Paints and coatings company AkzoNobel announced it had agreed to acquire Romanian paint producer Fabryo Corporation, becoming the leader in the Romanian decorative paints market.
Annual revenue of the business is around €45 million. The transaction includes two production facilities and six distribution centres for decorative paints, adhesives and mortars, with capacity for further expansion.
Thierry Vanlancker, CEO, said "This acquisition provides AkzoNobel with the number one position in a fast growing market. We are very happy to add top brands like Savana, APLA and InnenWeiss to our world class portfolio and look forward to welcoming our new colleagues to AkzoNobel."
Completion of the acquisition is expected in the second half of 2018, subject to standard approvals.