Akzo Nobel NV
amsterdam : AKZA

June 14, 2012 02:23 ET

AkzoNobel completes demerger of Pakistan activities

AMSTERDAM, THE NETHERLANDS--(Marketwire - Jun 14, 2012) - AkzoNobel has completed the restructuring of its activities in Pakistan by formally establishing AkzoNobel Pakistan Limited as a separate legal entity from ICI Pakistan. As previously announced, the split means that the company has started the formal sale process to divest its 75.81% shareholding in ICI Pakistan.

The new AkzoNobel Pakistan Limited business is focused on three core areas - Decorative Paints, Performance Coatings and Specialty Chemicals. An appropriate management and organizational structure is currently being finalized, with Jehanzeb Khan having been appointed as its CEO.

"Pakistan offers clear opportunities for the future and we are committed to realizing our growth ambitions through these more strategically focused activities," explained Leif Darner, AkzoNobel's Executive Committee member responsible for the Middle East. "ICI Pakistan remains an attractive proposition with a number of strong businesses and we are confident that we will find a new owner better suited to achieving their obvious potential."

The coatings activities of ICI Pakistan were transferred to the newly-formed AkzoNobel Pakistan Limited through a legal process of demerger. ICI Pakistan's business now comprises polyester fiber, soda ash, life sciences and chemicals.

AkzoNobel is the largest global paint and coatings company and a major producer of specialty chemicals. We supply industries and consumers worldwide with innovative products and are passionate about developing sustainable answers for our customers. Our portfolio includes well known brands such as Dulux, Sikkens, International and Eka. Headquartered in Amsterdam, the Netherlands, we are a Global Fortune 500 company and are consistently ranked as one of the leaders in the area of sustainability. With operations in more than 80 countries, our 55,000 people around the world are committed to excellence and delivering Tomorrow's Answers Today™.

Pdf file AkzoNobel press release: http://hugin.info/130660/R/1619591/517303.pdf

This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. The owner of this announcement warrants that:

(i) the releases contained herein are protected by copyright and other applicable laws; and

(ii) they are solely responsible for the content, accuracy and originality of the information contained therein.

Source: Akzo Nobel NV via Thomson Reuters ONE [HUG#1619591]

Contact Information

  • For more information

    Corporate Media Relations
    tel. +31 20 502 7833
    Contact: Oskar Bosson

    Corporate Investor Relations
    tel. +31 20 502 7856
    Contact: Jonathan Atack, Ivar Smits