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Last updated: September 1, 2010 7:23 a.m.

Akzo Nobel to supply paints to U.S. Wal-Mart stores

Associated Press

AMSTERDAM (AP) — Akzo Nobel NV says it has agreed to become Wal-Mart's main supplier of interior and exterior paints for more than 3,500 stores in the United States.

The company based in Arnhem, Netherlands, is the world's largest maker of paints and industrial coatings. It did not say how much it hoped to profit from the deal, but said it would "significantly boost our market share in the U.S." where it is best known for the Glidden brand.

Wal-Mart's move to Akzo Nobel paints is expected to begin early next year.

Akzo Nobel posted net profit of €273 million ($350.8 million) in the second quarter, up from €155 million a year earlier. Revenues rose 13 percent to €3.9 billion.

Bentonville, Ark.-based Wal-Mart Stores Inc., is the largest retailer in the U.S.

© Copyright 2012 Associated Press. All rights reserved. Neither this material nor its presentation may be published, broadcast, rewritten or redistributed.
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