SEP 98] COURTAULDS / AKZO NOBEL PRESS RELEASE
Akzo Nobel Implements Name Change For Courtaulds
Today in Arnhem, Akzo Nobel NV announced that it will shortly change the name
of Courtaulds plc, which it acquired in July, to Akzo Nobel UK plc. The units and
subsidiaries of Courtaulds plc whose names include the word 'Courtaulds' will phase out
their use of that name over the next few months and will, where applicable, adopt the Akzo
An announcement about the new name for the combined
Fibres businesses of Courtaulds and Akzo Nobel will be made in the near future. Akzo Nobel
has stated its intention to spin off the combined fibres business in 1999.
Akzo Nobel expects the procedure for compulsory acquisition
of the outstanding ordinary shares of Courtaulds to be completed on 17 September 1998, and
will apply to the London Stock Exchange for the Courtaulds ordinary shares to be delisted
as at that date.
The Annual General Meeting of Courtaulds plc, which was
provisionally scheduled for 23 September 1998, will be deferred to a later date.
Akzo Nobel, headquartered in the Netherlands, is a
market-driven and technology-based company, serving customers throughout the world with
healthcare products, coatings, chemicals, and fibres. The company employs 70,000 people
and has activities in more than 60 countries. In 1997, consolidated sales aggregated NLG
24.1 billion (USD 12 billion/GBP 7.5 billion). In July of this year, Akzo Nobel acquired
control of Courtaulds through a recommended cash offer.
John Jennings, Akzo Nobel NV +31 26 366 4343
Ian Harrison, Courtaulds plc 0171 612 1157
Donald Anderson, Courtaulds plc 0171 612 1293