AkzoNobel agrees to sell US automotive coatings business

On the afternoon of May 17th, Beijing time, AkzoNobel, an Amsterdam paint manufacturer, agreed to sell its auto paint distribution business to nearly 40 stores in the United States to LKQ. However, the terms of the agreement were not disclosed.

LKQ is Chicago's automotive parts recovery and repair business. Both parties announced on Tuesday that LKQ will sell Akzo Nobel Sikkens, Lesonal and U-Tech paint brands. Both parties hope to reach a deal on May 27.