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Kansai Paint Co., Ltd. (“Kansai Paint”) has entered into an agreement to sell its Africa business to Akzo Nobel N.V. (“AkzoNobel”), a global paints and coatings company. The sale is subject to the regulatory approvals of the relevant authorities and the transaction is expected to be completed in the course of 2023. Kunishi Mori, Kansai Paint’s president says: “We are convinced that AkzoNobel is the best owner as AkzoNobel considers the decorative paints business as a core business and will therefore be able to unlock the full potential of the business, thereby contributing to the development of the African economy.”…
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Akzo Nobel, the parent company for Sadolin Paint, has announced global financial results for 2020 indicating strong growth despite the COVID-19 pandemic. Among other positives, the company recorded a significant net cash increase of €1,220 million mainly coming from operating activities and €243 million of cost savings, of which €115 million structural savings. The company also noted acquisitions of Titan Paints in Spain announced and New Nautical Coatings completed in the fourth quarter of 2020 among the highlights of what has been a tough year for many. AkzoNobel CEO, Thierry Vanlancker, commented: “Our 2020 results demonstrate structural performance improvement from…
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