AkzoNobel Sells Southeast Asia Business for $1.35 Billion to Nippon Paint

AkzoNobel announced on Monday that it has agreed to sell its Southeast Asia decorative coatings business for $1.35 billion to Nippon Paint, completing its review of the Asian decorative coatings portfolio. The Dutch coatings company said the sale includes operations in Vietnam, Indonesia, Malaysia, Thailand, Singapore, Papua New Guinea, and Australia; it expects to receive approximately $1 billion in net cash proceeds after taxes and payments to minority shareholders.