AkzoNobel is to enhance its chemicals portfolio after making an irrevocable bid on German-based LII Europe. Financial details were not disclosed.
LII Europe operates a multi-client chlorine cluster on the Hoechst Industrial Park near Frankfurt. As well as its main chlorine activities, the company also runs a chlorinated hydrocarbon plant, along with calcium chloride and solid caustic facilities.
"When interesting investment opportunities arise we will always consider them and this deal represents a good strategic fit with our own chemicals activities," explained Rob Frohn, the AkzoNobel Board member responsible for Specialty Chemicals.
"The transaction will significantly improve our position on the caustic market in Europe and offers operational synergies with our other two Industrial Chemicals plants in Germany."
The deal, which is subject to regulatory and other appropriate approvals, is expected to be completed in the first quarter of 2009.
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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 €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).
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