AkzoNobel completes acquisition of Schramm Holdings
October 17, 2011
AkzoNobel has completed its acquisition of more than 95 percent of the shares of coatings manufacturer Schramm Holding AG. The deal was first announced in June of this year. Based in Germany and listed on the Hong Kong Stock Exchange, Schramm manufactures and markets coatings for plastics, metals and electrical insulation as well as coil coatings for aluminum. They achieved global revenues in 2010 of €115 million and employ approximately 800 people. In addition to the Schramm deal, the company expects to finalize the acquisition of Korean SSCP's coatings business as of November 1, 2011. SSCP was also the majority shareholder of Schramm until this deal. Peter Brenner, the current CEO of Schramm Holding AG, will become director of the new, combined specialty plastic coatings business.