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Article: Akzo Nobel follows last year's Flood acquisition with Ceilcote purchase.(News)
- Article from:
- Crain's Cleveland Business
- Article date:
- April 30, 2007
CopyrightCOPYRIGHT 2007 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: DAVID BENNETT
Akzo Nobel NV, the world's largest coatings company, has been rumored as a potential buyer of Cleveland's Sherwin-Williams Co. But for now, the Dutch conglomerate seems satisfied with adding another, smaller jewel in Northeast Ohio to its crown.
Akzo Nobel on April 20 announced it was acquiring Ceilcote USA Inc. in Berea from German investment firm Adcuram Industriekapital AG for $16.3 million. Ceilcote president Steve Miller said specific plans for Ceilcote within Akzo Nobel's bevy of coatings providers have yet to be discussed in detail, but he expects the company to grow in size and sales because of Akzo Nobel's ample resources.
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