AkzoNobel to acquire China’s Boxing Oleochemicals

AkzoNobel, a specialty chemicals and performance coatings company with headquarters in Amsterdam, the Netherlands, is set to acquire Boxing Oleochemicals, a supplier of nitrile amines and derivatives in China and Asia. Boxing Oleochemicals is situated in the Chinese province of Shandong. “This is an excellent opportunity which couples our strategic ambition to accelerate growth in Asia with our commitment to locate production closer to our customers. Boxing’s leading market position in amines will complement AkzoNobel’s growing specialty surfactant business in Asia. The acquisition will also provide a strong local manufacturing operation in the region,” said Rob Frohn, an executive committee member for AkzoNobel. Boxing is expected to be integrated into AkzoNobel’s Surface Chemistry business. The acquisition still has to get the approval of Chinese authorities. AkzoNobel is seeking to reach US$3 billion in revenue in the Chinese market by 2015. (July 27,2011)