Akzo Nobel says it forms China paint partnership
Dutch-Swedish chemical group Akzo Nobel said on Monday it had formed a partnership with China's Quangxi CAVA for the supply of a key ingredient in paints from 2014.
The accord, which involves building a titanium dioxide plant in Qinzhou, southern China, will secure increased supplies of the key raw material for its Asian markets, Akzo Nobel said in a statement.
"Rapid growth is expected within the global coatings and paints market and most of this demand growth will occur in Asia, especially China," it said.
Financial details were not given.
Akzo Nobel employs about 55,000 people around the world, with 6,700 in China.
© 2011 AFP