AkzoNobel completes acquisition in China
AkzoNobel has today completed its acquisition of China’s leading specialty surfactant producer, Boxing Oleochemicals. Boxing is a leading supplier of nitrile amines and derivatives, which are used in a variety of industrial and consumer applications including fabric softeners, asphalt additives, and hair conditioners.
The acquisition will further strengthen AkzoNobel’s leadership position in specialty surfactants while enhancing its manufacturing footprint in Asia. This transaction was first announced on July 27, 2011.
Established in 1993 and based in the province of Shandong, Boxing had revenues in 2010 of approximately €100 million; its activities will be integrated into AkzoNobel’s Surface Chemistry business.
Demand in Asia for amines and derivatives is being driven by population growth, the expanding middle class, increased focus on sustainability and the build-up of infrastructure, notably in China and India. The acquisition underlines the company’s determination to accelerate growth and to build leadership positions across all global markets, in line with AkzoNobel’s Value and Values strategy.
AkzoNobel is a global leader in the manufacture and supply of specialty surfactants as well as synthetic and bio-polymers additives, all of which are used as formulation ingredients and process aids in many applications ranging from home and personal care to asphalt road paving.
AkzoNobel currently employs over 6,700 people in China, with 2010 revenue totaling €1.3 billion. The majority of revenue is generated from local demand. The company’s ambition is to achieve revenue of $3 billion in China by 2015.
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