AkzoNobel is Strengthening European Chemicals Portfolio
December 23, 2008
AMSTERAM, the Netherlands - AkzoNobel is making an irrevocable bid on German-based LII Europe, enhancing its chemicals portfolio.
LII Europe operates a multi-client chlorine cluster on the Hoechst Industrial Park near Frankfurt. As well as its main chlorine activities, the company also runs a chlorinated hydrocarbon plant, along with calcium chloride and solid caustic facilities.
"When interesting investment opportunities arise we will always consider them, and this deal represents a good strategic fit with our own chemicals activities," explained Rob Frohn, the AkzoNobel Board member responsible for Specialty Chemicals.
"The transaction will significantly improve our position on the caustic market in Europe and offers operational synergies with our other two industrial chemicals plants in Germany."
The deal, which is subject to regulatory and other appropriate approvals, is expected to be completed in the first quarter of 2009.