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Akzo to Shed Building Unit for $348M

Friday, August 9, 2013

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AkzoNobel’s global corporate diet continues, as the company has announced the sell-off of its Building Adhesives business to Swiss construction products giant Sika AG.

AkzoNobel said it would use proceeds from the €260 million ($348.1 million USD) sale, announced Thursday (Aug. 8), "to repay short-term debt and improve liquidity."

The stand-alone business is the third piece of AkzoNobel's Decorative Paints unit to get the ax in the last year. The decision "follows a strategic review of the business' fit within AkzoNobel's portfolio," the world's largest paint and coatings company said.

AkzoNobel Building Adhesives
AkzoNobel

AkzoNobel's Building Adhesives business includes floor and wall leveling compounds, floor adhesives, tile setting, sealants and floor finishes. Some of the products were used at a new high school football stadium (pictured) in Allen, TX.

In June, AkzoNobel announced that it would sell off its network of German paint stores. In April, it completed the $1.05 billion sale of its North American Decorative Paints business to PPG Industries.

The company just completed a disappointing second quarter and a grim 2012 that ended in an aggressive restructuring plan.

What's Included

The Building Adhesives unit includes high-performance floor and wall leveling compounds, floor adhesives, tile setting, sealants and floor finishes. Its brands include Schönox, Casco, Cégécol, Synteko and EriKeeper. The business primarily serves the professional market in northwestern Europe.

Building Adhesives Brands
AkzoNobel

The unit's brands primarily serve the professional market in northwestern Europe.

The deal would transfer all of Building Adhesives’ approximately 550 employees and two manufacturing facilities in Rosendahl (Germany) and Damville (France) to Swiss-based Sika AG. The business also has a pan-European distribution network with nine distribution centers.

The sale does not include AkzoNobel’s Wood Finishes and Adhesives business (which also operates under the Casco brand).

The transaction is expected to be completed in the fourth quarter of this year, subject to regular consultation with employee representatives.

Focus on Paint

"We want to focus our Decorative Paints business at AkzoNobel on the strong strategic paint positions we have in Europe and the growth markets of Asia and South America,” AkzoNobel CEO Ton Büchner said in a prepared statement.

Ton Buchner
AkzoNobel

CEO Ton Büchner said AkzoNobel's Decorative Paint business would focus on Europe, Asia and South America.

“The intended sale of Building Adhesives is in line with this strategy. In Sika, with its portfolio of businesses in this industry, we are pleased to have found a good future home for this business."

Sika Expands

Sika AG is a global specialty chemicals company that produces concrete admixtures, specialty mortars, sealants and adhesives, damping and reinforcing materials, structural strengthening systems, industrial flooring, and roofing and waterproofing systems.

Sika AG concrete repair
Sika AG

Sika AG's vast portfolio of construction markets serves a variety of commercial, automotive and industrial markets worldwide.

In a release, Sika said the acquisition would bring "successful and highly innovative products" into its vast holdings.

Sika CEO Jan Jenisch said the company "is looking forward to welcoming the successful team from the Building Adhesives business of AkzoNobel. The acquisition will make Sika a strong player in the interior finishing construction market and will complement our product range."

Last month, Sika announced the acquisition of Radmix Resources Pty Ltd of Australia and its manufacturing partner ASF (Australian Synthetic Fibres) Pty Ltd. The acquisition will expand Sika's presence in the mining market.

   

Tagged categories: Acquisitions; Adhesive; AkzoNobel; Building envelope; Business matters; Construction; Decorative coatings; Floors; Sika

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