As part of the deal, Akzo Nobel will also acquire from DPI an additional 10% shareholding in IPK, bringing Akzo Nobel's stake to 60%. In addition, the joint venture will be split into two separate businesses, Powder and Marine & Protective coatings.
Since its launch in 1980, IPK has operated as a sales and marketing operation, with DPI manufacturing for IPK under a toll agreement.
Akzo Nobel said Korea is the world's largest construction market for marine vessels, with approximately 40% of the world total, and is an important market for the offshore construction industries.
Separately, Akzo Nobel's Surface Chemistry business announced an agreement to acquire Crompton Corp.'s Industrial Specialties business, including operations in the United States, Europe and Asia, for $95 million (U.S.). The acquired business is a supplier of specialty surfactants for various industrial markets.