AkzoNobel is selling its non-stick coatings business to privately-owned US-based company Whitford Worldwide.
The transaction is expected to be completed over the next few months. Financial details have not been disclosed.
The deal involves AkzoNobel’s global cookware and bakeware activities, which operate out of five sites in the US, China, India, Brazil and Italy.
“Although it is a solid business, our non-stick coatings operation doesn’t have the scale for it to become a true market leader globally,” said Leif Darner, AkzoNobel’s board member responsible for performance coatings. “In the hands of new owners, however, it offers good growth opportunities and we’re convinced our employees are joining an ambitious and successful company.”
Whitford Worldwide CEO Dave Willis added: “Acquiring AkzoNobel’s non-stick activities gives us access to cutting-edge technology and expertise which will enable us to significantly expand our portfolio.”
Whitford Worldwide manufactures a wide range of non-stick coatings for consumer applications of all types, including frying pans, coffee-plate warmers and waffle makers. It also manufactures coatings for the chemical processing and petrochemical industries.
AkzoNobel’s non-stick coatings business employs around 140 people.