Akzo Nobel, Netherlands-based parent of ICI Paints, has announced the sale of its Para and Crown Diamond paint brands to General Paint for an undisclosed sum.
Para and Crown Diamond both are Canadian paint brands, and General Paint is one of Canada’s largest paint manufacturers.
“We are sorry to be ending a long-standing relationship with our Para and Crown Diamond customers," said Pierre Dufresne, president and general manager of Akzo Nobel Decorative Paints Canada.
The deal is expected to be completed on June 30. The company agreed to the sale as part of a regulatory deal in connection with its acquisition of ICI Paints late last year.
Other related divestments include the sale of the company’s Crown brand in the United Kingdom and Ireland and the sale of its Belgium-based DeKeyn brand. Those deals still are underway.