THE HAGUE, April 19 (Xinhua) -- Dutch paints, coating and chemicals giant AkzoNobel announced a split into two businesses on Wednesday.
The split is a direct result of the pressure from U.S. rival PPG Industries, which offered to take over the Dutch company for 22.4 billion euros (24 billion U.S. dollars) in March this year.
AkzoNobel rejected the takeover, terming the offer as "too low, too risky and undervaluing the company," refusing to negotiate to the annoyance of some shareholders.
The specialty chemicals part of the firm is being separated from the paints and coatings company. AkzoNobel stated in a press release: "It will generate superior, faster and more certain value creation than the alternatives and with substantially fewer risks, uncertainties and social costs."
The firm expects a total of 200 million euros in annual savings resulting from ongoing improvement programs.
The company said its total revenue went up by 7 percent from 3.43 billion euros in Q1 of 2016 to 3.66 billion euros (3.92 billion U.S. dollars) in the first quarter of 2017.
