Rudy van der Meer, the member of the Akzo Nobel Board of Management responsible for Coatings, said the exchange reflects the company's plan to strengthen its position in the important German paint market. He noted that Akzo Nobel recently acquired the distribution company Timpe & Mock in northern Germany, and said the Peters transaction brings Akzo Nobel's total number of outlets in Germany to 72.
Akzo Nobel to Acquire Stake in Distributor
October 1, 2004
Akzo Nobel announced an agreement to acquire a 30% stake in the German decorative-paint distribution company Peters in an exchange transaction in which Peters will assume control of the distributor companies Beissel and Kerstin. Akzo Nobel had previously acquired the distributors that will be transferred to Peters.