AkzoNobel to sell speciality chemicals business for €10 billion
Paints, coatings and speciality chemicals multinational AkzoNobel has announced the sale of its entire speciality chemicals business to The Carlyle Group and Singaporean investment fund GIC for €10.1 billion (US$12.3 billion). The sale is expected to be complete by the end of the year.
In a press release, the company said a private sale would be in the best interests of AkzoNobel and its stakeholders. The Carlyle Group has a global presence and the financial capacity to enable the speciality chemicals business to achieve its full potential.
Carlyle has extensive experience investing in chemicals, unlocking long-term potential and creating value in its portfolio companies.
Thierry Vanlancker, AkzoNobel CEO, said the move was a “key milestone in creating two focused, high performing businesses, to generate value for all stakeholders.”