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Dutch AkzoNobel strengthens its paints business and footprint in Spain

March 23/2021

MOSCOW (MRC) -- AkzoNobel has strengthened its paints business and footprint in Spain by completing the acquisition of 100% of the shares of Spanish decorative paints maker Titan Paints for an undisclosed fee, as per the company's press release.

The transaction includes Titan Paints' three production plants in El Prat (Barcelona), Las Palmas (Canary Islands), and Maia in Portugal, seven logistics and service centers for decorative paints, the company said in a statement.

Titan Paints generated sales of about EUR80m in 2019 and has 425 employees.

The deal was first announced in October 2020.

As MRC reported earlier, AkzoNobel N.V. no longer intends to acquire Tikkurila following a higher competing offer from US paints and coatings producer PPG Industries, according to the company's press release on 8 February, 2021. Akzo Nobel submitted a binding proposal to acquire Tikkurila for EUR31.25 per share on January 28, 2021, having conducted customary due diligence to confirm potential synergies. The company no longer intends to pursue this acquisition, following a competing, higher, offer for Tikkurila. Despite a strong cultural fit - and more synergies than any other combination with Tikkurila - the intended transaction no longer meets AkzoNobels criteria for superior value creation.

We remind that Russia's output of chemical products rose in November 2020 by 9.5% year on year. At the same time, production of basic chemicals increased in the first eleven months of 2020 by 6.6% year on year, according to Rosstat's data. According to the Federal State Statistics Service of the Russian Federation, polymers in primary form accounted for the greatest increase in the January-November 2020 output. November production of polymers in primary form rose to 896,000 tonnes from 852,000 tonnes in October. Overall output of polymers in primary form totalled 9,240,000 tonnes over the stated period, up by 17.1%  year on year.
Author:Margaret Volkova
Tags:Europe, pigments, propylene, ethylene, petrochemistry, paints and coatings, Akzo Nobel Functional Chemicals BV, Tikkurila, Spain, Russia, Finland.
Category:General News
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