Akzo Nobel Boosts Stake in Korean Coatings Venture
ARNHEM, The Netherlands - Akzo Nobel announced an agreement with Korean joint-venture partner Daihan Ink & Paint Manufacturing Co. Ltd. to acquire the DPI's manufacturing site in Chilseo, South Korea. The site currently toll manufactures for the venture business, International Paint (Korea), or IPK.
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.