Akzo Nobel Assumes Full Ownership of Global Non-Stick Coatings Business.Business Editors ARNHEM, the Netherlands--(BUSINESS WIRE)--Sept. 4, 2001 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. has purchased the remaining 20% of its global non-stick coatings joint venture from Coatings and Chemicals Corporation (CCC CCC A very speculative grade assigned to a debt obligation by a rating agency. Such a rating indicates default or considerable doubt that interest will be paid or principal repaid. Also called Caa. ). Akzo Nobel now has 100% ownership in the non-stick coating business, which operates manufacturing plants in Des Plaines, IL (USA), Fombio (Italy) and Ahmedabad (India). The joint venture was initially formed in December 1998 between Akzo Nobel (80%) and CCC (20%), and offers a complete range of liquid and powder non-stick coatings to the consumer, industrial, automotive and aerospace markets. "The non-stick business has shown impressive expansion in the last few years and we want to play a leading role in this attractive market segment," said Rudy van der Meer Van der Meer is a Dutch surname that simply means the phrase 'from the lake' in English. Many years ago, descendants would have lived from a lake in the Netherlands which is how the name first originated. , Board Member of Akzo Nobel responsible for Coatings. "Our decision to move away from a JV structure will support the future growth of this business." "Within 12 months we will be manufacturing in both China and South America," added Goran Jonsson, General Manager of Akzo Nobel's business unit Industrial Coatings. "It will be far easier to leverage the global resources of Akzo Nobel in all aspects of our business as a wholly-owned unit rather than as a joint venture. The non-stick market is changing constantly. We recognize that we need to be more dynamic to deal with that change." Kanti Gandhi, the founder of CCC and former president of the non-stick joint venture, has stepped down from this post and will remain a consultant to the business until the end of 2001. Ravin rav·in also rav·en n. 1. Voracity; rapaciousness. 2. Something taken as prey. 3. The act or practice of preying. Gandhi, who has been with the business for 7 years and is a former Vice President, has taken over as President of the global non-stick business. Note for the editor Non-stick coatings (liquid or powder based), containing fluoropolymer A fluoropolymer is a polymer that contains atoms of fluorine. It is characterized by a high resistance to solvents, acids, and bases. Fluoropolymers were discovered serendipitously in 1938 by Dr. Roy J. Plunkett. and/or silicone, primarily have release properties. All present non-stick formulations also provide high heat resistance. Akzo Nobel has been producing and marketing non-stick finishes and thermo-resistant decorative coatings for cookware, bakeware and other industrial applications which call for release and/or high heat properties for more than 30 years; they are distributed through a worldwide network of sales subsidiaries and agencies. Akzo Nobel, based in the Netherlands, serves customers throughout the world with healthcare products, coatings and chemicals. Consolidated sales for 2000 totaled 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. 14 billion (USD USD In currencies, this is the abbreviation for the U.S. Dollar. 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. 13 billion, GBP GBP In currencies, this is the abbreviation for the British Pound. 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. 8.5 billion). The Company currently employs 67,500 people in more than 75 countries. Financial results for the third quarter of 2001 will be published on October 24, 2001. Internet: http://www.akzonobel.com |
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