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Akzo Nobel NV (NASDAQ:AKZOY) AkzoNobel has agreed to sell its Para® and Crown Diamond® decorative paints brands in Canada to General Paint Corp. The sale is in line with the commitment package which was agreed with the Canadian authorities in connection with AkzoNobel's acquisition of Imperial Chemical Industries plc (ICI) in January.
General Paint is a leading decorative coatings manufacturer in Canada. Completion is subject to certain customary conditions and the approval of the Commissioner of Competition. No financial details were disclosed.
"We are sorry to be ending a long-standing relationship with our Para and Crown Diamond customers," said Pierre Dufresne President and General Manager of AkzoNobel Decorative Paints Canada. "We are also thankful to our employees who will soon be joining the General Paint organization for their dedicated service over the years. It's clear that they are joining a company deeply-rooted in the Canadian decorative paints market."
The deal is expected to be completed on June 30.
The sale of Para and Crown Diamond (which has a similar name but is in no way connected to AkzoNobel's Crown® brand) is one of three divestments the company agreed with regulatory authorities in connection with the ICI acquisition. The divestment of the Crown business in the UK & Ireland is progressing, while headway is also being made on the sale of the DeKeyn® and some other brands in Belgium. Further announcements will be made when appropriate.
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Note to editors AkzoNobel is proud to be one of the world's leading industrial companies. Based in Amsterdam, the Netherlands, we make and supply a wide range of paints, coatings and specialty chemicals - pro forma 2007 revenue totaled €14.4 billion. In fact, we are the largest global paints and coatings company. As a major producer of specialty chemicals we supply industries worldwide with quality ingredients for life's essentials. We think about the future, but act in the present. We're passionate about introducing new ideas and developing sustainable answers for our customers. That's why our 60,000 employees - who are based in more than 80 countries - are committed to excellence and delivering Tomorrow's Answers Today(TM).
Not for publication - for more information Akzo Nobel nv Corporate Media Relations, tel. +31 20 502 7833 Corporate Investor Relations, tel. +31 20 502 7856 Contact: Tim van der Zanden Contact: Dick Luijckx
