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AkzoNobel Powder Coatings strengthens its position in Africa by acquiring 100% of the Powder Coatings joint venture in South Africa. Financial details were not disclosed. After more than 40 years of a mutually beneficial relationship, Akzo Nobel Powder Coatings South Africa (Pty) Ltd and Freeworld Coatings (through its Plascon subsidiary) concluded participation in the original joint venture. The deal comes on the back of Freeworld Coatings’ acquisition of Kansai and underlines AkzoNobel’s commitment to developing business in the African continent.
AB Ghosh, AkzoNobel Powder Coatings Managing Director commented: "This acquisition highlights our confidence in this important market and South Africa is strategically well located for us to continue and to expand on the excellent work we are doing in Africa.” The 100% acquisition will bring value to AkzoNobel customers by allowing the company to leverage scale across all of its businesses present in the region. This underlines the company’s determination to accelerate growth and to build leadership positions across all global markets in line with AkzoNobel’s Value and Values strategy.