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AkzoNobel to Divest Non-Stick Coatings Activities

20 Jan 2009 - AkzoNobel has agreed to divest its non-stick coatings business to privately-owned, US-based company Whitford Worldwide. Financial details have not been disclosed. The deal involves AkzoNobel’s global cookware and bakeware activities, which operate out of five sites in the US, China, India, Brazil and Italy. The transaction is expected to be completed in the first quarter of 2009.
 
"Although it is a solid business, our non-stick coatings operation does not have the scale for it to become a true market leader globally,” explained Leif Darner, AkzoNobel’s Board member responsible for Performance Coatings. "In the hands of new owners, however, it offers good growth opportunities and we are convinced our employees are joining an ambitious and successful company run by capable professionals who we trust to take the business forward.”