Akzo Nobel To Acquire Ferro Powder Coatings in Americas and Asia Pacific.Business Editors ARNHEM, Netherlands--(BUSINESS WIRE)--Aug. 5, 2002 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. (EURONEXT: AKZ AKZ Autobusni Kolodvor Zagreb (Croatian: Zagreb Bus Station; Croatia) , 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 : AKZOY) today announced Coatings has signed a contract with Ferro Corporation to acquire its powder coatings businesses in the Americas and Asia Pacific. The value of the transaction is 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. 73 million free of cash and debt. The Cleveland, Ohio "Cleveland" redirects here. For the Cleveland metropolitan area, see . For other uses, see Cleveland (disambiguation). Cleveland is a city in the U.S. state of Ohio and the county seat of Cuyahoga County, the most populous county in the state. - based company posted total sales for its powder coatings businesses in the Americas and Asia Pacific of USD 100 million in 2001. The acquisition will be subject to approval by competition authorities in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and additional approvals will be sought as and where appropriate. "This deal resolves a major strategic gap in our global powder coatings business," said P. 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. , Member of the Akzo Nobel Board of Management responsible for Coatings. "We are already one of the world's market and technology leaders in this important growth sector of coatings, with strong positions in many countries, but our existing U.S. powder operations are relatively small. "This acquisition not only gives us a top 3 position in what is the single largest powder market in the world, but it also gives us a stronger platform for servicing our global customers. Furthermore, it complements our existing business in Mexico and builds on our existing strengths in Korea and China." Fritz Frohlich, Akzo Nobel's Chief Financial Officer, said: "The funds needed for this transaction were included in our 2002 plan and the acquisition does not interfere with our commitment to further reduce our debt by at least 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. 200 million by year-end." Bill McPherson, General Manager of the business unit Powder Coatings added: "This acquisition is an excellent strategic fit with our existing businesses. Ferro is a leading supplier to a wide range of industrial sectors, including the U.S. automotive and appliance powder markets where it has preferred supplier positions and approvals with the top users of powder coatings in both sectors." Under the terms of the deal Akzo Nobel will take over all of Ferro's powder operations in the United States - including factories in Nashville, Tennessee “Nashville” redirects here. For other uses, see Nashville (disambiguation). Nashville is the capital and the second most populous city of the U.S. state of Tennessee, after Memphis. and Brecksville, Ohio, and development & management facilities in Cleveland, Ohio. In Asia Pacific, the deal includes the purchase of Ferro's powder coatings operations in Ningbo, China, as well as its joint venture interests in Ulsan, South Korea. In total 540 people will transfer to Akzo Nobel. Note for the editor Akzo Nobel, based in the Netherlands, serves customers throughout the world with healthcare products, coatings, and chemicals. Consolidated sales for 2001 totaled EUR 14 billion. The company currently employs approximately 66,000 people in 80 countries. The 2001 annual report in English will be available on the Internet from February 28 next. Financial results for the first quarter of 2002 will be published on April 23, 2002.
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