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Axalta (NYSE: AXTA), a leading global manufacturer of liquid and powder coatings, today announced that it has entered into a definitive agreement to acquire Capital Paints LLC, a UAE-based thermosetting powder coatings manufacturer specializing in architectural powder coatings. The transaction is subject to required regulatory approvals and other customary closing conditions and is expected to close in the fourth quarter of 2019. Financial terms of the transaction were not disclosed.
"With this acquisition, Axalta will expand its footprint in the Middle East and North Africa (MENA) region and add to our strong manufacturing base, paving the way for future business growth in the region," said Sobers Sethi, Vice President and President, Emerging Markets of Axalta.
"This acquisition is in line with our business objective to provide better support and technical services to local customers in the Oil & Gas and architectural segments, while also helping us enter other key markets in the Middle East region," continued Sethi. "Capital Paints customers will gain access to Axalta products and services that meet divergent needs, such as Nap-Gard® for pipe coatings and Alesta® for architectural coatings. We are excited to bring these products and many other of Axalta's market leading products to customers throughout MENA."
"The addition of Capital Paints to Axalta's portfolio is a great example of our continued expansion in emerging markets," concluded Mr. Sethi. "We are looking forward to enhancing our position as a Global market leader across the UAE and MENA and expect that this acquisition will help to drive growth for Axalta and benefit both new and existing customers."
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