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Negotiations for sale of Acordis to CVC completed Akzo Nobel has signed a contract to sell its Acordis fibres business to a CVC Capital Partners led consortium (CVC) for EUR 825 million. The business will take along provisions of some EUR 225 million. Closing of the transaction is expected to take place around year-end.
“This is a major milestone. In line with our strategy, Acordis' independence is now a fact. Akzo Nobel will enter the next century as a different company - focusing on the dynamics of growing our Pharma, Coatings and Chemicals businesses” said
Cees J.A. van Lede, Chairman of Akzo Nobel's Board of Management.
Acordis will be a Dutch company. CVC will take a 64 percent stake in equity of the new company, with the Acordis management holding 15 percent; the remaining 21 percent will be acquired by Akzo Nobel. Acordis will have a two-tier board structure with a Supervisory Board in which Akzo Nobel will participate. The existing Acordis Board of Management with Folkert Blaisse as Chief Executive Officer will remain in place.
“We are extremely pleased that the transition phase is reaching a close. Acordis will concentrate and focus on building a solid stand-alone fibres company with high potential for the future” said Folkert Blaisse.
Positive advice on the sale was received last week from the Acordis Works Council in the Netherlands and the transaction has now been submitted to the appropriate regulatory authorities for approval.