AMSTERDAM, The Netherlands - Following an announcement in June 2013, AkzoNobel has agreed to sell 67 of its 72 German decorative paints stores to five independent wholesale distributors. The new owners will be Schlau Hammer, MEG Rhein Ruhr, MEG Paderborn, MEG West and Weigel.
All related assets and staff of the stores will transfer to the new owners, with completion expected by the end of the first quarter of 2014. Of the remaining five stores, three will be closed, while the sale of the other two is expected to be finalized by the end of December.
AkzoNobel will also form strategic partnerships with the five distributors, with contracts in place for the company to continue supplying paint.