AkzoNobel has agreed to sell its Para and Crown Diamond decorative paint brands in Canada to General Paint Corp. The sale is in line with the commitment package which was agreed with the Canadian authorities in connection with AkzoNobel's acquisition of ICI in January. General Paint is a decorative coatings manufacturer in Canada.
The deal is expected to be completed on June 30.
The sale of Para and Crown Diamond (which has a similar name but is in no way connected to AkzoNobel's Crown brand) is one of three divestments the company agreed with regulatory authorities in connection with the ICI acquisition. The divestment of the Crown business in the UK and Ireland is progressing, while headway is also being made on the sale of the DeKeyn and some other brands in Belgium.
