Akzo Nobel Sells Courtaulds Packaging Coatings to PPG Industries.ARNHEM, the Netherlands--(BUSINESS WIRE)--Jan. 5, 1999--Akzo Nobel N.V. has agreed the sale of the former Courtaulds Packaging Coatings business to PPG Industries PPG Industries (NYSE: PPG) was founded in 1883 as the Pittsburgh Plate Glass Company. PPG is an American manufacturer of glass and chemical products, including automotive safety glass. Inc. This completes Akzo Nobel's divestments to PPG PPG Points Per Game (basketball player statistic) PPG Power Play Goals (hockey) PPG Planning Policy Guidance (UK) PPG Programmable Pulse Generator PPG Power Puff Girls of former Courtaulds businesses, the U.S. Architectural Coatings business having been sold on November 30, 1998. (1) The sale follows an agreement made last June during the acquisition of Courtaulds by Akzo Nobel, whereby PPG would acquire from Akzo Nobel the Packaging Coatings and the U.S. Architectural Coatings businesses of Courtaulds, subject to Akzo Nobel's offer for Courtaulds succeeding. On July 7, Akzo Nobel's offer was declared unconditional and it was completed on September 24. The Packaging Coatings business includes production operations in Europe, Asia, and North and South America, and about 400 employees. Financial terms are not disclosed. Akzo Nobel, based in the Netherlands, serves customers throughout the world with healthcare products, coatings, chemicals and fibers. The fibers businesses, now known as Acordis, will be demerged in the course of the second half of 1999. The company currently employs some 87,500 people in more than 60 countries. Consolidated sales for 1997 totaled NLG NLG The ISO 4217 currency code for the Dutch Guilder. 24.1 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. 12 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. 7.5 billion / 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. 10.8 billion). (1) The Architectural Coatings businesses of Courtaulds, Porter Paints, sells Architectural paints in the US under the Porter brand. 1997/98 Sales GBP 77 m. The business employs some 800 people. |
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