ICIPaints.com Archive
AkzoNobel agrees sale of Canadian paints brands
June 2008
AkzoNobel has agreed to sell its Para® and Crown Diamond® decorative paints brands in Canada to General Paint Corp. The sale is in line with the commitment package which was agreed with the Canadian authorities in connection with AkzoNobel's acquisition of Imperial Chemical Industries plc (ICI) in January.
The deal is expected to be completed on June 30.
The sale of Para and Crown Diamond (which has a similar name but is in no way connected to AkzoNobel's Crown® brand) is one of three divestments the company agreed with regulatory authorities in connection with the ICI acquisition. The divestment of the Crown business in the UK & Ireland is progressing, while headway is also being made on the sale of the DeKeyn® and some other brands in Belgium. Further announcements will be made when appropriate.
