansion plans for our refocused Chemicals businesses.h
The company already operates two production sites in Ningbo (Polymer Chemicals and Powder Coatings) and receives excellent cooperation from the local government. gWe investigated a number of possible locations, but building the new facility in Ningbo was always an attractive option,h added Darner. gWe have a strong presence in the area and have received the full support of the local authorities, who are committed to helping make this project a success.h
The NCIZ not only offers excellent transport links, with a sea port located nearby, but official approval has also been given for a petrochemical cracker to be installed within the complex, which will give access to a number of basic raw materials.
(SINOPEC Zhenhai Refining and Chemical 1,000 thousand t/y)
gWe are fully committed to supporting the growth of our global activities,h continued Darner. gA number of our Chemicals businesses are exploring opportunities to expand in Asia and investments such as this emphasize Akzo Nobelfs commitment to organic growth in emerging markets. Being well placed to serve our Asian and overseas customers will also enable us to ensure that we retain our competitive edge.h
Akzo Nobel currently operates eight Chemicals production plants in China, while the Coatings business has 13 facilities. The company has set a target for combined sales of more than USD 1 billion in China by 2010.
November 28, 2006
Akzo Nobel opens new paper chemical plant in China
Akzo Nobelfs Pulp and Paper Chemicals business, Eka Chemicals, has doubled its presence in China following the official opening of a new site in Guangzhou.@* Eka Chemicals (Guangzhou) Co Ltd
The facility - which will produce high quality paper chemicals for the rapidly expanding Chinese paper industry - is not only a key investment in one of the companyfs main growth platforms for Chemicals, but also represents the latest milestone in Akzo Nobelfs growth strategy for China.
gGrowth in emerging markets is fundamental to our strategic plan,h explained Leif Darner, the Akzo Nobel Board member responsible for Chemicals. gThis investment in one of our core activities forms part of the overall growth plan for the Pulp & Paper Chemicals business, which already operates a Chinese facility in Suzhou.h *Eka Chemicals (Suzhou) Co. Ltd. iSuzhou Industrial Park Jiangsuj
Added Pulp and Paper Chemicals General Manager, Jan Svard: gThe demand for paper and board in China is among the highest in the world, with the paper industry in Southern China having expanded rapidly over the last five years. With this trend expected to continue, we need to ensure that we remain a leading supplier in the market.h
He went on to explain that an additional benefit of the new Guangzhou facility is its strategic location close to the Pearl River Delta port area. gThe new site will enable us to achieve a cost leadership position because our major raw materials will be sourced locally and our major customers are all located within a short distance of the location. We will also have a strong platform for export to other countries in the Asia Pacific region.h
Headquartered in Sweden, Eka Chemicals is a global leader in bleaching technology and paper chemistry, with manufacturing sites located all over the world.
Akzo Nobelfs Pulp and Paper Chemicals business is known in the market as Eka Chemicals and is the world's leading company within the area of bleaching chemicals.
Eka Chemicals and is the world's leading company within the area of bleaching chemicals.
The most important products are sodium chlorate and hydrogen peroxide, which are produced in Europe and the Americas. Eka also has the ability to take total responsibility for running customersf chlorine dioxide plants.
As well as providing chemicals for environmentally compatible pulp bleaching, Eka also supplies process systems and integrated services for the pulp and paper industry, with the emphasis on performance chemicals that actually improve the properties of paper.
2007/3/12 Akzo Nobel
Akzo Nobel announces intended sale of Organon BioSciences to Schering-Plough
Akzo Nobel is pleased to announce that on March 11, 2007, it received an offer for the purchase of its wholly owned subsidiary Organon BioSciences N.V. (OBS) from Schering-Plough for EUR 11 billion in cash. As a result, Akzo Nobel will no longer be proceeding with the partial IPO of OBS on Euronext Amsterdam.
The Board of Management and the Supervisory Board of Akzo Nobel met yesterday, March 11, to consider the binding cash offer for OBS from Schering-Plough. After careful consideration it was concluded that this cash offer represents full value to Akzo Nobel, while providing a new home for OBS as it becomes part of Schering-Plough ? one of the largest pharmaceuticals companies in the world. The Board of Management and the Supervisory Board believe that this transaction is in the best interests of all stakeholders, including employees, investors, and customers.
Parties expect that the transaction could be completed in the second half of the year, after consultation with social partners, and clearance from regulatory bodies. Akzo Nobel obtained shareholder approval for the divestiture of its pharmaceuticals business at an Extraordinary General Meeting held in September 2006. Employee accrued benefits, including accrued pension entitlements, will be safeguarded.
