AkzoNobel shareholders support separation of Specialty Chemicals business

November 30, 2017

New CFO and three Supervisory Board members gain shareholder approval

Akzo Nobel N.V. (AKZA.AS; AKZOY)

At today's Extraordinary General Meeting (EGM), shareholders of Akzo Nobel N.V. (AkzoNobel) approved the separation of its Specialty Chemicals business as part of its strategy to create two focused, high performing businesses; Paints and Coatings and Specialty Chemicals.

The appointment of new Chief Financial Officer Maarten de Vries as a member of the Board of Management, effective January 1 was also approved, in addition to the appointment of three new members to the AkzoNobel Supervisory Board: Sue Clark, Patrick Thomas, and Michiel Jaski.

Shareholder approval enables AkzoNobel to separate its Specialty Chemicals business through a private sale or legal demerger. The dual-track process ensures the appropriate flexibility necessary to obtain an optimal result for shareholders and other stakeholders as well as certainty of execution.

As previously announced, AkzoNobel intends to return the vast majority of the net proceeds from the separation of Specialty Chemicals to its shareholders - starting with advance proceeds of  €1 billion through a special cash dividend. The special dividend will be paid on December 7, 2017.

Thierry Vanlancker, Chief Executive Officer, commented: "We welcome Maarten de Vries to AkzoNobel. With his extensive international business experience he will further strengthen the leadership of our company. Today marks a significant milestone in the transformation of AkzoNobel into two focused high performing businesses, which remains on track for April 2018."

Antony Burgmans, Chairman of the Supervisory Board, commented: "Today's approval ensures we maintain momentum in the process to separate our Specialty Chemicals business. Our new appointments bring a wealth of new insight and experience to our Boards, supporting AkzoNobel to deliver sustainable growth and value creation.

This is a public announcement by AkzoNobel N.V. pursuant to section 17 paragraph 1 of the European Market Abuse Regulation (596/2014).

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About AkzoNobel

AkzoNobel creates everyday essentials to make people's lives more liveable and inspiring. As a leading global paints and coatings company and a major producer of specialty chemicals, we supply essential ingredients, essential protection and essential color to industries and consumers worldwide. Backed by a pioneering heritage, our innovative products and sustainable technologies are designed to meet the growing demands of our fast-changing planet, while making life easier. Headquartered in Amsterdam, the Netherlands, we have approximately 46,000 people in around 80 countries, while our portfolio includes well-known brands such as Dulux, Sikkens, International, Interpon and Eka. Consistently ranked as a leader in sustainability, we are dedicated to energizing cities and communities while creating a protected, colorful world where life is improved by what we do.

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Safe Harbor Statement

This press release contains statements which address key issues such as AkzoNobel's growth strategy, future financial results, market positions, product development, products in the pipeline and product approvals. Such statements should be carefully considered, and it should be understood that many factors could cause forecasted and actual results to differ from these statements. These factors include, but are not limited to, price fluctuations, currency fluctuations, developments in raw material and personnel costs, pensions, physical and environmental risks, legal issues, and legislative, fiscal, and other regulatory measures. Stated competitive positions are based on management estimates supported by information provided by specialized external agencies. For a more comprehensive discussion of the risk factors affecting our business please see our latest annual report, a copy of which can be found on our website:www.akzonobel.com.

 

 

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20171130 EGM appointment
Appointment Board of Management
Appointments to Supervisory Board

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Source: AkzoNobel NV via Globenewswire