AkzoNobel says it has agreed to acquire Prime Automotive Paint (Changzhou, China), a company that develops, manufactures, and sells automotive coatings, primarily for the refinish market. Financial terms were not disclosed. Prime is one of China's largest vehicle refinish suppliers and a leader in the fast-growing mid-market segment, and this sector is estimated to double in size within the next five years, AkzoNobel says. AkzoNobel had announced in July that it plans to double its revenues in China within five years, targeting $3-billion/year sales in the country by 2015. AkzoNobel had revenues of $1.5 billion in China in 2009, and employs about 6,500 in the country.
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