United States. AkzoNobel announced that it is exiting its Decorative Paints Division in North America to sell to PPG Industries, in a transaction that cost $1.05 billion.
AkzoNobel made the decision to concentrate on this same area but on the European market; In addition, with the sale it expects to reduce debts and finance growth strategies. However, it maintains a significant presence in North America, where it has a workforce of about 5,000 employees.
"In the last four years, a great deal of work has been done to change North America's decorative paint business. We are convinced that this business will have better returns from our leading position in Europe and in growing markets," said Ton Büchner, CEO of AkzoNobel.
PPG CEO Charles Bunch commented, "This acquisition continues the accelerated pace of our transformation through further expansion in the coatings area."
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