AkzoNobel Strengthens Protective Coatings Portfolio
October 28, 2008
AMSTERDAM, the Netherlands - AkzoNobel has strengthened its Marine & Protective Coatings portfolio following the acquisition of the Enviroline business from Florida-based Industrial Environmental Coatings Corp.
Enviroline is a specialist supplier of high-performance, corrosion-resistant linings predominantly in the oil and gas industries, specializing in both new construction and maintenance projects. The deal includes the transfer of goodwill, intellectual property and the dedicated employees. Financial details were not disclosed.
"This acquisition highlights the company's strategy of consolidating our leading market positions and investing in growth opportunities," said Leif Darner, AkzoNobel's Board member responsible for Performance Coatings. "We are already a major supplier to the oil and gas sector, and this transaction will expand our capabilities in an important global market."
As well as supplying leading brands for specialist tank linings for chemical storage vessels, Enviroline also provides corrosion control for steel and concrete structures. One of its most recent product launches was a thin-film, VOC-compliant, fast-cure epoxy coating for the oil and gas and chemical processing industries.