ALTANA Chemie Sells Rhenacoat's Coil Coating Business to Akzo Nobel; Concentration on Growth Market in Packaging Coatings.BAD HOMBURG Bad Hom·burg A city of west-central Germany at the foot of the Taunus Mountains near Frankfurt. It is a famous spa and resort. Population: 53,200. , Germany -- ALTANA Chemie AG, the specialty chemicals business of ALTANA AG (NYSE NYSE See: New York Stock Exchange :AAA AAA: see American Automobile Association. (Triple A) A common single-cell battery used in a myriad of electronic devices of all variety. Like its double A (AA) cousin, it provides 1.5 volts of DC power. When used in series, the voltage is multiplied. )(FWB (Fixed Wireless Broadband) See fixed wireless. :ALT), has sold the coil coating business of its French subsidiary, Rhenacoat S.A., Montataire, to Dutch-based Akzo Nobel Akzo Nobel is a multinational company, active in the fields of healthcare products, coatings and chemicals. Headquartered in Amsterdam, the Netherlands, the company has activities in more than 80 countries, and employs approximately 62,000 people. . Rhenacoat S.A. is part of the ALTANA Coatings & Sealants business unit specialized in packaging and industrial coatings. The divested unit employs some 60 people and generated sales of EUR EUR In currencies, this is the abbreviation for the Euro. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 11.6 million in 2003. Details of the sale price were not disclosed. Akzo Nobel is to take over the entire workforce, know-how and all the coil coating production facilities in Montataire. This leaves Rhenacoat free to concentrate exclusively on packaging coatings in Sedan, the one remaining site in France. "The sale of the Rhenacoat coil coating business in France is another logical step in the strategic realignment re·a·lign tr.v. re·a·ligned, re·a·lign·ing, re·a·ligns 1. To put back into proper order or alignment. 2. To make new groupings of or working arrangements between. of ALTANA Coatings & Sealants, which is aimed at withdrawing from the industrial coatings sector to concentrate on building up high-potential niches - such as chemical solutions for flexible packagings - in the specialty chemicals market," explains Dr. Guido Forstbach, Business Unit Manager and Managing Director of ALTANA Coatings & Sealants GmbH. "We remain committed to a strategy of operating only in sectors requiring a high pace of innovation and a high level of technical support." This press release contains forward-looking statements, i.e., current estimates or expectations of future events or future results. These statements are based on beliefs of ALTANA's management as well as assumptions made by and information currently available to ALTANA. Many factors that ALTANA is unable to predict with accuracy could cause ALTANA's actual results, performance or achievements to be materially different from those that may be expressed or implied by such forward-looking statements. Forward-looking statements speak only as of the date they are made. ALTANA does not intend, and does not assume any obligation, to update forward-looking statements to reflect facts, circumstances or events that have occurred or changed after such statements have been made. This press release is also available at www.altana.com |
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