Commenting on todayfs announcement, Akzo Nobel CEO Hans Wijers said: gThe intended sale of Organon BioSciences is a major milestone in the history of Akzo Nobel. It is a fundamental step towards our goal of creating a focused, international industrial player. At the same time, we are convinced that we have found an excellent home for OBS. While an independent future also offered potentially exciting possibilities, the partnership with Schering-Plough ? one of the worldfs leading pharmaceutical companies ? will give more scope to develop the unique capabilities of OBS. We believe that this transaction delivers significant value for our shareholders, and takes into account the interests of all our stakeholders.h
Akzo Nobel aims to continue to grow in the most attractive areas of its coatings and chemicals portfolios through investments and acquisitions, based on a disciplined and value- driven approach to earnings and returns over cost of capital. Consistent with the companyfs stated objectives, the proceeds of this sale provide room to deliver on its growth ambitions and to reduce Akzo Nobelfs pension and other liabilities.
Additionally, Akzo Nobel intends to embark on a share buy-back program at the closing of this sale of up to 10% of issued share capital which equates to approximately EUR 1.3 billion, based on Fridayfs closing share price of 46.41, as authorized by shareholders at the April 2006 annual shareholders meeting. The company continues to evaluate further tax efficient options of returning cash to shareholders and the optimizing of its capital structure, consistent with its growth strategy.
On the future of OBS, Wijers continued: gThe proposed sale offers OBS an exciting future within a major pharmaceutical player where it can grow its existing product range and further develop its promising pipeline of new products. Organonfs research and manufacturing in Oss, the Netherlands, will be the center of Schering-Ploughfs global gynecology and fertility activities, while Organonfs neuroscience research will continue in Newhouse, Scotland. Schering-Ploughfs animal health activities and Intervet will continue to operate at their existing locations. Whilst maintaining the strong pharmaceutical leadership team and competences in the U.S., Boxmeer will become the headquarters of the global animal health business.
gHowever, on a day like today, when we look forward to both a new, stronger Akzo Nobel and great opportunities for OBS, it is only natural that I and many others in this company have some personal mixed feelings. Whilst we firmly believe this deal offers the very best future for both Akzo Nobel and OBS, we must reflect on the fact that pharmaceuticals has been a fundamental and profitable part of Akzo Nobel for many years. In the past year we have all worked very hard on the IPO route ? a route to independence that many of us, not unreasonably, were looking forward to. But I can assure our OBS colleagues that their real long-term business and cultural needs are profoundly met in this new relationship with Schering-Plough. The management team at OBS has done a fantastic job developing the company and todayfs offer shows what a valuable business they have created. We wish them and all their people the greatest success.h
Schering-Plough Chairman and Chief Executive Officer, Fred Hassan, added: gWith this transaction we take another major step in our Action Agenda to transform Schering-Plough into a global, high-performance company for the long term. Organon BioSciences will be an excellent fit with Schering-Plough ? strategically, scientifically and financially. Given the complementary nature of our businesses and the track record of Schering-Ploughfs management team in executing transformational change, we expect a smooth and efficient transition which will allow us to unlock more value from the Organon BioSciences products and pipeline than would have been possible for OBS on a stand-alone basis.h
He continued: gBecause one of the great strengths of the combined operation is the complementary nature of the businesses, for the majority of people in OBS and Schering-Plough, there will be no issue regarding selection of overlapping candidates for positions in the new organization. Where any overlap does exist, decisions will be based on business logic and with the guiding principles of pragmatism, fairness, and responsibility to the long-term interests of the business.? We have great respect for the talented people of Organon BioSciences and look forward to working together as we continue on our path towards building a new kind of healthcare company.h
Akzo Nobel 2007/6/14 @@@@@@@@@@@@@@@Akzo Nobel ÌÌ®
Akzo Nobel Sets USD 2 Billion Revenues Target in China
Akzo Nobel CEO Hans Wijers has announced new strategic targets for China which outline the companyfs ambition to achieve revenues totaling USD 2 billion by 2012.
Rapid expansion in recent years has seen the company significantly increase both its presence and its sales in China, and the chairman - who expects 20 percent of revenues to originate from the Asia Pacific region by 2012 - is confident that this accelerated growth momentum will gain further impetus as the investment continues.
gChina is clearly fundamental to our global strategic vision and we are fully committed to expanding our activities in what is one of the worldfs most important emerging markets,h said Wijers. gWe have revised our sales target for China a number of times in recent years and this reflects not only the extent of our ambition, but also the confidence we have in the sustainable success of our businesses.
gBy hitting our targets we will have quadrupled our revenues in China in well under ten years. We also expect the Asia Pacific region to have almost doubled its contribution towards the companyfs global revenues in the next five years.h
The Board of Management is currently in China, a visit which coincides with the opening of two new plants - a Decorative Coatings facility in Langfang and a Functional Chemicals site producing polysulfides in Taixing - and the chairman added that while Akzo Nobel is actively pursuing leading positions in all its global markets, no hasty decisions will be made regarding acquisitions.
