AKZO NOBEL BUYS OUT AEROSPACE COATINGS VENTURE.
Chemical group Akzo Nobel NV has acquired from the Dexter Corporation its 40% stake in the AD Aerospace Finished (ADAF) joint venture. This aerospace coatings business will from now on carry out its activities under the name Akzo Nobel Aerospace Coatings. In July last year, Akzo had said it might sell its 60% stake in the ADAF joint venture to Dexter, following Akzo's takeover of Courtaulds. The European Commission told Akzo last June it must sell the stake to Dexter in order to retain Courtaulds' Aerospace Coatings and Sealants business, or keep its joint venture position in ADAF and sell the Courtaulds unit. Akzo is understood to be still considering its position regarding Courtaulds Aerospace Coatings and Sealants.