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Sat, 25 October 2014 01:08:31
Sri Lanka CIC Paints now under AkzoNobel control
18 Sep, 2008 11:50:19
Sept 18, 2008 (LBO) - Global coatings and chemicals products firm AkzoNobel has got management control of CIC Paints, an associate of Chemical Industries (Colombo), after it acquired British chemical multinational Imperial Chemical Industries PLC (ICI).

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The Netherlands-based AkzoNobel said in a statement it has strengthened its presence in emerging Asia Pacific markets after its recent acquisition of ICI.

CIC Paints was until the point of the acquisition a part of ICI Paints, a top decorative paints firm and owners of the Dulux paint brand.

"AkzoNobel offers a diverse portfolio of products such as wood, marine and high performance coatings that will complement the current range of Dulux and Glidden paints," the statement said.

Car refinish brands such as Sikkens and Lesonal will also be part of the new entity in Sri Lanka.

The ICI acquisition makes AkzoNobel a a big player in decorative paints, in addition to already being a large industrial coatings manufacturer

"While we have made steady progress over recent years, the acquisition of ICI has elevated AkzoNobel into key leadership positions in a number of attractive regions," Hans Wijers, Akzo's chief executive and chairman said in the statement.
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