gWe have a balanced approach to investing and although we will always keep our financial discipline, we are looking to accelerate growth both organically and through selective acquisitions in order to increase profitability and create value,h Wijers continued. gItfs all about being fit for the future and firmly establishing ourselves as one of the worldfs leading and most respected industrial companies.h
The last few years have seen significant Akzo Nobel activity in China, where the companyfs 2006 revenues totaled USD 800 million. As well as recently announcing a EUR 250 million investment for a new chemicals multi-site in Ningbo, Akzo Nobel has also opened new coatings facilities in Suzhou, Langfang, Tianjin and Jiashing, bringing the total number of plants to 22 and the number of employees to almost 5,000.
A key element of this continuing expansion is the companyfs commitment to sustainability. Akzo Nobel has gone to great lengths to ensure that all its new facilities are constructed to meet the highest applicable standards in areas such as energy efficiency, safety and the environment.
The products manufactured at the new polysulfides site in Taixing are also providing eco-friendly solutions for the Chinese construction industry, as they are being used to help improve the effectiveness of double glazing?so contributing to the countryfs new green building policy.
Concluded Wijers: gAchieving sustainable success, both economic and environmental, is central to our global strategy. We have set ambitious targets, but the emerging market in China is one of our major priorities and we are confident that the refocused company is in a strong position to accelerate profitable growth and create further value for shareholders.h
January 24, 2008 Akzo Nobel
Akzo Nobel Opens Historic
Plant in Dubai
Akzo Nobel Powder Coatings has opened a landmark facility in Dubai. The new factory - which strengthens the businessf presence in the important Middle East market?is the companyfs first manufacturing site in the United Arab Emirates.
The investment, which represents an acceleration of the companyfs Middle East growth plans, follows on from the recent acquisition of ICI and underlines the strategic importance of the region to the Powder Coatings business.
gAs the worldfs largest coatings company and the global leader in powder coatings we are committed to expanding in key markets around the world,h said Akzo Nobel CEO Hans Wijers. gThis investment will therefore ensure that we further establish ourselves at the heart of an increasingly attractive region.h
Added Powder Coatings General Manager Rob Molenaar: gThere is huge growth potential in the Middle East, particularly in the architectural sector, which accounts for around 60 percent of the areafs powder coatings market. We offer an extensive range of powder and liquid technologies and we are keen to utilize our scale and expertise in order to meet all the needs of our customers.h
Located in Jebel Ali, 35 kilometers south west of Dubai, the new site offers a full range of services and products, including color matching, rapid made-to-order products, and technical support.
Akzo Nobel Powder Coatings is the largest global manufacturer of powder coatings and a world leader in powder coatings technology. Powder coatings are used on everything from metal furniture and window frames, to radiators, pipes and cars and even wood and plastic.
May 9, 2008 AkzoNobel
AkzoNobel Strengthening Specialty Chemicals Portfolio
AkzoNobel is to re inforce its Specialty Chemicals portfolio by acquiring businesses in Europe and Asia. The company has signed two agreements which will strengthen both its paper and polymer chemicals activities.
The first deal involves AkzoNobelfs Pulp & Paper Chemicals business, Eka Chemicals, acquiring Levasil, the silica sol business of Germany's H.C. Starck Group. Meanwhile, AkzoNobel Polymer Chemicals has agreed to purchase two organic peroxides product lines from Chinafs Jiangsu QiangSheng.
BayerÍqïÐH.C. Starck ðïÐÌ Advent International ÆCarlyle Group ÉpB
gThese two transactions underline our strategic commitment to grow our existing portfolio,h explains Rob Frohn, Akzo Nobelfs Board member responsible for Specialty Chemicals. gThey will further improve our capability to serve customers in key markets where we already hold strong global positions.h
Located in Leverkusen, H.C. Starck supplies its Levasil silica sol brand as a raw material - mainly to markets in Europe - with the plant'w production capacity totaling around 30,000 tons a year. The business employs approximately 50 people. Silica sols are used in various manufacturing industries, including paper, electronics and construction.
Subject to regulatory approvals, the acquisition is expected to be completed no later than the third quarter of 2008.
Jiangsu QiangSheng is China's largest manufacturer and supplier of organic peroxides. AkzoNobel is acquiring two of the companyfs organic peroxides product lines, which are used mainly in keyboard pads and for the production of silicone rubber. Customers are located primarily in China, Taiwan and Korea.
Completion is expected in the second quarter of 2008.
Financial details were not disclosed.