Akzo Nobel is to divest its Impregnated Papers business to Deutsche Beteiligungs and Harvest Partners for 114 million Euros.
‘Although Casco Impregnated Papers improved its performance markedly this year, it is our view that this business, with its more peripheral relationship to the Coatings businesses, no longer fits within our portfolio from a strategic perspective,’ said Rudy van der Meer, a member of Akzo Nobel’s board of management who is responsible for coatings.
Casco Impregnated Papers is a supplier of surfacing materials for applications in the woodworking, furniture, flooring and automotive industries.
The business unit is active in 45 countries and posted total worldwide sales of 265 million Euros in 2002. All 900 employees worldwide will move with the business to the new owners.
Akzo Nobel expects the transaction to be concluded by the end of June 2003.