Akzo Nobel has gained full control of its Asian Akzo Nobel Chang Cheng Coatings joint venture. The transaction means that the company now wholly owns its powder coatings operations in China, Taiwan and Hong Kong.
"As global leaders in this sector, expanding our activities in this part of the world has significant priority and taking control of the joint venture will help us to strenthen our position in the fastest growing powder market in the world," said Akzo Nobel CEO Hans Wijers.
"We will continue to focus on serving our customers' needs and to expand our customer portfolio in the segments in which we excel," said Rob Molenaar, general manager of Akzo Nobel's Powder Coatigns business. "Taking full control of the joint venture will not change that vision and focus. The very successful joint venture in China and Taiwan started in 1991. Our Asian operations todar are operating in a truly global business environment. With this acquisition, our global and domestic customers will continue to be able to achieve outstanding and consistent quality."
The transaction, which is subject to regulatory approvals, involves a total of six sites, four of which are located in China.