AMSTERDAM, the Netherlands - AkzoNobel announced plans to strengthen its position in packaging coatings by exercising the right to buy the remaining shares of Metlac, an Italian-based packaging coatings producer. Financial details were not disclosed.
AkzoNobel currently is a shareholder in the Packaging Coatings Metlac Group. This position was inherited from the acquisition of ICI in 2008. The deal underlines the company's strong commitment to supporting the coatings and inks market for metal packaging by securing the future of a well-recognized supplier.
The completion of the transaction is subject to antitrust approval. The company expects to finalize the acquisition in the second quarter of 2012.