Akzo Nobel to sell non-stick coatings unit

Paint and coatings maker Akzo Nobel is to sell off its non-stick coatings unit to US company Whitford Worldwide.

Financial details were not disclosed.
The deal involves Akzo Nobel’s global cookware and bakeware activities which operate from sites in the US, China, India, Brazil and Italy. The transaction is expected to be completed in the first quarter of 2009.
‘Although it is a solid business, our non-stick coatings operation does not have the scale for it to become a true market leader globally,’ board member Leif Darner said in a statement.

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