AMSTERDAM, The Netherlands - AkzoNobel is selling its Building Adhesives business to Sika AG for €260 million. The divestment follows AkzoNobel’s sale of its North American architectural coatings business to PPG in April of this year. The Building Adhesives business generated annual revenues of €185 million in 2012.
The transaction, which is expected to be completed in the fourth quarter of this year, will see all of Building Adhesives' approximately 550 employees as well as its two manufacturing facilities in Rosendahl (Germany) and Damville (France) and its products and brands transfer to Swiss-based Sika AG.
Building Adhesives is a standalone business within AkzoNobel's Decorative Paints business area, primarily serving the professional market in northwestern Europe with a portfolio of brands and products including floor and wall leveling compounds, floor adhesives, tile setting, sealants, and floor finishes. Its brands include Schönox, Casco, Cégécol, Synteko and EriKeeper. AkzoNobel's Wood Finishes and Adhesives business (which also operates under the Casco brand) is not part of the sale