Aug 2 2004
As expected Akzo Nobel has completed the sale of its Catalysts and Phosphorus Chemicals businesses for a total of some EUR 850 million, free of cash and debt and prior to final closing adjustments for working capital.
Hans Wijers, Chairman of Akzo Nobel’s Board of Management, said: “The Company’s drive to create more financial room to maneuver is on track. The closing prices truly reflect the value of these businesses and we will use the proceeds to reduce net debt and to strategically upgrade our portfolio.”
Both deals involve all assets and all current employees of the businesses. The Catalysts divestment includes shares in joint venture companies. Unions and employee representative bodies, where applicable, have advised positively on the sales and all required regulatory approvals have been obtained.
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