Akzo Nobel makes bid for Sico Inc.
Sico, headquartered in Quebec City, develops, manufactures, and markets architectural paints including brands such as Sico[R], Para[R], Betonel[R], as well as related products including Mulco[R] caulking compounds. The company, which also produces and supplies industrial coatings, employs about 1,000 people in Canada, U.S., and Mexico. Sico has been active in the coatings market for more than 65 years.
"This proposed deal underlines our strong commitment to the company's growth strategy for coatings, which involves accelerating our acquisition activity and investing in major expansion opportunities to enhance our portfolio and strengthen our global presence," said Hans Wijers, Akzo Nobel's CEO. "The proposed acquisition will provide us with a leading market position in Canada."
The offer from Akzo Nobel is subject to final shareholder approval and customary closing conditions.
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|Title Annotation:||Business & Industry|
|Date:||Jun 1, 2006|
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