Financial Times

AkzoNobel marks Sri Lanka presence with ICI acquisition

AkzoNobel of the Netherlands has now entered Sri Lanka and has significantly strengthened its presence in emerging Asia Pacific markets, after the recent acquisition of the British chemical multinational Imperial Chemical Industries PLC (ICI), the company said in a press release.

CIC Paints Pte Ltd, an associate of Chemical Industries (Colombo) Ltd, was until the point of the acquisition a part of ICI Paints plc, the global leader in decorative paints and owners of the household Brand for premium quality paint, Dulux. The management control of CIC Paints Ltd will now shift to AkzoNobel which offers a diverse portfolio of products such as Wood, Marine and high performance coatings that will complement the current range of Dulux and Glidden paints.

"While we have made steady progress over recent years, the acquisition of ICI has elevated AkzoNobel into key leadership positions in a number of attractive regions," Hans Wijers, Akzo’s CEO and Chairman was quoted as saying in the statement. "We have brought together two great companies with proud histories of sustained achievement."

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