9 July 1998: Dutch firm Akzo Nobel and PPG Industries of the US have reached an agreement in relation to the takeover of Courtaulds, reports say. They have agreed that once Akzo Nobel has acquired Cou…
9 July 1998: Dutch firm Akzo Nobel and PPG Industries of the US have reached an agreement in relation to the takeover of Courtaulds, reports say. They have agreed that once Akzo Nobel has acquired Courtaulds, the Dutch company will sell Courtauld“s packaging coatings and US coatings business (mainly building coatings) to PPG for UK 175 million. These activities account for less than 7% of Courtaulds turnover and less than 9% of operating profits. Courtaulds had sales down 6% in the year ending 31 March 1998 at UK 1.957 billion and operating profits down 7% at UK 154 million. Akzo“s and Courtaulds fibres activities will be merged and spun off into an independent company.