Akzo Nobel N.V. has acquired Xylazel S.A. (Xylazel), a 100% subsidiary of Pharma Mar S.A. (PHM).
With this acquisition AkzoNobel strengthens its business and becomes a leader in the decorative paints market in Spain. It also means the company is now the leader in the country’s woodcare segment and has strengthened its position in metal care. The transaction marks the 45-year anniversary of AkzoNobel on the Spanish market.
Xylazel has about 100 employees, with one production facility in Porriño. Revenue for 2017 totaled approximately €20 million.
Thierry Vanlancker,CEO of AkzoNobel, said: “As a part of our transformative strategy, we continue to focus on leading market positions delivering leading performance. This couples organic growth with strategic bolt-on acquisitions on top of operational excellence and continuous improvement. By acquiring Xylazel, we will be able to further grow our business in the region and strengthen our position as the leading paints and coatings company in Europe.”
Ruud Joosten, COO of AkzoNobel, added: “We are proud to add the leading brands Xylazel and Oxirite to our portfolio. Xylazel has a 43-year-old heritage on the Spanish market and a leading position in DIY, professional and industrial sectors of wood protection. This will strengthen our position in Spain and will allow us to offer our customers a wider portfolio of innovative and sustainable products.”
José María Fernández Sousa-Faro, CEO of PharmaMar (PHM), said: “We are happy to have found a good home for Xylazel with AkzoNobel. The activities of Xylazel are complementary to the business of AkzoNobel in Spain and we see a strong match in the combination.”
Source: AkzoNobel via Nasdaq
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