Akzo Nobel acquires Chinese decorative paints joint venture
Akzo Nobel has signed and closed the acquisition of Swire Industrial Limited’s minority interest in the Akzo Nobel Swire Paints (ANSP) joint venture.
Having held the majority share in the decorative paints joint venture since 1989, Akzo Nobel has now acquired full ownership. This acquisition strengthens Akzo Nobel’s position in the Chinese decorative paints market while also increasing the flexibility to further develop the business.
Strategic growth market
Thierry Vanlancker, CEO of Akzo Nobel, said: “China has been, and continues to be, a strategic growth market for Akzo Nobel. The timing of this acquisition is perfect. It will strengthen our leading position and help drive our value creation ambition for China. It also supports our ongoing transformation into a focused paints and coatings company and gives further mom entum to our strategy of achieving 15 % return on sales by 2020.”
About ANSP
The ANSP joint venture manufactures and distributes decorative paints. Manufacturing plants are located at Guangzhou (including a 10 % joint venture with a local partner), Shanghai, Langfang and Chengdu.
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