September 11, 2008
AkzoNobel Broadens Product Offerings With Acquisition of Soliant LLC
TROY, Mich., Sept. 11 /PRNewswire/ -- AkzoNobel, world's largest supplier of paints and coatings, has significantly strengthened its position in the automotive plastics decorating market through the acquisition of Soliant LLC, a leading manufacturer of decorative paint and bright films.
Soliant's eco-friendly coatings alternatives are used primarily in the automotive market. The acquisition will improve the global AkzoNobel Automotive Plastics Coatings position by realizing the synergies of a combined liquid and film product line and providing AkzoNobel customers with sustainable solutions that maximize performance, color accuracy and cost management.
According to Jim Rees, General Manager for AkzoNobel Car Refinishes, "The acquisition of Soliant LLC affirms our position of investing in 'green' technologies that offer substantial and sustainable growth potential. This addition to our portfolio is about developing a new approach to our markets. It creates a strong platform for future growth based on the broader concepts of decoration and not simply painting. It enables us to meet our commitment to provide Tomorrow's Answers Today by combining the technology leadership and operational excellence of Soliant with the global market reach and customer base of AkzoNobel. We look forward to welcoming the Soliant team into the AkzoNobel portfolio of businesses." Rees adds that Soliant is especially attractive because of the strong management team in place and the unique intellectual properties, protected by patents, upon which its product offerings are based.
Soliant's Fluorex(R) paint films and bright films complement AkzoNobel's strong liquid coatings portfolio. This combination of film and liquid paint enables AkzoNobel to offer customers another option in their full range of decorating choices. Soliant has developed outstanding manufacturing technologies and possesses technological know-how in a specialized field that is increasingly important as the automotive industry looks for eco-friendly coatings solutions. It currently supplies many of the leading auto manufacturers and producers of automotive parts.
"AkzoNobel is a unique partner," said Soliant's President Jerry Patton. "They bring a global reach to our business that is unsurpassed in the decorating marketplace. We are excited about the possibilities and opportunities that this acquisition will bring to our customers and employees."
Soliant was established in 2002 as a management buyout from former owner Rexam PLC. It operates a manufacturing facility in Lancaster, South Carolina (USA) employing approximately 100 employees. With its Fluorex(R) product line, Soliant LLC is a global leader in decorative solutions involving paint films and bright films.
Subject to regulatory approvals, the acquisition is expected to be completed by end September 2008.
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 euro 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).
AkzoNobel Car Refinishes is one of the world's leading suppliers of paints and services for the car repair, commercial vehicles and automotive plastics markets. It sells coatings for car body refinishing, or recoating, to customers including bodyshops, distributors, fleet owners, automotive suppliers and major bus and truck producers. Brands include Sikkens(R), Lesonal(R), Dynacoat(R), Wanda(R), and Sikkens Autocoat(R) BT. Operating in more than 60 countries, Car Refinishes has specialists around the world who understand local markets and can serve local needs. Its state-of-the-art customer services, color and technology solutions include offering technical and logistical support and the delivery of training programs.
Internet: http://www.akzonobel.com/cr Safe Harbor Statement
This press release contains statements which address such key issues as Akzo Nobel's growth strategy, future financial results, market positions, product development, products in the pipeline, and product approvals. Such statements should be carefully considered, and it should be understood that many factors could cause forecasted and actual results to differ from these statements. These factors include, but are not limited to, price fluctuations, currency fluctuations, developments in raw material and personnel costs, pensions, physical and environmental risks, legal issues, and legislative, fiscal, and other regulatory measures. Stated competitive positions are based on management estimates supported by information provided by specialized external agencies. For a more comprehensive discussion of the risk factors affecting our business please see our latest Annual Report, a copy of which can be found on the company's corporate website http://www.akzonobel.com/ .
CONTACT: Christopher Bradford, Akzo Nobel Coatings Inc., AutomotivePlastic Coatings, +1-248-637-0476, [email protected]; orJerry Patton, Soliant LLC, +1-803-313-8292, [email protected]; or TeriChouinard, Intuit Group, LLC, +1-810-797-7242, [email protected]
Web Site: http://www.akzonobel.com/crhttp://www.akzonobel.com/