Akzo Nobel Sells U.S. Injection Moulding Plastic Packaging Business.ARNHEM, Netherlands--(BUSINESS WIRE)--Oct. 19, 1998--Akzo Nobel N.V. announced today that its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. 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. UK plc (formerly Courtaulds plc) had agreed to sell its US-based injection moulding plastic packaging business, Knight Engineering & Plastics, part of the Polymer Products division, to Berry Plastics Corporation. The consideration is less than one per cent of Akzo Nobel's net assets Net assets The difference between total assets on the one hand and current liabilities and noncapitalized long-term liabilities on the other hand. net assets See owners' equity. . The sale is free of debt. Knight Engineering & Plastics is a leading manufacturer in the U.S. of aerosol overcaps, dispensing closures and non-dispensing screw top closures for the personal, health and dental care markets. The business has manufacturing facilities at Arlington Heights and Woodstock, Ilinois, U.S. In the year ended March 31, 1998, it had sales of 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. 23.8 million. The acquisition of Courtaulds by Akzo Nobel became unconditional on July 7, 1998. Courtaulds had previously announced that it intended to sell its Polymer Products group of businesses, comprising Packaging and Performance Films. Akzo Nobel are continuing with this process, of which this sale is a part. Akzo Nobel, headquartered in Arnhem, The Netherlands, is a market driven and technology based company, serving customers throughout the world with healthcare products, coatings, chemicals, and fibers. The company employs 88,000 people and has activities in 60 countries. In 1997, consolidated sales aggregated $12 billion (24.1 billion NLG NLG The ISO 4217 currency code for the Dutch Guilder. ). In North America the company employs more than 9,000 employees and has annual sales of approximately $3 billion. The company's 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. |
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