AkzoNobel Takes Full Ownership of Decorative Paints Joint Venture in China

Akzo Nobel N.V. has completed the acquisition of minority shares in the AkzoNobel Swire Paints (ANSP) joint venture from Swire Industrial Limited. AkzoNobel had held a majority stake in this decorative paints joint venture since 1989, and with this acquisition now owns it outright. The acquisition strengthens AkzoNobel's leading position in the Chinese decorative paints market while increasing operational flexibility. AkzoNobel CEO Thierry Vanlancker: "China has been and continues to be a strategic growth market for AkzoNobel. The timing of this acquisition is perfect. It will strengthen our leading position and help drive our ambition to create value for China. It also supports our ongoing transformation as a focused paints and coatings company and accelerates our strategy to achieve 15% sales revenue by 2020." AkzoNobel CEO Ruud Joosten said, "We wish to thank Swire for the constructive and strong partnership we have built over the past 30 years. The ANSP joint venture has well-established sales channels, strong brand recognition and a high level of innovation. We look forward to continuing this successful path and serving our customers with the finest brands." The ANSP joint venture manufactures and distributes decorative paints, particularly under the Dulux brand. Production facilities are located in Guangzhou (including a 10% joint venture with a local partner), Shanghai, Langfang and Chengdu.