Surfactants Akzo Acquires Chinese Surfactants Producer
Akzo Nobel strengthens its commitment in China with the acquisition of a local specialty surfactant producer, hoping to profit from rising demand in Asia.
Shandong/PR China – The Dutch based paints and coatings company Akzo Nobel has broadened its commitment in China by acquiring Boxing Oleochemicals, a local producer of nitrile amines and derivatives, with annual revenues of about € 100 million. The Shangdong based surfactant producer shall help to enhance Akzo's manufacturing footprint in Asia, company officials stated.
Surfactants, that are used in a variety of industrial and consumer applications including fabric softeners, asphalt additives, and hair conditioners, are expected to gain importance in Asia, driven by a growing population, an expanding middle class, an increased focus on sustainability and the build-up of infrastructure, notably in China and India. By strengthening its position on these emerging markets, Akzo hopes to profit from the current trend.
The company currently employs over 6,700 people in China, with 2010 revenue totaling €1.3 billion, the majority of which is generated from local demand. Only recently Akzo Nobel issued plans to increase revenues to $3 billion in China by 2015.