AkzoNobel has raised its stake in Akzo Nobel Powder Coatings SAE in Egypt from 60 percent to 100 percent. The move is part of the Dutch specialty chemicals company’s accelerated growth strategy for the country and wider North African region.
“This is an important step in our strategy to enhance our presence in the region,” said Conrad Keijzer, AkzoNobel’s Executive Committee Member responsible for performance coatings. “We are now taking our operations in Egypt and North Africa to the next level and consolidating our credentials as a leader in the powder coatings sector.”
The company is in the process of strengthening its footprint across the Middle East and North Africa region, with joint ventures in UAE, Qatar and Oman signed of late in order to benefit from the predicted growth of the market. Industry estimates peg annual growth for the global powder coatings market at 6.8 percent between 2016 and 2020, reaching over US$11 billion in value, with the Middle East and Africa region leading the charge.