AMSTERDAM, the Netherlands - AkzoNobel is set to break ground on a new coatings manufacturing plant in India, signaling the company's ambition to become one of the country's leading industrial players.

 

The new Industrial Finishes facility, which will produce coil and specialty plastic coatings, is being built in Hoskote, India, near Bangalore and is the latest strategic step in a measured approach to expanding in a region.

 

"We are convinced that India will develop into one of the world's economic powerhouses, and it ranks very highly on our list of priority countries for growth and investment," said AkzoNobel CEO Hans Wijers. "We are already well represented in India, but as a leading global producer of coatings and specialty chemicals, we are committed to making a significant contribution to India's continued development." Wijers added that the company has targeted a substantial increase of its turnover in India, which currently totals around EUR 200 million.

 

The new Industrial Finishes plant is being built on an existing AkzoNobel site, which manufactures marine and protective coatings and powder coatings, as well as coil coatings. The latest addition will expand capacity for coil coatings produced primarily for the high-performance steel and aluminum construction markets in India and neighboring countries. Increasing demand in India for lifestyle goods, such as mobile phones, and the ability to better serve global customers located in the region has driven the need to expand the business' specialty plastics activities. Construction on the first phase of the project is expected to be completed in early 2010.