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news.Akzo Nobel has gained full control of its Asian Chang Cheng Coatings joint venture after acquiring the shares which it did not already own.
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The transaction, which involved purchasing the outstanding 16.66% shares owned by Akzo Nobel’s main partner Chang Cheng Securities, means that the company now wholly owns its powder coatings operations in China, Taiwan and Hong Kong. Financial terms of the deal were not disclosed.
“As global leaders in this sector, expanding our activities in this part of the world has significant priority and taking complete control of the joint venture will help us to strengthen our position in the fastest growing powder market in the world,” explained Akzo Nobel CEO Hans Wijers, who is also the company’s board member responsible for coatings.
The transaction, which is subject to regulatory approvals, involves a total of six sites, four of which are located in China. It is expected that the transaction will be completed within the next six to eight weeks.