Akzo Nobel N.V. today announced shareholders will receive €5.5 billion ($6.36 billion), following completion of the sale of the Specialty Chemicals business that was announced yesterday. This is in addition to €1 billion ($1.15 billion) advance proceeds distributed by a special cash dividend paid on December 7, 2017. A total of €6.5 billion will have […]
AkzoNobel Closes Sale of Specialty Chemicals to The Carlyle Group and GIC
Akzo Nobel N.V. (AKZA; AKZOY) announced today it completed the sale of the Specialty Chemicals business to The Carlyle Group and GIC for an enterprise value of €10.1 billion ($11.7 billion). The sale was originally announced last March. “Today is a key milestone in the history of AkzoNobel, creating a focused paints and coatings company, […]
AkzoNobel Offers Technical College Support Program for Vehicle Refinish and Repair
AkzoNobel is now offering a Technical College Support Program to prepare and strengthen a new generation of collision repair technicians. The training program enables schools to help students develop and deepen paint-related skills to help them maximize quality, productivity and, ultimately, overall body shop profitability. “The training program is designed to improve the marketability of […]
AkzoNobel Joins Automotive Management Institute as Foundation Partner
AkzoNobel announced it has become an Automotive Management Institute (AMi) Foundation Partner. AMi is a Texas-based 501(c)(3) nonprofit, tax-deductible education organization. The accreditation enables AkzoNobel to further support and promote AMi’s role in filling a critical need for training and certification in the automotive collision industry. “While AkzoNobel has always been active in providing and […]
Shaver Named New CEO for AkzoNobel Specialty Chemicals Pending Completion of Sale
Axalta CEO, who is stepping down in September, will lead business spun off to The Carlyle Group and GIC. Shaver led Axalta during transition from DuPont to Carlyle ownership and eventual public offering. As part of the strategy to separate Specialty Chemicals from its Paints and Coatings business, AkzoNobel announced in March 2018 that it […]
AkzoNobel Supports Collision Repair Career Outreach Effort at NACE Automechanika
AkzoNobel is a main sponsor of two events at next week’s NACE Automechanika show in Atlanta, Ga. designed to help ease the collision repair industry employee shortage. The events include the Career Connection Panel, and the I-CAR Rockin’ Rides Reception, which benefits the Collision Repair Education Foundation. “Right now, there is a critical shortage of […]
AkzoNobel’s Dave Smith Passes Away
AkzoNobel announced that Dave Smith, Regional Sales Leader for the U.S. East Market, passed away May 28. In a statement, the paint system manufacturer said: It is with great sadness that AkzoNobel announces the death of our dear friend and colleague, Dave Smith, who passed away on May 28, 2018. Dave was much respected by […]
AkzoNobel and Mercedes-Benz China Announce Supplier Agreement
AkzoNobel has become the recommended supplier of automotive refinishes for Mercedes-Benz China, the country’s leading luxury auto brand. The agreement means the company has become a certified supplier of vehicle refinishes to more than 50 auto companies in China over the last 20 years. “Becoming the recommended supplier of automotive refinishes for Mercedes-Benz China shows […]
AkzoNobel Sells it Specialty Chemicals The Carlyle Group and GIC for $12.5 Billion
AkzoNobel today announced the sale of its Specialty Chemicals business to private equity firm The Carlyle Group and GIC Pte. Ltd., Singapore’s sovereign-wealth fund, for €10.1 billion ($12.5 billion). The sale, part of the plan announced last spring, to split the company into two units with one focusing on Paints and Coatings, and the other Specialty […]
Axalta and Nippon Paint End Acquisition Talks
Axalta Coating Systems (NYSE:AXTA) yesterday confirmed that its previously announced discussions on a possible acquisition by Nippon Paint have ended. According to Axalta, Nippon Paint’s Board of Directors were unwilling to meet Axalta’s expectations regarding the value of the company and assume the financial leverage necessary for the deal. “Axalta is a premier company in […]