AMSTERDAM, the Netherlands - AkzoNobel has agreed to sell its Para® and Crown Diamond® decorative paints brands in Canada to General Paint Corp. The sale is in line with the commitment package, which was agreed with the Canadian authorities in connection with AkzoNobel's acquisition of Imperial Chemical Industries plc (ICI) in January.
General Paint is a leading
decorative coatings manufacturer in Canada. Completion is subject to certain
customary conditions and the approval of the Commissioner of Competition. No
financial details were disclosed.
"We are sorry to be
ending a long-standing relationship with our Para and Crown Diamond
customers," said Pierre Dufresne President and General Manager of
AkzoNobel Decorative Paints Canada. "We are also thankful to our employees
who will soon be joining the General Paint organization for their dedicated
service over the years. It's clear that they are joining a company deeply rooted
in the Canadian decorative paints market."
The deal is expected to be
completed on June 30.
The sale of Para and Crown
Diamond, which has a similar name but is in no way connected to AkzoNobel's
Crown® brand, is one of three divestments the company agreed with
regulatory authorities in connection with the ICI acquisition. The divestment
of the Crown business in the UK & Ireland is progressing, while headway is
also being made on the sale of the DeKeyn® and some other brands in