Akzo Nobel to assume 100 percent ownership of Korean powder-coatings joint venture

Akzo Nobel to assume 100 percent ownership of Korean powder-coatings joint venture

Akzo Nobel said that it will boost its ownership stake in the South Korean powder-coatings company Interpon Powder Coatings (Korea) Co. Ltd to 100 percent. The business, based at Ansan-City, near Seoul, has been a 50-50 joint venture of Akzo Nobel and DPI Co. Ltd of Korea, and was launched in 1985. Sales for the business in 2002 were KRW 24 billion, or 19 million euros.

Akzo Nobel said that the move strengthens its position in the Korean powder market. Bill McPherson, General Manager of Akzo Nobel Powder Coatings, said“Korea represents at least 10 percent of all powder coatings consumption in the Asia Pacific region,” while Asia is a “major electrical appliances market, which is an important user of powder coatings.”