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AkzoNobel has raised its stake in Akzo Nobel Powder Coatings SAE in Egypt from 60% to 100%. The transaction forms part of the company’s accelerated growth strategy for Egypt and the wider North Africa region.
As well as operating a state-of-the-art powder coatings plant in Cairo, Akzo Nobel Powder Coatings SAE also has a 90% stake in the trading firm Akzo Nobel Powder Coatings Trading SAE. Financial details of the deal were not disclosed.
"This is an important step in our strategy to enhance our presence in the region,” said Conrad Keijzer, AkzoNobel’s Executive Committee Member responsible for Performance Coatings. "We are now taking our operations in Egypt and North Africa to the next level and consolidating our credentials as a leader in the powder coating sector.”
Added Peter Tomlinson, Managing Director of AkzoNobel Middle East & Performance Coatings Africa: "The full acquisition of Akzo Nobel Powder Coatings SAE will enable us to further strengthen our service levels and meet the growing demands of our customers. The advanced manufacturing plant will also add value to our operations, ensuring that we deliver cutting-edge and high quality solutions for our customers.”
According to industry reports, the global powder coatings market is expected to grow at a compound annual growth rate (CAGR) of 6.8% from 2016 to 2020, to more than US$11bn in value. The Middle East & Africa region continues to be a strong market for the industry.
