AkzoNobel acquires majority ownership of Japanese joint venture
AkzoNobel has agreed to acquire a 75/25 majority interest in its Kayaku Akzo Co. Ltd (KAC) joint venture with Nippon Kayaku.
KAC has been a 50/50 joint venture between the two companies for nearly 40 years. A leading supplier of organic peroxides to Japan, the business has sales offices in Tokyo and Osaka, Japan, as well as a manufacturing and research and development facility in Asa.
“This opportunity allows AkzoNobel to gain access to the Japanese market and take on the leadership in the longstanding cooperation,” said Rob Frohn, Board member responsible for AkzoNobel Specialty Chemicals.
Added AkzoNobel Polymer Chemicals General Manager Alan Kwek: “We respect the success KAC and its employees have had to date and we look forward to our continued partnership with Nippon Kayaku.”
The general management of the new organization will effectively remain unchanged and will be governed by an oversight committee of a Board of Directors representing both AkzoNobel and Nippon Kayaku, who will retain a minority ownership interest.
- - -