DUTCH group Akzo Nobel have warned of job losses after finally agreeing an £8billion takeover offer for Dulux paint maker ICI.There was no word on how many redundancies would be involved, or on where the axe would fall, leaving workers across the ICI group - including the 77 at its Stowmarket paints factory - facing an uncertain future.
DUTCH group Akzo Nobel have warned of job losses after finally agreeing an £8billion takeover offer for Dulux paint maker ICI.
There was no word on how many redundancies would be involved, or on where the axe would fall, leaving workers across the ICI group - including the 77 at its Stowmarket paints factory - facing an uncertain future.
The ICI board's recommendation of the 670p a share offer follows a two-month pursuit by Akzo, which already owns the Crown Paints brand in the UK.
Akzo is keen to merge ICI's paints business with its own, estimating cost savings of around £189 million from the combination of the two operations.
Hans Wijers, Akzo chief executive, warned there would be job cuts under the cost-saving plans unveiled with the deal, although he declined to say how many or where.
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules here