Akzo Nobel N.V. recently announced it has completed the sale of the specialty chemicals business to The Carlyle Group and GIC for an enterprise value of €10.1 billion (approximately $11.7 billion).

“Today is a key milestone in the history of AkzoNobel, creating a focused paints and coatings company, with market leading positions, strong global brands, and a clear strategy to create value for all our stakeholders,” said Thierry Vanlancker, CEO of AkzoNobel.

“I am delighted to assume my new role at Specialty Chemicals and look forward to working with the management team, Carlyle and GIC to deliver long-term success,” said Charles Shaver, CEO of Specialty Chemicals. “Specialty Chemicals has a strong global presence and a talented and dedicated team and I believe there is significant opportunity to drive additional growth through innovation and customer focus to build on the company’s leading positions in its markets.”

As agreed at the Extraordinary General Meeting of November 30, 2017, AkzoNobel will return the vast majority of net proceeds from the sale of Specialty Chemicals to its shareholders.

For more information, visit www.akzonobel.com or www.carlyle.com.