AkzoNobel announced on Friday the sale of its North American Decorative Paints business to PPG Industries at a value of$1.05 billion.The deal includes cash proceeds of$875 million which will be used for investment and debt reduction by AzkoNobel.
The company will continue a strong presence in North America through its Performance Coatings and Specialty Chemicals operations.The sale will not impact AkzoNobel Coil and Extrusion Americas which manufactures coatings for steel and aluminum used in architectural applications.
Source:
http://www.steelguru.com/international_news/AkzoNobel_sells_decorative_paint_business_to_PPG/295712.html
