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Akzo Nobel puts £200m price tag on Crown

Published: 2 April 2008
Akzo Nobel has put its UK Crown Paints business up for sale for £200 million.
After pressure from the European Commission (EC) Akzo has decided to sell its UK paint business because its £8 billion takeover of ICI, in January last year, means it has too much dominance in the UK market.

Akzo's purchase of ICI gave it control over Dulux, which is the largest paint manufacturer in Britain. Crown is the second largest manufacturer.

Akzo has until late June to sell its Lancashire-based Crown business and has now reportedly appointed investment bank Greenhill to find buyers, according to The Sunday Times.

Potential bidders are thought to be American buildings materials and coatings company Sherwin-Williams, as well as PPG Industries and RPM International.

Crown employs around 1,400 people at three sites across the UK - its main site in Darwen, Lancashire, Warrington and Hull. Sites in Dublin and Belfast are also understood to be up for sale as part of the EC agreement.

Alongside the Crown sale, Akzo is also selling ICI's adhesives and electronic materials business to German chemicals firm Henkel for £2.7 billion.

Akzo is due to dispose of a number of other businesses including manufacturing and warehousing Macpherson, Permoglaze and Sandtex brands.

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