AkzoNobel has completed its acquisition of more than 95% of the shares of coatings manufacturer Schramm Holding AG. The deal was first announced in June of this year.
Based in Germany and listed on the Hong Kong Stock Exchange, Schramm manufactures and markets coatings for plastics, metals and electrical insulation as well as coil coatings for aluminium. The company achieved global revenues in 2010 of €115M and employs around 800 people.
In addition to the Schramm deal, the company expects to finalise the acquisition of Korean SSCP’s coatings business as of November 1, 2011. SSCP was also the majority shareholder of Schramm until this deal.
These acquisitions underline AkzoNobel’s determination to accelerate growth and to build leadership positions across all global markets in line with the company’s Value and Values strategy.
"This is an important step for Industrial Coatings, making us the global leader in speciality plastic coatings for mobile devices, laptops, TVs and automotive interiors,” said Conrad Keijzer, managing director of AkzoNobel Industrial Coatings.
Peter Brenner, the current CEO of Schramm Holding AG – who will become director of the new, combined speciality plastic coatings business – added: "We are delighted to be able to begin the integration of Schramm into AkzoNobel. We are looking forward to working with our new colleagues and exploring the exciting opportunities this integration offers while ultimately delivering world-class products and service to our customers.”