AkzoNobel buys German paint maker for 142 million euros
Dutch-Swedish group Akzo-Nobel, the world's largest paint maker, said Friday it had bought German coatings company Schramm in a deal worth 142 million euros ($191 million).
"AkzoNobel has today completed its acquisition of more than 95 percent of the shares of coatings manufacturer Schramm Holding AG," it said in a statement, issued in the Netherlands.
Headquartered in Offenbach, Germany, Schramm manufactures and markets coatings for plastics, metals and electrical insulation as well as coil coatings for aluminum. It achieved global revenues in 2010 of 115 million euros and employs around 800 people.
In addition to the Schramm deal, Akzo-Nobel expected to finalise a deal to buy South Korean coatings company SSCP as of November 1, 2011, it said in a statement.
SSCP was also the majority shareholder of Schramm until Friday's deal.
AkzoNobel employs more than 55,000 people in more than 80 countries, and makes well-known household paint brands like Dulux. It also makes industrial paint for planes, boats, mobile telephones and washing machines.
© 2011 AFP