AkzoNobel to acquire specialty surfactant producer in China
August 15, 2011
AkzoNobel has announced plans to acquire Boxing Oleochemicals. Boxing is the leading supplier of nitrile amines and derivatives in China and throughout Asia. Established in 1993 and based in the province of Shandong, Boxing had revenues in 2010 of approximately €100 million. Its activities will be integrated into AkzoNobel’s Surface Chemistry business, a global leader in the manufacture and supply of specialty surfactants, synthetic and bio-polymers additives, used as formulation ingredients and process aids in many applications ranging from home and personal care to asphalt road paving. The company said that demand in Asia for amines and derivatives is being driven by population growth, expanding middle class, increased focus on sustainability and the build-up of infrastructure, notably in China and India. The completion of the transaction is subject to closing conditions, including the approval of the Chinese authorities. The deal is expected to close in the last quarter of 2011. AkzoNobel currently employs more than 6,700 people in China, with 2010 revenues totaling €1.3 billion. The company’s ambition is to achieve revenue of $3 billion in China by 2015.