Akzonobel www.akzonobel.com has announced the transfer of the whole of its company division for special chemicals to the private equity company Carlyle Grouphttps://www.carlyle.com/ (USA) and GIChttps://www.gic.com.sg/ (Singapore) for 10.1 billion euros (12.6 billion dollars), including debt. It is expected that the net proceeds from the operation will amount to 7.5 billion euros, declared the company, with most of it going to shareholders. Akzonobel has announced, for the first time, that it will be selling the business, which represents a third of its sales and profits, in April, as it was acting to avoid a purchase by its rival PPG Industries. The company considered both a private sale and a separate listing for the chemicals division, finally concluding that a sale to Carlyle was in the best interests of all the parties involved. «This is an essential stage in the creation of two high performing companies, which will generate value for all the stakeholders», stated the CEO of AkzoThierry Vanlancker. «We are committed to separating the chemical specialities business and we have done it earlier than expected. Furthermore, Carlyle has significant experience in the chemical sector and proven experience in terms of health, safety, innovation and sustainability».
The agreement is subject to regulatory approval and should be concluded by the end of the year. The whole division with all its product segments is part of the agreement.