AkzoNobel Acquires East European Adhesives Business
April 29, 2009
AMSTERDAM, the Netherlands - AkzoNobel Industrial Finishes has reinforced the strategic position of its Casco Adhesives business in Eastern Europe by acquiring the wood adhesives activities of Kronochem.
Kronochem is the chemical arm of Kronospan, a producer of wood panels, MDF, chipboard, laminate flooring and board resins.
The transaction includes a long-term tolling agreement under which Kronochem will utilize its manufacturing capacity and production expertise to produce wood adhesives for Casco Adhesives, a global producer of wood adhesives and a significant player in the board resin industry. Kronospan is already a toll manufacturing partner in Russia and China.
"This is a strategic bolt-on acquisition, which will strengthen our portfolio in a key region and boost our technological capability," explained Leif Darner, the AkzoNobel Board Member responsible for Performance Coatings. "Eastern Europe is a major production center for some of the biggest and most innovative furniture manufacturers, and we can now strive for the productivity needed to prosper in this part of the world."
The acquired wood adhesives business is located in the Czech Republic, Romania, Bulgaria and Slovakia, an area regarded as a primary growth region for the future. Its products support applications for the furniture industry, including veneering, curved plywood, edge glue panel, doors, shuttering and three-layer boards. AkzoNobel's own European production for wood adhesives is centralized at two plants in Sweden.