Akzo Nobel has signed a contract with the Altana Group to acquire its Rhenacoat coil coatings business in France.
Rhenacoat was part of the Altana Coatings and Sealants business unit which specialises in packaging and industrial coatings. The company, which employs 60 people, had an annual sales turnover of 11.6 million Euros in 2003.
‘This acquisition will provide Akzo Nobel with a dedicated coil coatings manufacturing facility in France, Europe’s largest coil market,’ said Rudy van der Meer, a member of Akzo Nobel’s Board of Management responsible for coatings.
The unit itself employs some 60 people and generated sales of 11.6 million Euros in 2003. Details of the sale price, however, were not disclosed. Akzo Nobel will take over the entire workforce and all the coil coating production facilities in Montataire in France.
The sale of the Rhenacoat coil coating business in France is another step in the strategic realignment of Altana Coatings and Sealants, which is aiming to withdraw from the industrial coatings sector to concentrate on building up high potential niches such as chemical solutions for flexible packaging in the specialty chemicals market.
In related news this week, Akzo Nobel Coatings’ Industrial Finishes business opened two new multi-purpose coatings sites in China.
Located in Tianjin and Jiashang, the two facilities will employ around 300 people in the manufacture of wood, coil and specialty plastic coatings. In China, Akzo Nobel’s wood coatings are used in the furniture industry, its coil coatings in roofing and siding for the construction industry and its specialty plastics in the consumer electronics market.
Akzo Nobel now operates eight production sites in China and has two new powder coatings sites under construction. The company’s coatings group in China, which employs more than 2,100 people, saw its sales increase to nearly 300 million Euros in 2003.