International. Akzo Nobel N.V. acquired Xylazel S.A., a 100% subsidiary of Pharma Mar S.A (PHM). With this acquisition, AkzoNobel strengthens its business in the decorative paints market in Spain.
It also means that the company is now strengthening in the wood care segment in the country and has strengthened its position in metal care. The transaction marks AkzoNobel's 45th anniversary in the Spanish market.
,Xylazel has around 100 employees, with a production plant in Porriño. Revenues for 2017 totaled approximately €20 million.
Thierry Vanlancker, CEO of AkzoNobel, said: "As part of our transformation strategy, we continue to focus on market leadership positions that deliver leading performance. This unites organic growth with strategic acquisitions based on operational excellence and continuous improvement. By acquiring Xylazel, we will be able to further grow our business in the region and strengthen our position as the leading paints and coatings company in Europe."
Ruud Joosten, COO of AkzoNobel, added: "We are proud to add the leading Xylazel and Oxirite brands to our portfolio. Xylazel has a heritage of 43 years in the Spanish market and a leading position in the DIY, professional and industrial sector of wood protection. This will strengthen our position in Spain and allow us to offer our customers a wider portfolio of innovative and sustainable products."
