AMSTERDAM, The Netherlands , June 1, 2017 (Press Release) -AkzoNobel notes the recent announcement from PPG that it has withdrawn its proposal and will not pursue an offer for AkzoNobel.
Ton Büchner, AkzoNobel CEO, said:
"We continue to focus on our business, pursuing our strategy of accelerating sustainable growth and profitability and creating two focused, high-performing businesses - Paints and Coatings and Specialty Chemicals. We believe this will lead to a step change in growth and long-term value creation for our shareholders and all other stakeholders.Read more
"Global chlor-alkali operating rates continue to decline, as well as global operating rates for polyvinyl chloride (PVC) and other chlorine derivatives."Read more
The company is the fourth largest caustic soda producer, used in the pulping process and other industries.
A PPG chlor-alkali plant in West Virginia has had a mechanical problem, a company spokesman toldBloomberg, and will be down for a short period.Read more