| Thu 15 Mar 2012, 12:45 | | CSP - Chemspec - Press release: Distribution agreement with AkzoNobel |
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CSP
CSP
CSP - Chemspec - Press release: Distribution agreement with AkzoNobel
Chemical Specialities Limited
Incorporated in the Republic of South Africa
Registration number 2005/039947/06
Share code: CSP
ISIN: ZAE000109427
("Chemspec" or "the Company")
DISTRIBUTION AGREEMENT WITH AKZONOBEL
AkzoNobel, the world`s leading coatings company, and Chemspec, a leading
South African coatings company, have announced that they have entered into a
distribution agreement for Sikkens, an `A` brand automotive refinish product
manufactured by AkzoNobel, in South Africa. The agreement is effective 15
March 2012.
Volker Wengert, AkzoNobel`s Sales Director East Markets and Export, said "We
would like to thank our current partner, Duco, who have decided to move in a
new strategic direction, for the good and trustful co-operation and support
over the past years. We have allowed an overlap of distribution for a short
period of time to ensure that current distributors and users of the Sikkens
product in South Africa will be able to have a relatively seamless transfer
of distribution." He added "We are delighted to have entered into this
distribution agreement with Chemspec with the ambition of reaching a leading
and sustainable market position in South Africa."
Bruce Mackinnon, Chemspec`s CEO, said "We are also very pleased to have
completed this agreement. Chemspec has recently embarked on a turnaround
process including a re-capitalisation which saw the introduction of the
Industrial Development Corporation of South Africa as a shareholder. This
agreement is yet another step in growing Chemspec as a leading and top
division player in the coatings industry in South Africa." He added "We are
proud and privileged to have been selected by AkzoNobel to be a distributor
in South Africa particularly being a home grown South African company with
good BEE credentials."
Volker Wengert went on to add "We see South Africa as a growth region and
with our international standing in the coatings industry and Chemspec`s
standing in the industry in South Africa, we see much opportunity for growth
in the region."
Chemspec is listed on the ALTX board of the Johannesburg Stock Exchange.
Verulam
15 March 2012
Designated Advisor:
Grindrod Bank Limited
Date: 15/03/2012 12:45:01 Produced by the JSE SENS Department.
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