Akzo Nobel Selects Acordis as New Name for Fibers Activities

Akzo Nobel N.V. announced today that "Acordis" has been chosen as the name for the new fibers company to be created by combining the fibers operations of Akzo Nobel and Courtaulds plc. A full launch of the new company under its new name is scheduled for later this year.

Akzo Nobel is forming the company following the recent acquisition of Courtaulds. When announcing that acquisition earlier this year, Akzo Nobel expressed its intention of creating a stand-alone fibers company. "Choosing a new name for our fibers business is an essential step in that process," said Cees van Lede, chairman and CEO of Akzo Nobel. "Acordis will be in a position to play an active role in the restructuring of the fibers industry."

Acordis will employ some 19,000 employees, and have production facilities in the U.K., the Netherlands, Germany, Italy, Poland, Spain, Brazil, and the U.S.A.

Gordon Campbell, Chief Executive of the new company, said: "Acordis is a new name for a new company which will be a world leader in its field, supplying value enhancing fibers and materials to a wide range of global markets."

Akzo Nobel, headquartered in Arnhem, The Netherlands, serves customers worldwide with healthcare products, coatings, chemicals, and fibers. The company employs 70,000 people and has activities in 60 countries. In July of this year, Akzo Nobel acquired control of Courtaulds through a recommended cash offer.