The former AkzoNobel speciality chemicals business has relaunched as an independent speciality company named Nouryon, appointing Charles W. Shaver as its new chief executive officer.
The move follows the acquisition of the business by the US equity firm Carlyle Group and Singaporean investment fund GIC for €10.1bn earlier this month.
“We are starting from a great position… As an independent company we can accelerate our progress on all fronts and take our rightful place alongside other industry leaders,” said Shaver in a 9 Oct statement.
The name Nouryon is inspired by former Dutch chemical company Noury & Van der Lande which was one of the companies that formed the basis of today’s Akzo Group.
The name, which Nouryon said was chosen in consultation with employees, reflects the company’s heritage.
Among others, Nouryon manufactures essential ingredients to produce all types of thermoplastics, rubbers, and thermoset composites to improve their properties and add functionalities and performance.