AkzoNobel agrees to acquire V. Powdertech business to strengthen leading powder coatings business in South East Asia
Lahore: AkzoNobel has today agreed to acquire the business of V. Powdertech Co., Ltd., the leading Thai manufacturer of powder coatings, supplying a range of products for domestic appliances, furniture and general industrial applications, and currently employing more than 250 employees.
The acquisition of V.Powdertech will bring new technologies and services to complement AkzoNobel’s global technology portfolio and business in market segments such as architectural and automotive coatings.
The transaction includes all relevant technologies, patents and trademarks, as well as a manufacturing plant in Samutsakhon, Thailand. In addition, the employees from V.Powdertech will be joining AkzoNobel, bringing with them product and market expertise to serve an expanded customer base in the region.
“We are pleased to welcome our new colleagues to AkzoNobel” said Ruud Joosten, AkzoNobel’s COO of Paints and Coatings. “This business is an excellent strategic fit and will further strengthen our leading market positions in powder coatings in South East Asia. With V. Powdertech’s strong brand, we will be able to offer a broader range of products and services to more customers and target new growth segments.”
Completing this acquisition will secure the position of AkzoNobel as one of the largest powder coatings players in South East Asia. The valuable addition of V. Powdertech’s state-of-the-art manufacturing plant further strengthens AkzoNobel’s manufacturing foot print in fast growing markets in South East Asia, providing a solid foundation to accelerate profitable growth in the region.
The transaction is expected to be completed within the coming weeks.