AkzoNobel: buys Thai powder coatings group V.Powdertech.

(CercleFinance.com) - AkzoNobel, the world's second largest paint firm, has agreed to buy V.
Powdertech, a Thai manufacturer of powder coatings, to strengthen its business in South East Asia.

The Dutch company said the acquisition of V.Powdertech - which currently employs over 250 employees - will bring new technologies in market segments such as architectural and automotive coatings.

The transaction includes all the patents and trademarks, as well as a manufacturing plant in Samutsakhon, Thailand.

AkzoNobel said the transaction was expected to be completed in the next few weeks, but did not disclose the financial terms of the deal.

Last week AkzoNobel said it had ended talks to merge with US coatings maker Axalta, six months after rejecting a takeover approach by bigger rival PPG.

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