AkzoNobel acquires China surfactants firm Boxing
AkzoNobel has completed its acquisition of China’s leading specialty surfactant producer, Boxing Oleochemicals.
Boxing is a leading supplier of nitrile amines and derivatives, which are used in a variety of industrial and consumer applications including fabric softeners, asphalt additives, and hair conditioners.
The acquisition will further strengthen AkzoNobel’s leadership position in specialty surfactants while enhancing its manufacturing footprint in Asia, the company said.
This transaction was first announced on July 27, 2011.
Based in the province of Shandong, Boxing had revenues of approximately €100 million in 2010.
It will be integrated into AkzoNobel’s Surface Chemistry business unit, a which produces specialty surfactants, synthetic polymers and bio-polymers used as formulation ingredients and process aids in many applications ranging from home and personal care to agrochemicals, oilfield and asphalt road paving.
“The acquisition of Boxing quickly positions us to respond to the increasing demand for amines and derivatives, with a third of the Asian demand coming from China alone,” says Bob Margevich, managing director of AkzoNobel Surface Chemistry.
“It also reaffirms our commitment to locate production closer to our customers. Boxing is a perfect fit for our technology and its site provides us with a sound manufacturing platform,” he added.
Over the next three years, AkzoNobel plans to enhance the process capabilities and increase capacity at the Boxing site by introducing state of the art manufacturing technology and implementing AkzoNobel health, safety and environmental standard, the company said.
“Furthermore, the integration of Boxing’s activities and further synergies with AkzoNobel will definitely boost the introduction of new products to local mid-tier markets and ultimately the progress of local customers. Our objective is to grow with our customers,” said Margevich.
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