AMSTERDAM, NETHERLANDS--(Marketwire - Nov 30, 2012) - AkzoNobel has underlined its growth
ambitions for the Middle East after signing
an expanded joint venture agreement with the Yusuf Bin Ahmed Kanoo group of
companies.
The new deal strengthens the existing joint venture between AkzoNobel and
Kanoo,
which only covers the supply of the company's International Paint brand,
along
with coil and packaging coatings. Under the terms of the expanded
agreement,
AkzoNobel will offer products from across its Performance Coatings
portfolio,
including professional woodcare, automotive refinish, marine, yacht, fire
protection, protective and powder coatings.
"We are very pleased to build on our long-standing relationship with the
Kanoo
family by signing this agreement," said Leif Darner, AkzoNobel's Executive
Committee member responsible for Performance Coatings. "It will give us a
firm
foothold in the Middle East and a solid platform from which to deliver on
our
ambitious growth strategy in the region. We see many opportunities for our
products and services to supply the construction, oil and gas and
transportation
sectors in the Middle East and this deal will ensure that we are better
placed
to serve our customers."
Mishal Kanoo, Deputy Chairman for Kanoo in the UAE and Oman, added: "Our
relationship with AkzoNobel goes back over 30 years and we look forward to
supporting the company in its ambition to be a leading supplier of
performance
coatings in both the UAE and Saudi Arabia."
AkzoNobel currently employs more than 200 people across its two main plants
in
the Middle East. Both sites are planning increased investments to support
the
enlarged business portfolio, with work on a new powder coatings facility in
Dubai having already started.
AkzoNobel is the largest global paints and coatings company and a major
producer
of specialty chemicals. We supply industries and consumers worldwide with
innovative products and are passionate about developing sustainable answers
for
our customers. Our portfolio includes well known brands such as Dulux,
Sikkens,
International and Eka. Headquartered in Amsterdam, the Netherlands, we are
consistently ranked as one of the leaders in the area of sustainability.
With
operations in more than 80 countries, our 55,000 people around the world
are
committed to excellence and delivering Tomorrow's Answers Today™.
Not for publication - for more information
Pdf file AkzoNobel press release:
http://hugin.info/130660/R/1661531/538351.pdf
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Source: Akzo Nobel NV via Thomson Reuters ONE
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