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AkzoNobel has received a binding offer for the purchase of its Building Adhesives business by Sika AG for €260M. Building Adhesives generated annual revenues of €185M in 2012.
The transaction, which is expected to be completed in Q4, 2013 subject to regular consultation with employee representatives, will see all Building Adhesives’ approximately 550 employees, as well as its two manufacturing facilities in Rosendahl (Germany) and Damville (France) and its products and brands transfer to Switzerland-based Sika AG.
The intended sale of Building Adhesives follows a strategic review of the business’ fit within AkzoNobel’s portfolio. Building Adhesives is a standalone business within AkzoNobel’s Decorative Paints business area, primarily serving the professional market in North Western Europe with a portfolio of brands and products including floor and wall levelling compounds, floor adhesives, tile setting, sealants and floor finishes.
