Netherlands. AkzoNobel completed the acquisition of more than 95% of the shares of paint manufacturer Schramm Holding AG. The deal had already been announced since last July, but was confirmed to date.
Headquartered in Germany and registered on the Hong Kong Stock Exchange, Schramm manufactures and markets coatings for plastics, metals and electrical insulators, as well as coil coatings for aluminium. The company achieved global profits in 2010 of 115 million euros and generated employment for around 800 people.
Peter Brenner, the current CEO of Schramm Holding AG, will become the head of the plastics coatings business area.
In addition to this business, AkzoNobel expects to finalize in November the acquisition of the coatings business area of the Korean firm SSCP, which was also the majority shareholder of Schramm.
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