AMSTERDAM, Netherlands, Oct. 31, 2013 (GLOBE NEWSWIRE) --
AkzoNobel has expanded its presence in the Middle East after acquiring a 50 percent stake and management control of Sadolin Paints Oman SAOC, which employs around 150 people. The company has signed a joint venture agreement with Omar Zawawi Establishment LLC (promoter and shareholder of Sadolin Paints) which involves the manufacture and sale of decorative paints and performance coatings in Oman. Financial details were not disclosed. "This agreement forms part of AkzoNobel's growths plans for the Middle East," said Conrad Keijzer, the company's Executive Committee member responsible for Performance Coatings. "Bringing our decorative paints and performance coatings expertise under one roof in Oman will provide a strong platform to support our customers in this increasingly important market." Added Peter Tomlinson, Managing Director of AkzoNobel in the Middle East, who is based at the company's regional head office in Dubai: "With governments investing more into construction, local production is becoming increasingly important. Our paints and coatings activities in Oman will now be well placed to effectively supply customers in the construction, transportation and oil and gas sectors." Chairman of the Omzest Group, Dr. Omar Zawawi, commented: "We are delighted with this agreement, which enhances Sadolin Paints' profile in the market and provides access to leading edge technology. It also creates an organization which will offer key benefits to all stakeholders, including employees. In addition, it will open up new markets which could not have been developed by Sadolin as an independent company. We are therefore very pleased to have become part of AkzoNobel." He added that the Omzest Group will remain a significant shareholder and will appoint three members to the joint venture's Board of Management. AkzoNobel will also make investments to support the enlarged business portfolio across the Middle East region while leveraging Sadolin's existing reputation and network. --- Note to editors AkzoNobel is a leading global paints and coatings company and a major producer of specialty chemicals. We supply industries and consumers worldwide with innovative products and are passionate about developing sustainable answers for our customers. Our portfolio includes well-known brands such as Dulux, Sikkens, International and Eka. Headquartered in Amsterdam, the Netherlands, we are consistently ranked as one of the leaders in the area of sustainability. With operations in more than 80 countries, our 50,000 people around the world are committed to delivering leading products and technologies to meet the growing demands of our fast-changing world. Not for publication - for more information Corporate Media Relations Corporate Investor Relations, Tel. +31 20 502 78 33 Tel. +31 20 502 7854 Contact: Kirstin Steffen Contacts: Jonathan Atack and Sheryl Stokes Safe Harbor Statement This press release contains statements which address key issues such as AkzoNobel's growth strategy, future financial results, market positions, product development, products in the pipeline and product approvals. Such statements should be carefully considered, and it should be understood that many factors could cause forecasted and actual results to differ from these statements. These factors include, but are not limited to, price fluctuations, currency fluctuations, developments in raw material and personnel costs, pensions, physical and environmental risks, legal issues, and legislative, fiscal, and other regulatory measures. Stated competitive positions are based on management estimates supported by information provided by specialized external agencies. For a more comprehensive discussion of the risk factors affecting our business please see our latest annual report, a copy of which can be found on our website www.akzonobel.com AkzoNobel Press Release: http://hugin.info/130660/R/1739202/583678.pdf [HUG#1739202]
