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Letter to the Editor
Wednesday June 30
Akzo Nobel to Buy German Decorative Coatings Firm Timpe & Mock
Dutch chemical group Akzo Nobel NV's decorative coatings business will buy Germany's second largest decorative paint wholesaler, Timpe & Mock, after needed approval from the relevant regulatory bodies.Akzo disclosed no financial details on the purchase of the German company that has annual sales of about 125 million euros ($152 million) and employs around 400 people in 20 outlets in northern Germany.
"This acquisition is a major step in our strategy to increase our presence in Germany, the largest coatings market in Europe," Rudy van der Meer, a member of Akzo Nobel's management board, said in a statement.
Timpe & Mock supplies the professional trade and paint sector as well as Do-It-Yourself retail outlets. The consolidated sales of Akzo Nobel, the world's biggest maker of coatings, totalled 13 billion euros in 2003. Employee unions and representative organisations have been informed of the plans and all staff will transfer to Akzo.
The company is selling off three chemicals units to help pay off debt and sharpen its focus. Akzo Nobel is due to publish second-quarter results on July 19. Its first-quarter operating profit was above expectations but it disappointed investors with a glum outlook for 2004.
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