AkzoNobel Gets Approval to Separate Specialty Chemicals Business
At an Extraordinary General Meeting (EGM) on November 30, shareholders of Akzo Nobel N.V. (AkzoNobel) approved the separation of its Specialty Chemicals business as part of its strategy to create two focused, high performing businesses: Paints & Coatings and Specialty Chemicals.
Shareholder approval enables AkzoNobel to separate its Specialty Chemicals business through a private sale or legal demerger. The dual-track process ensures the appropriate flexibility necessary to obtain an optimal result for shareholders and other stakeholders as well as certainty of execution. Thierry Vanlancker, Chief Executive Officer, commented: "Today marks a significant milestone in the transformation of AkzoNobel into two focused high performing businesses, which remains on track for April 2018.”
Back in April AkzoNobel has announced its strategy to accelerate growth and value creation with two focused, high-performing businesses. AkzoNobel expects EUR 150 million annual savings resulting from ongoing continuous improvement programs in Paints and Coatings, and an additional EUR 50 million cost savings related to the separation of Specialty Chemicals.
The appointment of new Chief Financial Officer Maarten de Vries as a member of the Board of Management, effective January 1, was also approved during the EGM, in addition to the appointment of three new members to the AkzoNobel Supervisory Board: Sue Clark, Patrick Thomas, and Michiel Jaski.
Akzo Nobel N.V. Headquarters
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