AkzoNobel Takes Full Ownership of China JV
AkzoNobel has taken full ownership of AkzoNobel Swire Paints (ANSP), its decorative paints joint venture in China with Swire Industrial. The Dutch paints and coatings group has held the majority share in the company since 1989.
As well as strengthening its leading position in the Chinese decorative paints market, AkzoNobel said assuming full control of the jv will also give it more flexibility to develop the business further.
CEO Thierry Vanlancker commented: “China has been, and continues to be, a strategic growth market for AkzoNobel. The timing of this acquisition is perfect. It will strengthen our leading position and help drive our value creation ambition for China. It also supports our ongoing transformation into a focused paints and coatings company and gives further momentum to our strategy of achieving 15% return on sales by 2020.”
ANSP, which manufactures and distributes decorative paints, primarily under the Dulux brand, has manufacturing plants in Guangzhou (including a 10% joint venture with a local partner), Shanghai, Langfang and Chengdu.
Last month, AkzoNobel agreed to buy paints and coatings manufacturer Colourland Paints based in Johor Bahru, Malaysia.