Akzo Nobel sells PVC additives unit to GIL Investments for undisclosed sum |
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Thu, 15 Mar 2007 09:02
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AMSTERDAM (AFX) - Akzo Nobel NV said it has sold its Akcros Chemicals PVC additives unit to UK-based private investment firm GIL Investments, without disclosing financial details.Akzo said Akcros Chemicals PVC's sites in Eccles, UK, and New Brunswick in the US -- along with all of the estimated 160 employees -- will be transferred to the new owner.The Dutch chemicals group also said it has reached an agreement to continue operating two smaller, related production operations in Greiz, Germany, and Itupeva in Brazil.Employees at these two locations -- who will provide production services to the new owner -- will remain with Akzo Nobel.'This transaction means that we have just one more divestment to finalise before completing the strategic realignment of our Chemicals portfolio,' Akzo Nobel board member in charge of chemicals Leif Darner said.Regulatory approvals will be sought where needed for the deals.aaron.gray-block@thomson.comagb/sljCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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