AkzoNobel Confirms Sale Of German Decorative Paints Stores - Quick Facts

(RTTNews) - AkzoNobel (AKZOY.PK) confirmed that it has agreed on the sale of 67 of its 72 German decorative paints stores to five independent wholesale distributors. Financial details were not disclosed. Of the remaining five stores, three will be closed, while the sale of the other two is expected to be finalized by the end of the month. The Group said the divestment is part of its global drive for operational excellence.

AkzoNobel will also form strategic partnerships with the five distributors, with contracts in place for the company to continue supplying paint. The new owners will be Schlau Hammer, MEG Rhein Ruhr, MEG Paderborn, MEG West and Weigel.