Following an announcement in June this year, AkzoNobel has agreed to the sale of 67 of its 72 German decorative paints stores to five independent wholesale distributors. Financial details were not disclosed.
As a result of the transactions, all related assets and staff will transfer to the new owners, with completion expected by the end of Q1 2014. Of the remaining five stores, three will be closed, while the sale of the other two is expected to be finalized by the end of the month.
AkzoNobel will also form strategic partnerships with the five distributors, with contracts in place for the company to continue supplying paint. The new owners will be Schlau Hammer, MEG Rhein Ruhr, MEG Paderborn, MEG West and Weigel.
The divestment of the 67 stores is part of AkzoNobel's global drive for operational excellence. In Germany, it is central to plans to make the country more profitable and effective by fully focusing on customer needs and developing and marketing key brands, the company stated.