International.
AkzoNobel has raised its stake in Akzo Nobel Powder Coatings SAE in Egypt from 60% to 100%. The transaction is part of the company's accelerated growth strategy for Egypt and the North African region.
In addition to operating a powder coatings plant in Cairo, Akzo Nobel Powder Coatings SAE also has a 90% stake in Akzo's trading company Nobel Powder Coatings Trading SAE. Financial details of the deal were not disclosed.
"This is an important step in our strategy to enhance our presence in the region," said Conrad Keijzer of AkzoNobel. "We are now taking our operations in Egypt and North Africa to the next level and consolidating our credentials as a leader in the powder coating sector."
AkzoNobel is in the process of strengthening its presence throughout the Middle East and North Africa region, which has recently announced new joint ventures in the UAE, Qatar and Oman, and recorded double-digit growth in the region. The company also opened a new powder coatings plant to add to the $10 million facility opened in Dubai in 2014.
