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AkzoNobel Spin-Off Gets Official Green Light

Monday, December 4, 2017

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Amsterdam-based coatings giant AkzoNobel held an Extraordinary General Meeting with its shareholders late last week that gave the company the official go-head to spin off its Specialty Chemicals business.

This move is part of a larger plan to create two more focused businesses—Paints & Coatings, and Specialty Chemicals.

At the meeting, shareholders approved the company move, which will likely result in the divestment of the Specialty Chemicals business through private sale or legal demerger.

Specialty Chemicals Separation

According to AkzoNobel, the divestment ensures the necessary flexibility to obtain the best result for company shareholders.

AkzoNobel

AkzoNobel shareholders have indicated approval of the Amsterdam-based company’s decision to separate its Specialty Chemicals business into a separate entity. This move is part of a larger plan to create two more focused businesses—Paints & Coatings, and Specialty Chemicals.

The company intends to return the majority of the net proceeds to its shareholders, which will begin with advance proceeds of 1 billion euros through a special cash dividend. The special dividend will be paid out on Dec. 7.

The EGM also saw the approval of new Chief Financial Officer Maarten de Vries as a member of the Board of Management, which takes effect Jan. 1, 2018.

AkzoNobel Chief Executive Officer Thierry Vanlancker welcomed de Vries to the company.

“With his extensive international business experience he will further strengthen the leadership of our company,” Vanlancker said. “Today marks a significant milestone in the transformation of AkzoNobel into two focused high performing businesses, which remains on track for April 2018.”

Antony Burgmans, Chairman of the Supervisory Board, added that shareholder approval ensures company momentum in separating the Specialty Chemicals business will be maintained.

“Our new appointments bring a wealth of new insight and experience to our Boards, supporting AkzoNobel to deliver sustainable growth and value creation,” Burgmans added.

Recent Moves

AkzoNobel has moved to expand its operations in Asia in recent months, including this week's announcement that the company is acquiring a major powder coatings firm in Thailand

After AkzoNobel management refused a series of merger proposals from Pittsburgh-based PPG Industries earlier this year, the company confirmed in October that it was in talks with Axalta Coating Systems (Philadelphia) regarding an acquisition, but those talks were called off in November.

   

Tagged categories: AkzoNobel; Business matters; Business operations

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