Akzo Nobel is to significantly broaden its position in the North American wood coatings market after signing an agreement to acquire Chemcraft Holdings Corporation, North America's largest privately-owned manufacturer of industrial wood coatings.
Established in 1976, Chemcraft operates nine manufacturing facilities across the U.S., Canada and Brazil, employing approximately 500 people. The company's 2006 revenues were $145 million.
"This is a strategically important acquisition which will enable us to add scale and value in a number of key North American wood coatings markets," said Akzo Nobel CEO Hans Wijers. "Chemcraft is a perfect fit with the activities of our industrial finishes business and will considerably enhance our presence in several complementary markets."
"This transaction is an excellent fit with our strategic goals, and supports our long-term commitment to the North American market," added Robert Taylor, president and general manager of Akzo Nobel's global industrial finishes business. "Chemcraft is a dynamic, customer focused organization which is perfectly aligned with the way we do business. Bringing these two successful businesses together will enhance our ability to better serve our wood customers."