Following the ICI acquisition, the on-sale of part of the business to Henkel was completed. The £2.7 billion deal involved the divestment of the former ICI’s Adhesives and Electronic Materials activities.
We launched our new corporate brand, which included a brand new set of company values, a powerful new logo and a commitment to delivering Tomorrow’s Answers Today.
The estimated annual synergies target resulting from the ICI acquisition was upgraded to €340 million, a 20 percent increase on the previously announced figure of €280 million.
The company strengthened its portfolio with two acquisitions. Pulp and Paper Chemicals business, Eka Chemicals, acquired Levasil, the silica sol business of Germany’s H.C. Starck Group. AkzoNobel Polymer Chemicals agreed to purchase two organic peroxides product lines from China’s Jiangsu QiangSheng.
In line with the commitment package agreed in connection with the acquisition of ICI, we announced the sale of our Para and Crown Diamond decorative paints brands in Canada to General Paint Corp. In August, the sale of our Crown Paints decorative paints business in the UK and Ireland to Endless LLP was also agreed, along with the divestment of two Belgian brands to Rieu Investissements S.A.
We expanded our presence in China with the opening of a new €23 million facility for the manufacture and sale of protective coatings in Suzhou, close to Shanghai.
The company announced new financial targets, which included an EBITDA margin of at least 14 percent by the end of 2011 and delivering 100 percent of the ICI synergies by 2010.
We revealed an investment of almost €50 million in our activities after agreeing two acquisitions to boost the company’s Car Refinishes and Industrial Finishes businesses. The two deals involved the purchase of durable paint and bright films manufacturer Soliant LLC and the global floor coatings business of Lord Corporation, both of which are based in the United States.
We strengthened our world-leading portfolio with the acquisition of the Enviroline business from Florida-based Industrial Environmental Coatings Corporation. Enviroline is a specialist supplier of high performance, corrosion-resistant linings, predominantly for the oil and gas industries, specializing in both new construction and maintenance projects.
New Indian plant
AkzoNobel broke ground on a new coatings manufacturing plant in India, signaling the company’s ambition to become one of the country’s leading industrial players. The new facility, being built near Bangalore, will produce coil and specialty plastic coatings.