Axalta, which is one of the top manufacturers of liquid and powder coatings in the world has announced that it has finalized an agreement for the acquisition of Capital Paints LLC. Capital Paints LLC is a UAE-based company that specializes in the manufacture of thermosetting powder coatings. The transaction will be completed subject to the mandatory regulatory approvals and other customary closing conditions. The two companies expect to close the transaction in the fourth quarter of 2019. The financial terms of the deal were not divulged.
Commenting on the acquisition, Sobers Sethi, Vice President and President, Emerging Markets of Axalta said that axalta hopes to expand its footprint in the Middle East and North Africa (MENA) region and add to its strong manufacturing base with this acquisition. The company is seeing this deal as another advance in paving the way for future business growth in the region.
Sethi added that the acquisition aligns well with the company’s business objective to provide better support and technical services to local customers in the Oil & Gas and architectural segments, while also helping the company to enter other key markets in the Middle East region.
Through the deal, the customers of Capital Paints would gain access to Axalta products and services that meet a wide range of needs, like Nap-Gard for pipe coatings and Alesta for architectural coatings. Sethi said that the company was 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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