Amsterdam, the Netherlands - AkzoNobel Industrial Finishes has strengthened its position in Eastern Europe with the acquisition Kronochem's wood adhesive business, the company said recently.
Under the new deal, Kronochem, the chemical arm of Swiss group Kronospan, has a "long-term tolling agreement" to produce wood adhesives for Akzonobel's Casco Adhesives business.
"This is a strategic bolt-on acquisition which will strengthen our portfolio in a key region and boost our technological capability," explained Leif Darner, AkzoNobel's board member responsible for Performance Coatings.
AkzoNobel has two plants for wood adhesives in Sweden. Kronochem has sites in the Czech Republic, Romania, Bulgaria and Slovakia. Financial details of the deal were not disclosed. (RD)