The former AkzoNobel Specialty Chemicals business on Oct. 9 was re-launched as Nouryon. The move follows the recent closing of the acquisition of the business by U.S. private equity firm Carlyle Group, Washington, D.C., and Singapore’s GIC (GM Oct. 5, p. 28).
As previously reported, Charles Shaver, CEO of the Specialty Chemicals business when it was part of Akzo Nobel N.V., Amsterdam, retains the role under the new ownership (GM Oct. 5, p. 28). The new company will continue to be headquartered in Amsterdam.
“As an independent company, we can accelerate our progress on all fronts and take our rightful place alongside other industry leaders,” said Shaver. “Nouryon will be working closely with customers and other partners to innovate, make strategic investments, and develop essential, sustainable solutions that meet customer needs and fuel shared growth.”
The business changed hands for an enterprise value of €10.1 billion (approximately US$11.7 billion). Under Akzo Nobel NV, it reported a full-year 2017 EBIT of €689 million on revenues of €4,985 million (reported as discontinued operations), marking year-on-year increases of 10 and 4 percent, respectively.