Akzo Nobel Formally Announces Acquisition of Flood Company
Established in Ohio in 1847, The Flood Company specializes in high- quality exterior wood finishes. The deal will substantially increase Akzo Nobel's existing share of the U.S. wood-care market. Flood's annual sales turnover is about USD 55 million.
"Following on from the acquisition of Sico, Canada's leading decorative coatings company, this transaction allows Akzo Nobel to exploit another attractive segment of the North American coatings market," explained Hans Wijers, Akzo Nobel CEO and member of the board of management responsible for Coatings. "We are already firmly established in wood coatings in North America through our renowned Sikkens brand. Acquiring Flood and its successful portfolio of products will now enable us to create a focused retailer, dealer, professional contractor and consumer wood-care business and reinforce our current market position in the U.S., making us one of the leading players in this sector."
Gerald Koutavas, general manager Akzo Nobel Decorative Coatings North America, stated that the Sikkens brand of wood-care products has been primarily targeted at the independent distribution channel and represents the high-end portion of the market. Koutavas added, "In order to be recognized as a real player in the wood-care specialist coating category, you must be present in all distribution channels of the market. Flood provides us this foundation. Together we will be able to target all audiences and provide the marketplace with innovative coatings solutions to meet the increasing demands of the market."
The combined wood-care brands of Flood, Sikkens and Synteko Floor Finishes now provides Akzo Nobel a strong product platform poised for future growth.