"[This] is a key milestone in the history of AkzoNobel, creating a focused paints and coatings company, with market-leading positions, strong global brands, and a clear strategy to create value for all our stakeholders,” AkzoNobel CEO Thierry Vanlancker said.
“Specialty Chemicals has a strong global presence and a talented and dedicated team and I believe there is significant opportunity to drive additional growth through innovation and customer focus to build on the company's leading positions in its markets,” Specialty Chemicals CEO Charles Shaver said.
Carlyle Group Managing Directors Martin Sumner and Zeina Bain, said they are “committed to growing the business and continuing to enhance its competitive position.”
“Specialty Chemicals has a great heritage, a high-quality asset base and workforce, an excellent track record of innovation as well as a diversified customer and product portfolio,” Sumner and Bain added.
As agreed at the Nov. 30, 2017’s Extraordinary General Meeting, AkzoNobel will return the vast majority of net proceeds from the sale of Specialty Chemicals to its shareholders. Further details will be announced in due course.