Akzo Nobel Completes Divestment of PRC DeSoto to PPG Industries.ARNHEM, the Netherlands--(BUSINESS WIRE)--Aug. 2, 1999-- Akzo Nobel has completed its previously announced divestment of PRC DeSoto International of Glendale, Calif. - formerly known as Courtaulds Aerospace Coatings and Sealants - to PPG Industries of the United States for 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. 512 million. "Proceeds from this sale will be applied against short-term debt Short-term debt Debt obligations, recorded as current liabilities, requiring payment within the year. and in consequence our gearing will further improve from the 1.92 level we reported at the half year to 1.5," said Fritz Frohlich, Akzo Nobel's Chief Financial Officer. Akzo Nobel, based in the Netherlands, serves customers throughout the world with healthcare products, coatings, chemicals and fibers. The fibers business, now known as Acordis, will be demerged. The company currently employs approximately 85,000 people in almost 70 countries. As of 1999, the euro is Akzo Nobel's external reporting currency Reporting Currency The currency used in published reports and financial documents. Notes: All annual and quarterly reports state the currency in which their results are listed. . Consolidated sales for 1998 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. 12.5 billion (USD 13.8 billion). Financial results for the third quarter of 1999 will be announced on October 27. In North America approximately 10,000 people in more than 125 locations are employed by the company, which has U.S. headquarters in Chicago. Most of Akzo Nobel's global businesses are present in North America. There are 21 principal business units, each assigned to one of the four main areas of business - healthcare products, coatings, chemicals and fibers. The company has annual sales of approximately $3 billion. Akzo Nobel's American Depositary Receipts American Depositary Receipt (ADR) Certificates issued by a US depository bank, representing foreign shares held by the bank, usually by a branch or correspondent in the country of issue. (ADRs) are traded on NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on under the AKZOY symbol. Internet: http://www.akzonobel.com |
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