Paint maker Akzo Nobel to buy Chinese coatings company
Dutch-Swedish group Akzo Nobel, the world's biggest paint maker, said on Wednesday it will buy China's Changzhou Prime Automotive Paint, without disclosing the financial details.
"Prime is one of China's largest vehicle refinish suppliers and a leader in the fast-growing mid-market segment," AkzoNobel said in a statement.
"This sector is estimated to double in size within the next five years."
The company is based in Jiangsu Province, and makes automotive coatings.
AkzoNobel chief executive officer Hans Wijers recently announced that the company intended to double its revenue in China to three billion dollars (2.36 billion euros) within five years.
The company employs about 6,500 people in China.
© 2010 AFP