AkzoNobel Completes Schramm Holding Acquisition

AkzoNobel has completed its acquisition of more than 95% of the shares of coatings manufacturer Schramm Holding.

Based in Germany and listed on the Hong Kong Stock Exchange, Schramm manufactures and markets coatings for plastics, metals and electrical insulation as well as coil coatings for aluminum. They achieved global revenues in 2010 of €115 million and employ around 800 people. In addition to the Schramm deal, the company expects to finalize the acquisition of Korean SSCP's coatings business as of Nov. 1. SSCP was also the majority shareholder of Schramm until the Akzo deal.