AkzoNobel Shareholders Support Separation Of Specialty Chemicals Business

AkzoNobel Shareholders Support Separation Of Specialty Chemicals Business

The Specialty Chemicals business will be split into two focused, high-performing businesses: Paints and Coatings and Specialty Chemicals.

Shareholders of Akzo Nobel N.V. (AkzoNobel) have approved the separation of its Specialty Chemicals business as part of its strategy to create two focused, high-performing businesses: Paints and Coatings and Specialty Chemicals.

The appointment of new Chief Financial Officer Maarten de Vries as a member of the board of management, effective Jan. 1, 2018, also was approved at a special meeting yesterday, in addition to the appointment of three new members to the AkzoNobel Supervisory Board: Sue Clark, Patrick Thomas and Michiel Jaski.

Shareholder approval enables AkzoNobel to separate its Specialty Chemicals business through a private sale or legal demerger. The dual-track process ensures the appropriate flexibility necessary to obtain an optimal result for shareholders and other stakeholders as well as certainty of execution.

As previously announced, AkzoNobel intends to return the vast majority of the net proceeds from the separation of Specialty Chemicals to its shareholders – starting with advance proceeds of  €1 billion (approximately $1.19 billion USD) through a special cash dividend. The special dividend will be paid on Dec. 7.

Thierry Vanlancker, CEO, said, “We welcome Maarten de Vries to AkzoNobel. With his extensive international business experience he will further strengthen the leadership of our company. Today marks a significant milestone in the transformation of AkzoNobel into two focused high-performing businesses, which remains on track for April 2018.”

Antony Burgmans, chairman of the supervisory board, added, “[Yesterday’s] approval ensures we maintain momentum in the process to separate our Specialty Chemicals business. Our new appointments bring a wealth of new insight and experience to our boards, supporting AkzoNobel to deliver sustainable growth and value creation.”

You May Also Like

Dana Participating in Easter Jeep Safari

The event will take place in Moab, Utah, March 23-31.

Dana to Participate in Easter Jeep Safari 2024

Dana Incorporated will participate in Easter Jeep Safari 2024, held March 23-31 in Moab, Utah. Dana products will be on site and available for demonstrations.

“At Dana, we are committed to rigorously testing and validating our products in the most challenging conditions to guarantee superior quality, durability, and performance,” said Bill Nunnery, senior director, sales and marketing, global aftermarket for Dana. “Easter Jeep Safari features rugged trails that offer us an ideal terrain for product trials. The event also gives us the opportunity to engage with Jeep enthusiasts and understand how we can enhance their off-road experiences through vehicle customizations.”

Advance Auto Parts Reports Q4, Full Year 2023 Results

President and CEO Shane O’Kelly said Advance continues to act with a sense of urgency to “return to profitable growth.”

financial results
AutoZone Reports Q2 Results with Increases in Same Store Sales

During the quarter, AutoZone opened 19 new stores in the U.S., while adding six new stores in Mexico and four in Brazil.

Dana Inc. Reports 2023 Record Sales and Q4 Earnings

For the full-year 2023, Dana reported sales of $10.6 billion, up from $10.2 billion in 2022.

Financial-results
LKQ Corp. Announces Q4, Full Year 2023 Results

President and CEO Dominick Zarcone expressed satisfaction with the company’s results amid macroeconomic challenges.

Other Posts

ZF Aftermarket Releases 80 New Parts

The latest additions expand coverage to more than 5 million vehicles in operation.

ZF Aftermarket Releases 80 New Parts
Schaeffler Highlights ESG Progress in 2023 Sustainability Report

Schaeffler is currently focusing on seven key ESG goals in the implementation of its sustainability strategy.

Schaeffler 2023 Sustainability Report
CMA, DoubleCoin to Showcase Long-Haul Steer Tires at MATS

Company reps will be on-site to answer questions, schedule meetings and coordinate a raffle of outdoor sporting equipment in booth #11140.

tire-distribution-outlook-tire-rack
GB Reman to Host Jackpot Giveaway Winner at Long Beach Grand Prix

Jon Hetzel, owner of Hesski ServiCenter in Levittown, Pennsylvania, will join GB Reman in the company’s hometown next month

GB Reman to Host Jackpot Giveaway Winner at Grand Prix of Long Beach