AkzoNobel, the largest global paints and coatings company and a major producer of specialty chemicals, has completed its acquisition of more than 95 percent of the shares of Schramm Holding AG, which manufactures and markets coatings for plastics, metals and electrical insulation.
Back in June, AkzoNobel announced its intention to acquire coatings manufacturer Schramm Holding AG and the coatings activities operated by Schramm's largest shareholder, Korean company SSCP. The deal allows AkzoNobel to strengthen its global leadership position in specialty plastic coatings.
“This acquisition underlines our determination to accelerate sustainable growth and build global leadership positions in our core markets,” Leif Darner, AkzoNobel’s Executive Committee member responsible for Performance Coatings, said during the announcement in June. “It offers an excellent opportunity for us to significantly boost our Industrial Coatings activities, particularly in Asia.”
Germany-based Schramm has grown its business by 18 percent annually over the last three years, with revenues for 2010 totaling €115 million. SSCP has a strong position in the Korean mobile phone market and also supplies coatings to the wider consumer electronics industry. More than half of the combined revenues of Schramm and SSCP are in Asia, primarily in China, Korea, Vietnam and Thailand.