AkzoNobel has closed its previously announced sale of its specialty chemicals business to The Carlyle Group and GIC. The value of the deal was 10.1 billion euros ($12.57 billion).
Amsterdam – Akzo Nobel N.V. (AKZA; AKZOY) has today completed the sale of the Specialty Chemicals business to The Carlyle Group and GIC for an enterprise value of €10.1 billion.
Thierry Vanlancker, CEO of AkzoNobel, commented: “Today is a key milestone in the history of AkzoNobel, creating a focused paints and coatings company, with market leading positions, strong global brands, and a clear strategy to create value for all our stakeholders.
“This is also an important step for the Specialty Chemicals business and I would like to take this opportunity to say thank you to our colleagues and wish them a successful future with Carlyle and GIC.”
Charles Shaver, CEO of Specialty Chemicals, said: “I am delighted to assume my new role at Specialty Chemicals and look forward to working with the management team, Carlyle and GIC to deliver long term success. Specialty Chemicals has a strong global presence and a talented and dedicated team and I believe there is significant opportunity to drive additional growth through innovation and customer focus to build on the company’s leading positions in its markets.”
Martin Sumner and Zeina Bain, Managing Directors at The Carlyle Group, added: “We are excited to invest in Specialty Chemicals and we are committed to growing the business and continuing to enhance its competitive position. Specialty Chemicals has a great heritage, a high quality asset base and workforce, an excellent track record of innovation as well as a diversified customer and product portfolio. We look forward to working with Charlie and the management team to support Specialty Chemicals as it embarks on a new phase as an independent company.”
As agreed at the Extraordinary General Meeting of November 30, 2017, AkzoNobel will return the vast majority of net proceeds from the sale of Specialty Chemicals to its shareholders. Further details will be announced in due course.
AkzoNobel has a passion for paint. We’re experts in the proud craft of making paints and coatings, setting the standard in color and protection since 1792. Our world class portfolio of brands – including Dulux, International, Sikkens and Interpon – is trusted by customers around the globe. Headquartered in the Netherlands, we operate in over 80 countries and employ around 35,000 talented people who are passionate about delivering the high performance products and services our customers expect.
About AkzoNobel Specialty Chemicals
Industries worldwide rely on our essential chemistry in the manufacture of everyday products such as paper, plastics, building materials, and personal care items. Building on the dedication of our 9,500 employees and our shared commitment to safety, sustainability, and open innovation, we have established a world-class business and built strong partnerships with our customers. We operate in over 80 countries around the world and our portfolio of industry leading brands includes Eka, Dissolvine, Trigonox, and Berol.
About The Carlyle Group
The Carlyle Group (NASDAQ: CG) is a global alternative asset manager with $210 billion of assets under management across 335 investment vehicles as of June 30, 2018. Carlyle’s purpose is to invest wisely and create value on behalf of its investors, many of whom are public pensions. Carlyle invests across four segments – Corporate Private Equity, Real Assets, Global Credit and Investment Solutions – in Africa, Asia, Australia, Europe, the Middle East, North America and South America. Carlyle has expertise in various industries, including: aerospace, defense & government services, consumer & retail, energy, financial services, healthcare, industrial, real estate, technology & business services, telecommunications & media and transportation. The Carlyle Group employs more than 1,625 people in 31 offices across six continents.
GIC is a leading global investment firm established in 1981 to manage Singapore’s foreign reserves. It has investments in over 40 countries. As a disciplined long-term value investor, GIC is uniquely positioned for investments across a wide range of asset classes, including equities, fixed income, private equity, real estate, and infrastructure. In private equity, GIC invests through funds as well as directly in companies, partnering with its fund managers and management teams to help world class businesses achieve their objectives. GIC adds value to boards and management of investee companies by providing advice and access to its global network. Headquartered in Singapore, GIC employs over 1,400 people across 10 offices in key financial cities worldwide. For more information about GIC, please visit www.gic.com.sg