AkzoNobel recently announced it has received a binding offer from Sika AG for the purchase of its Building Adhesives business for €260 million (~ $ 346 million). Building Adhesives reportedly generated annual revenues of €185 million (~ $ 246 million) in 2012.

The transaction, which is expected to be completed in the fourth quarter of this year, will see all of Building Adhesives’ approximately 550 employees, its two manufacturing facilities (in Germany and France), and its products and brands transfer to Sika AG.

“We want to focus our Decorative Paints business at AkzoNobel on the strong strategic paint positions we have in Europe and the growth markets of Asia and South America,” said Ton Büchner, CEO of AkzoNobel. “The intended sale of Building Adhesives is in line with this strategy. In Sika, with its portfolio of businesses in this industry, we are pleased to have found a good future home for this business.”

“Sika is looking forward to welcoming the successful team from the Building Adhesives business of AkzoNobel,” said Jan Jenisch, CEO of Sika. “The acquisition will make Sika a strong player in the interior finishing construction market and will complement our product range.”

For additional information, visit www.akzonobel.com or www.sika.com.