AkzoNobel Takes 100% of Egypt Coatings
AkzoNobel has acquired the remaining 40% stake in its Egyptian affiliate AkzoNobel Powder Coatings SAE. The Dutch group said the decision to boost its ownership from 60% to 100% is part of its accelerated growth strategy for both the country and the wider North African region. The Egyptian company, which operates a powder coatings plant in Cairo, also holds a 90% share in the trading firm AkzoNobel Powder Coatings Trading SAE.
Financial details were not disclosed. Peter Tomlinson, managing director of AkzoNobel Middle East & Performance Coatings Africa, said the acquisition would further strengthen the company’s service levels and meet growing customer demand.
AkzoNobel has been boosting its footprint in recent years across the Middle East with new ventures announced in the United Arab Emirates, Qatar and Oman. In 2013, the group acquired a 50% stake and management control of Sadolin Paints Oman. In 2014, it opened a new powder coatings plant in Dubai. This year, AkzoNobel and Al Mehwar Company for Construction and Development formed a joint venture in Qatar.
