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“This is an excellent opportunity that couples our strategic ambition to accelerate growth in Asia with our commitment to locate production closer to our customers,” said Rob Frohn, AkzoNobel executive committee member responsible for Specialty Chemicals. “Boxing’s leading market position in amines will complement AkzoNobel’s growing specialty surfactant business in Asia. The acquisition will also provide a strong local manufacturing operation in the region.”
“The demand for amines and derivatives is expected to increase significantly over the next few years, with a third of the Asian demand for amines coming from China alone,” said Bob Margevich, managing director of Surface Chemistry for AkzoNobel. “We plan to enhance the process capabilities and increase capacity at the Shandong site by introducing our state-of-the-art manufacturing technology. We will also introduce new products to the marketplace based on AkzoNobel’s product and application knowhow.”
Completion of the transaction is subject to closing conditions, including the approval of the Chinese authorities. It is expected to be finalized in the last quarter of 2011.
For more information, visit www.akzonobel.com or www.creoleochem.com.