AkzoNobel plans to strengthen its position in packaging coatings by exercising the right to buy the remaining shares of Metlac, an Italian based packaging coatings producer. Financial details were not disclosed.
AkzoNobel currently is a shareholder in the Packaging Coatings Metlac Group. This position was inherited from the acquisition of ICI in 2008. The deal underlines the company’s strong commitment to supporting the coatings and inks market for metal packaging by securing the future of a well recognized supplier.
The combination of the two companies will bring value to its customers by leveraging the AkzoNobel global footprint and the product range of Metlac.
"This acquisition will reinforce our customer offering and links perfectly with the strategy to strengthen our positions in core markets", said Leif Darner, Executive Committee member responsible for Performance Coatings.
The completion of the transaction is subject to antitrust approval. The company expects to finalize the acquisition in Q2 2012.