Akzo Nobel and CCC Joint Venture creates Market Leading Non-Stick Coatings company.ARNHEM, the Netherlands--(BUSINESS WIRE)--Dec. 7, 1998--Akzo Nobel has entered into a worldwide joint venture with Coatings and Chemicals Corp. ("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. "), to manufacture and sell liquid and powder non-stick coatings. The new entity, which will be named 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. Non-Stick Coatings, combines the non-stick coatings activities of CCC and Akzo Nobel. The company will be owned 80% by Akzo Nobel and 20% by CCC. Financial terms were not disclosed. "In line with our strategy of focused growth, Akzo Nobel is building a stronger position in the growing Non-stick coatings market," said Goran Jonsson, General Manager of Akzo Nobel Industrial Coatings An industrial coating is a paint or coating defined by its protective, rather than its aesthetic properties, although it can provide both. The most common use of industrial coatings is for corrosion control of steel or concrete. . "With the CCC joint venture, we become a notable international presence in this global niche." CCC is the second largest supplier of non-stick coatings to the US market. Akzo Nobel is very well established in the European market, particularly in Italy. Both companies have a significant market share in the Far East. Combining the two, Akzo Nobel will become the second largest supplier of non-stick coatings worldwide. Independently, the companies have made significant advances in non-stick coating technology, and hold numerous patents in Europe and the US. Worldwide headquarters for the joint venture will be in Des Plaines Des Plaines, city, United States Des Plaines (dĕs plānz), city (1990 pop. 53,223), Cook co., NE Ill., a suburb of Chicago on the Des Plaines River; inc. 1925. Among its manufactures are chemicals and electronic equipment. , IL, USA, at CCC's main facility and previous headquarters. In addition to this site, Akzo Nobel Non-Stick Coatings will operate manufacturing facilities at Akzo Nobel's plant in Fombio, Italy and CCC's facility in Ahmedabad, India. Kanti Gandhi, owner of CCC, will be President of the joint venture. "As the non-stick coatings market continues to evolve and grow, our clients around the globe will increasingly demand better products and quicker service. This joint venture will provide a perfect platform to meet these needs on a technical, commercial and geographical level", says Gandhi. Akzo Nobel, headquartered in Arnhem, The Netherlands, serves customers throughout the world with healthcare products, coatings, chemicals, and fibers. The company employs 87,500 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. ). The Coatings activities represented NLG 8.4 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. 4.2 billion), or 35% of total sales. Akzo Nobel is a world leading producer of paints, finishes, stains and synthetic resins for industrial applications, professional painters, and the do-it-yourself sector. In North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. 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. Internet: http://www.akzonobel.com http://www.cc-corp.com |
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