Breaking News

Akzo takes stake in Eyptian powder coatings company

By Christine Esposito | October 20, 2005

Akzo Nobel has acquired a 60% percent share in Egypt’s leading powder coatings  manufacturer, Coatech For Chemical Industries SAE. The new joint venture company will be renamed Akzo Nobel Powder Coatings SAE and will operate from Coatech’s existing facilities near Cairo.  
Employing 130 people, Coatech was established in 1992.
“As the world’s largest coatings manufacturer we are constantly striving to  strengthen our leading status in the industry and expand our global reach,” said  Akzo Nobel's CEO Hans Wijers, who is also the company’s board member responsible for coatings.  
According to  Rob Molenaar general manager of Akzo Nobel’s powder coatings business unit, the acqusition gives Akzo Nobel a much-needed local operation.

 “This joint venture gives us the sort of local presence in the Middle East which has so far been lacking in our worldwide activities,” he said. “The combination of our cutting-  edge technology and extensive experience in powder coatings, together with  Coatech’s established reputation for excellence in quality and service, creates a  formidable partnership and one which we are certain will benefit customers  throughout the region.”
Hanni Radwan, who established Coatech with Mohamed Radwan, will serve as general manager of the new joint venture. 

Related Market & Technology: