Akzo Nobel To Invest EUR 2.5 Mln To Expand Indonesian Performance Coatings Plant

(RTTNews) - Dutch paints maker Akzo Nobel NV (AKZOY.PK, AKZOY) Monday announced that its Performance Coatings segment has announced plans to invest 2.5 million euros to expand its plant in Cikarang, Indonesia.

The investment will add capacity to help meet growing demand for the company's International brand products, which are supplied by the Protective Coatings and Marine Coatings businesses. The project is expected to be completed by April 2015.

AkzoNobel recently invested a total of 5 million euros to add capacity for both its Marine Coatings and Protective Coatings businesses in Singapore and Sunshine, Australia.

Mauricio Bannwart, Managing Director of AkzoNobel's Protective Coatings business, said, "The local market has been expanding over the last three years. Further growth is now anticipated as Indonesia seeks to improve its position in the petrochemical and power sectors, while an improvement in marine new build is also anticipated."

Conrad Keijzer, the company's Executive Committee member responsible for Performance Coatings, said, "Our business in Asia has experienced double-digit annual growth during the last five years. These expansions will ensure that we are well positioned to meet customer demand going forward."

In Amsterdam, AkzoNobel shares are currently trading at 65.52 euros, down 0.71 percent.