Global coatings company AkzoNobel (Amsterdam) announced late last week that it has completed the acquisition of Swire Industrial Limit’s minority interest in the AkzoNobel Swire Paints joint venture, meaning that Akzo now has full ownership.

The ANSP joint venture primarily manufactures and distributes decorative paints, mostly under the Dulux brand.

AkzoNobel

Global coatings company AkzoNobel (Amsterdam) announced late last week that it has completed the acquisition of Swire Industrial Limit’s minority interest in the AkzoNobel Swire Paints joint venture, meaning that Akzo now has full ownership.

“China has been, and continues to be, a strategic growth market for AkzoNobel,” said CEO Thierry Vanlancker.

“The timing of this acquisition is perfect. It will strengthen our leading position and help drive our value creation ambition for China. It also supports our ongoing transformation into a focused paints and coatings company and gives further momentum to our strategy of achieving 15 percent return on sales by 2020.”

The company says that the move will also increase the flexibility to further develop the business. Currently, manufacturing plants are locaed at Guangzhou, Shanghai, Langfang and Chengdu.

“We would like to thank Swire for the constructive and strong partnership we’ve had over the last three decades,” said Ruud Joosten, COO.

“The ANSP joint venture has well-established sales channels, strong brand recognition and a high level of innovation. We look forward to maintaining this successful path and continuing to serve our customers with top quality brands.”