Heerlen, the Netherlands -- AkzoNobel said 9 Jan that it plans to strengthen its position in packaging coatings by exercising the right to buy the remaining shares of Metlac, an Italian based packaging coatings producer.
The company did not reveal financial details of the transaction.
AkzoNobel is currently is currently a shareholder in the Metlac Group, a position it inherited from the acquisition of ICI in 2008. The company said this new move underlines the its commitment to the coatings and inks market for metal packaging, by securing the future of a well recognised supplier.
"This acquisition will reinforce our customer offering and links perfectly with the strategy to strengthen our positions in core markets," said Leif Darner, AkzoNobel executive committee member responsible for Performance Coatings, in the company announcement.
Completion of the transaction is subject to antitrust approval, which the company expects during Q2 2012.