Akzo Nobel to sell its European Sulfur Products business to PVS Chemicals.
Akzo Nobel to sell its European Sulfur Products business to PVS Chemicals. Arnhem, the Netherlands, October 28, 1999. - Akzo Nobel N.V. announced today that it has signed a Letter of Intent with PVS Chemicals Belgium N.V. for the sale of its European Sulfur Products business. Akzo Nobel's European Sulfur Products business, located in Amsterdam, produces SO (sulfur dioxide), oleum and H SO (sulfuric acid), recycles sulfur- 2 2 4 containing wastes, and trades and resells mainly sulfuric acid. Since sulfur products are not a core business to Akzo Nobel, a buyer with a strategic interest in sulfur products has been sought who will continue to serve customers and will safeguard the continuity of the operation. For PVS Chemicals Belgium N.V., in Gent, a subsidiary of PVS Chemicals Inc. of Detroit, USA, sulfuric acid is a core business. The Letter of Intent allows for a period of exclusivity in which to reach agreement on the final terms of sale of European Sulfur Products to PVS Chemicals Belgium N.V. Upon successful conclusion of the agreement, European Sulfur Products' employees will be transferred to PVS Chemicals. Consultation procedures, where applicable, will commence shortly. PVS Chemicals, headquartered in Detroit, USA, manufactures and markets inorganic chemicals through a broad worldwide distribution network. Manufacturing processes often involve recycling chemical wastes to produce new products. Other subsidiaries include a licensed waste treatment company, a transportation company and a manufacturer of commercial and industrial machinery. The company employs approximately 1000 people worldwide. PVS currently operates plants in Europe in Gent, Belgium and Kelheim, Germany. Akzo Nobel, based in the Netherlands, serves customers throughout the world with healthcare products, coatings, chemicals, and fibers. The company currently employs approximately 83,000 people in almost 70 countries. Consolidated sales for 1998 totaled EUR 12.5 billion (NLG 27.5 billion, USD 13.8 billion, GBP 8.4 billion). The financial results for the year 1999 will be announced on February 25, 2000. Internet: http://www.akzonobel.com Note for the editor / not for publication: For more information please contact: Akzo Nobel N.V. Rob de Vries, tel. +31 33 4676 556 ------------------------------------------------------------ Please visit http://www.bit.se for further information The following files are available for download: http://www.bit.se/bitonline/1999/10/29/19991029BIT00740/bit0001.doc http://www.bit.se/bitonline/1999/10/29/19991029BIT00740/bit0002.pdf