Akzo Nobel assumes full ownership of global non-stick coatings business

Akzo Nobel assumes full ownership of global non-stick coatings business Arnhem, the Netherlands, September 4, 2001 - Akzo Nobel has purchased the remaining 20% of its global non-stick coatings joint venture from Coatings and Chemicals Corporation (CCC). Akzo Nobel now has 100% ownership in the non-stick coating business, which operates manufacturing plants in Des Plaines, IL (USA), Fombio (Italy) and Ahmedabad (India). The joint venture was initially formed in December 1998 between Akzo Nobel (80%) and CCC (20%), and offers a complete range of liquid and powder non-stick coatings to the consumer, industrial, automotive and aerospace markets. "The non-stick business has shown impressive expansion in the last few years and we want to play a leading role in this attractive market segment," said Rudy van der Meer, Board Member of Akzo Nobel responsible for Coatings. "Our decision to move away from a JV structure will support the future growth of this business." "Within 12 months we will be manufacturing in both China and South America," added Göran Jönsson, General Manager of Akzo Nobel's business unit Industrial Coatings. "It will be far easier to leverage the global resources of Akzo Nobel in all aspects of our business as a wholly-owned unit rather than as a joint venture. The non-stick market is changing constantly. We recognize that we need to be more dynamic to deal with that change." Kanti Gandhi, the founder of CCC and former president of the non-stick joint venture, has stepped down from this post and will remain a consultant to the business until the end of 2001. Ravin Gandhi, who has been with the business for 7 years and is a former Vice President, has taken over as President of the global non-stick business. - - - Note for the editor Non-stick coatings (liquid or powder based), containing fluoropolymer and/or silicone, primarily have release properties. All present non- stick formulations also provide high heat resistance. Akzo Nobel has been producing and marketing non-stick finishes and thermo-resistant decorative coatings for cookware, bakeware and other industrial applications which call for release and/or high heat properties for more than 30 years; they are distributed through a worldwide network of sales subsidaries and agencies. Akzo Nobel, based in the Netherlands, serves customers throughout the world with healthcare products, coatings and chemicals. Consolidated sales for 2000 totaled EUR 14 billion (USD 13 billion, GBP 8.5 billion). The Company currently employs 67,500 people in more than 75 countries. Financial results for the third quarter of 2001 will be published on October 24, 2001. Internet: http://www.akzonobel.com ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2001/09/04/20010904BIT00700/bit0002.doc http://www.waymaker.net/bitonline/2001/09/04/20010904BIT00700/bit0002.pdf