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Company News
AkzoNobel pumps up coatings business
T
o strengthen its leadership in speciality plastic coatings for mobile devices, laptops and TVs and to get a stronger foothold in Asia, Dutch company AkzoNobel is acquiring coatings manufacturer Schramm Holding and the coatings activities operated by Schramm's largest shareholder, South Korean company SSCP.Based in Germany and listed on the Hong Kong stock exchange, Schramm manufactures and markets coatings for plastics, metals and electrical insulation and has grown its business by 18% annually over the last three years. The company's revenue for 2010 totalled EUR115 million, with an EBITDA of EUR13.3 million.
SSCP has a strong position in the South Korean mobile phone market and also supplies coatings to the wider consumer electronics industry. More than half of the combined revenues of Schramm and SSCP are in Asia, primarily in China, Korea, Vietnam and Thailand.
Under the terms of the transaction, Schramm's shareholders will receive a voluntary conditional offer in cash for every Schramm share, valuing the share capital of the company at approximately EUR142 million.