October 9, 2018 / 1:14 PM / 12 days ago

Former Akzo Nobel chemicals back to market in 3-5 years: CEO

AMSTERDAM (Reuters) - Akzo Nobel’s former chemicals subsidiary will likely return to the market as a standalone public company in three to five years, its new CEO Charles Shaver said on Tuesday.

Shaver said the company, which has been renamed Nouryon, will focus on growing revenues in China and the Americas and expects to spend up to 350 million euros ($400 million) annually to expand production.

Akzo sold Nouryon, which Shaver said had 2017 earnings before interest, taxes, depreciation and amortization (EBITDA) of 1.1 billion euros, to Carlyle Group for 10.1 billion euros in March.

($1 = 0.8742 euros)

Reporting by Toby Sterling, editing by Louise Heavens

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