AkzoNobel has agreed the sale of 69 of its 72 specialist paint stores to five independent wholesalers and their subsidiaries.
Some of the stores and employees will transfer to the new owners (Schlau Hammer, MEG Rhein Ruhr, MEG Paderborn, MEG West and Wei-gel) at the end of 2013 and some at the end of the first quarter of 2014. The purchase price was not disclosed.
A CMS team led by employment law partner Dr Angela Emmert and corporate partner Dr Ernst-Markus Schuberth advised AkzoNobel on all legal aspects of the transaction.
The divestment and focus on the firm's core business as a brand-name manufacturer involves business transfers to each of the five distributors throughout Germany. It also requires extensive restructuring of AkzoNobel Deco GmbH with its current workforce of some 1,000 employees. The associated agreements were reached with the relevant employee representative bodies. They include agreement on socially responsible implementation and the necessary staff adjustments. CMS Hasche Sigle is continuing to provide support on employment law matters.
AkzoNobel has agreed strategic partnerships with the wholesalers, with arrangements in place to continue supplying paint to the businesses.
