Dutch chemicals group Akzo Nobel has finalized the sale of former Courtaulds unit PRC-DeSoto to PPG Industries for Fl 1.05 billion (US$ 512 million). PRC-DeSoto produces aerospace coatings.
Akzo was…
Dutch chemicals group Akzo Nobel has finalized the sale of former Courtaulds unit PRC-DeSoto to PPG Industries for Fl 1.05 billion (US$ 512 million). PRC-DeSoto produces aerospace coatings. Akzo was required to sell off the unit to meet the demands set by the European Commission for its takeover of UK-based Courtaulds. The proceeds of the sale will be used to redeem part of the debt incurred by the Courtaulds acquisition.