AkzoNobel Specialty Chemicals on Tuesday launched its new brand identity as Nouryon as part of its transition to become an independent, global specialty chemical firm.
The move follows acquisition of the speciality business of AkzoNobel by The Carlyle Group.
Commenting on development, its CEO Charles W Shaver said, "Launching our new company is a significant milestone to add to our proud history and we are all looking forward to this exciting new chapter."
"We are ready to leverage our experience, global presence, and strong company culture to unleash our full potential as an independent company."
On March 27, AkzoNobel announced sale of 100 per cent of its Specialty Chemicals to The Carlyle Group and GIC for 10.1 billion euros.
Talking to PTI on the development, Akzo Nobel Chemicals India Managing Director Shrikant Kulkarni said the company looks India and China as its "focus" countries to accelerate growth and has investment plans for these markets.
It expects Indian unit to contribute around 3-3.5 per cent of its total global revenue in next five-seven years, said a top company official.
"In the next five to seven years, contribution from the Indian market to AkzoNobel Specialty Chemicals (now Nouryon) would be around 3 to 3.5 per cent," said Kulkarni.
"We have grown between 10-12 per cent during last three years and growth expectations for coming years is between 12-15 per cent."
In 2017 the global revenue of AkzoNobel Specialty Chemicals was approximately Euro 5 billion.
According to Kulkarni, Indian specialty chemicals market is around USD 35 billion and expected growth rate is 12 per cent, reaching to USD 85 Billion by 2025.
"Our new CEO has said that India and China are the focus country and we expect that in the coming 3-4 months, a strategic plan would be (announced) to boost up further growth in India. It will be clearly a plan in the global strategy," Kulkarni said.
However, on being asked about the investment, he said it would be early to say about that.
"... as how much they would bring. Whether it would be organic or inorganic growth, it would be too early to say," he added.
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