MOSCOW (MRC) -- AkzoNobel has announced plans to invest more than EUR30 million in a manufacturing facility in Thailand to support regional growth of its Performance Coatings business, said Nasdaq.
The project, which is being supported by the Thailand Board of Investment, involves constructing a 120,000m2 site within the Hemaraj Eastern Seaboard Industrial Estate in Chonburi. Earmarked for an initial capacity of 45,000 tons per year, production is due to start in the third quarter of 2016.
The new plant will support several Performance Coatings businesses, including Metal Coatings, Protective Coatings, Specialty Coatings and Marine Coatings, as well certain products from the company's Decorative Paints business.
"By investing in this new facility we are supporting our continued growth within Thailand, as well as making progress with our regional business expansion strategy," explained AB Ghosh, Managing Director of AkzoNobel's Metal Coatings business. "A number of existing operations will be consolidated into the new site, allowing us to achieve world class operational standards."
Added Conrad Keijzer, the company's Executive Committee member responsible for Performance Coatings: "Thailand is a key market for our growth strategy and this investment will enable us to further strengthen our position as a leading supplier, both within Thailand and as a hub to support the supply network through the region."
"Our business in Asia has experienced strong growth during the last several years," he went on. "As demand and volumes continue to rise, the new site will enable us to better serve our customers whenever and wherever they need our products."
As MRC informed earlier, in early May AkzoNobel has concluded the sale of its global paper chemicals business to Finland-based Kemira for EUR153m.
Akzo Nobel N.V., trading as AkzoNobel, is a Dutch multinational, active in the fields of decorative paints, performance coatings and specialty chemicals. Headquartered in Amsterdam, the company has activities in more than 80 countries, and employs approximately 55,000 people.