Akzo Nobel N.V. announced it has completed the sale of the Specialty Chemicals business to The Carlyle Group and GIC for an enterprise value of $11.7 billion.

“Today is a key milestone in the history of AkzoNobel, creating a focused paints and coatings company, with market leading positions, strong global brands, and a clear strategy to create value for all our stakeholders,” said Thierry Vanlancker, CEO of AkzoNobel. “This is also an important step for the Specialty Chemicals business, and I would like to take this opportunity to say thank you to our colleagues and wish them a successful future with Carlyle and GIC.”

Added Charles Shaver, CEO of Specialty Chemicals, “I am delighted to assume my new role at Specialty Chemicals and look forward to working with the management team, Carlyle and GIC to deliver long-term success. Specialty Chemicals has a strong global presence and a talented and dedicated team, and I believe there is significant opportunity to drive additional growth through innovation and customer focus to build on the company’s leading positions in its markets.”

“We are excited to invest in Specialty Chemicals, and we are committed to growing the business and continuing to enhance its competitive position,” said Martin Sumner and Zeina Bain, managing directors at The Carlyle Group. “Specialty Chemicals has a great heritage, a high-quality asset base and workforce, an excellent track record of innovation as well as a diversified customer and product portfolio. We look forward to working with Charlie and the management team to support Specialty Chemicals as it embarks on a new phase as an independent company.”