AkzoNobel has agreed to divest its non-stick coatings business to privately-owned, U.S.-based company Whitford Worldwide. The deal involves AkzoNobel's global cookware and bakeware activities, which operate out of five sites in the U.S., China, India, Brazil and Italy. The transaction is expected to be completed in the first quarter of 2009.
"Although it is a solid business, our non-stick coatings operation does not have the scale for it to become a true market leader globally," said Leif Darner, AkzoNobel's board member responsible for performance coatings."
"Acquiring AkzoNobel's non-stick activities gives us access to cutting-edge technology and expertise which will enable us to significantly expand our portfolio," said Whitford Worldwide's CEO Dave Willis. "It's an excellent business which fits in perfectly with our own ambitions and growth plans."
Whitford Worldwide manufactures a wide range of non-stick coatings for consumer applications of all types, including frying pans, coffee-plate warmers and waffle makers. Founded in 1969, the company also manufactures coatings for the chemical processing and petrochemical industries.
AkzoNobel's non-stick coatings business employs around 140 people and details about how many will be transferred are being discussed.