BASF Coatings and Akzo Nobel Plan Joint Venture On Automotive OEM Coatings in Australia - Letter of Intent Signed.Business Editors MELBOURNE, Australia and ARNHEM, the Netherlands--(BUSINESS WIRE)--Jan. 10, 2000--BASF Coatings and 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. want to establish a cooperation for automotive OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and coatings in Australia. A letter of intent has been signed to investigate the feasibility of such a joint venture. This study is to be completed by the end of February 2000. The plan is to establish a joint venture in Australia to provide marketing, sales, and technical services for automotive OEM coatings. The joint venture company, which may go into business in the first half of 2000, will be headquartered in Melbourne. It will play a leading role in the Australian automotive OEM coatings market, as it will offer to supply the Australian subsidiaries of the global automotive industry The automotive industry is the industry involved in the design, development, manufacture, marketing, and sale of motor vehicles. In 2006, more than 69 million motor vehicles, including cars and commercial vehicles were produced worldwide. with a top quality package of products and services. Currently, the car manufacturers Ford, GM Holden, Mitsubishi, and Toyota are active in Australia. BASF BASF Bar Association of San Francisco (since 1872; San Francisco, California) BASF Badische Anilin und Soda Fabrik (German chemical products company) BASF Builders Association of South Florida Coatings, whose automotive OEM coatings are currently available in Australia under a license agreement, aims to reinforce its business in the country through this joint venture. The goal of BASF is to significantly boost its position in the Asian market and with international automobile companies working in that region. Akzo Nobel will secure its important position in the Australian automotive market through this cooperation and will take charge of the local toll-manufacturing for the joint venture. Independently, Akzo Nobel will continue to build its own global position as a major supplier of specialized coatings for transportation vehicles, such as trucks and buses, automotive parts, etc. The proposed joint venture will relate only to the original equipment market for automotive in Australia. Both Akzo Nobel Coatings and BASF Coatings will continue with their own separate businesses for supply of car refinishes (automotive aftermarket). Akzo Nobel - a world leader in coatings Akzo Nobel, based in the Netherlands, serves customers throughout the world with healthcare products, coatings, and chemicals. The company currently employs approximately 68,000 people in 75 countries. Consolidated sales excluding Acordis, for 1999 will total about 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 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. 13 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. 8 billion). Acordis, the former fibers business of Akzo Nobel, has been divested to CVC Capital Partners CVC Capital Partners is a European private equity firm. CVC was founded in 1981 as the European private equity arm of Citigroup, but after a buyout in 1993 it is owned by its management. In 1999, CVC established CVC Asia Pacific, which is a joint venture with Citigroup. as of the end of 1999. The financial results for the year 1999 will be announced on February 25, 2000. Akzo Nobel is a world leading producer of coatings, with strong market positions in decorative/architectural paints, car refinishes, liquid and powder coatings for industrial use (on wood, plastics and metal), marine & yacht coatings, protective coatings, aerospace coatings, printing inks, industrial and consumer adhesives, and impregnated im·preg·nate tr.v. im·preg·nat·ed, im·preg·nat·ing, im·preg·nates 1. To make pregnant; inseminate. 2. To fertilize (an ovum, for example). 3. papers. Akzo Nobel Coatings' 1999 sales are expected in the order of EUR 5.5 billion (USD 6 billion, GBP 3.5 billion). 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. BASF: A major international player in coatings, too BASF Coatings AG, based in Germany, and its affiliates, along with all the coatings activities of other BASF group companies around the world, belong to the global Coatings Division of the BASF Group. With about 10,000 employees, this BASF division will achieve world sales close to EUR 2 billion (USD 2.2 billion, GBP 1.3 billion) in 1999, with more than 50% coming from outside Europe. The NAFTA NAFTA in full North American Free Trade Agreement Trade pact signed by Canada, the U.S., and Mexico in 1992, which took effect in 1994. Inspired by the success of the European Community in reducing trade barriers among its members, NAFTA created the world's region and South America are the other major markets. However, BASF Coatings is also active in the Asia/Pacific region, for example with affiliates in Australia, China, India, Japan, and the Philippines. In the coatings segment, BASF develops, produces and markets a high-quality range of innovative automotive OEM coatings, automotive refinishes and industrial coatings as well as the processes needed to apply them. In this business, eco-efficient powder coatings, water-based, high-solids and radiation-curable coatings play a special part. In Brazil, the company has been successful in the decorative paints market for years and is now holding the leading position. Internet: www.akzonobel.com www.basf-coatings.de |
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