decorative paints to PPG

AkzoNobel continues to have a strong presence in North America through its Performance Coatings and Specialty Chemicals businesses, with combined 2011 revenues of more than US$2.7bn and close to 5000 employees. The company made the decision to divest Decorative Paints North America following a successful four year turnaround. AkzoNobel has made the strategic choice to focus its Decorative Paints Business Area on key markets in Europe and its strong positions in high growth regions.

The cash proceeds of approximately US$875M will be deployed to support the company’s strategy. This includes investing in organic growth for AkzoNobel, and reducing net debt. More details on AkzoNobel’s priorities will be disclosed during the Strategy Update on February 20, 2013.

"Over the past four years, the team has done a great job in turning the North American Decorative Paints business around,” said Ton Büchner, CEO of AkzoNobel.

"We are convinced that Decorative Paints can get better returns from our leading positions in Europe and high growth markets. I am pleased that we have found a respected company to take over the business.”