Friday, September 24

Nouryon, former chemicals arm of AkzoNobel, plans IPO

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AMSTERDAM — Nouryon BV, the former chemicals arm of AkzoNobel, said on Friday it had filed an application with the US Securities and Exchange Commission (SEC) to seek an initial public offering (IPO) of shares.

Akzo sold Nouryon to The Carlyle Group in 2018 in a deal then worth 10.1 billion euros ($12 billion).

Nouryon had adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of $970 million in 2020 on sales of $4.2 billion, a company fact sheet published on its website said.

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Nouryon said on its website it had submitted a draft registration statement to the SEC and the IPO was expected to “commence after the SEC completes its review process.”

Company Communications Officer Vivi Hollertt said she could not comment beyond the press statement and would not say exchange the company was considering for its listing.

“The number of shares to be offered and the price range for the proposed offering have not yet been determined,” the statement said. “Nouryon expects to use the proceeds of the offering for general corporate purposes, which may include the repayment of indebtedness. “

($1 = 0.8424 euros) (Reporting by Toby Sterling; Editing by Susan Fenton and Edmund Blair)

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