AMSTERDAM, The Netherlands , June 1, 2017 (Press Release) -AkzoNobel notes the recent announcement from PPG that it has withdrawn its proposal and will not pursue an offer for AkzoNobel.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.
"Our talented teams around the world continue to develop, produce and deliver the most innovative and sustainable products and services for our customers, and I would like to thank all colleagues for their ongoing commitment. We reiterate our commitment to maintain an open and constructive dialog with our shareholders and all other stakeholders."
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. AkzoNobel had total revenues of €14.2 billion in 2016: Specialty Chemicals - €4.8 billion, Decorative Paints - €3.8 billion, Performance Coatings - €5.7 billion.