Akzo Nobel is to divest its mirror coatings business to the Italian Group Fenzi, a manufacturer of mirror coatings, sealants for insulating glass, and ceramic and decorative paints for glass.
Akzo Nobel expects the transaction to be concluded in the second quarter of 2004. The mirror coatings business, which is based in Vilvoorde, Belgium, produces paints that are applied to the backs of mirrors to protect the silver lining which makes up the reflective surface. The business had sales of over 7 million Euros in 2003.
As part of the deal, Fenzi will also continue to produce coatings for building components – used in concrete roof tile protection – for Akzo Nobel.
A total of 58 employees will transfer to Fenzi.
In addition to the Fenzi deal, Akzo Nobel is also in the final stages of divesting its Vilvoorde general industrial coatings activities, as well as planning to relocate the site’s coil coatings activities to another Akzo Nobel plant in Europe.
Last month, the company announced that it was selling its catalyst business for 625 million Euros to Albemarle Corporation.