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AkzoNobel to Acquire Colombia-Based Company

Wednesday, June 30, 2021

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Global coatings company AkzoNobel recently announced that it has reached an agreement to acquire Colombia-based paints and coatings company Grupo Orbis.

The deal, which aims to expand AkzoNobel’s position in South and Central America, is still subject to regulatory approvals and is expected to close by early 2022. Financial terms were not disclosed.

Grupo Orbis has a presence in 10 countries and has a consolidated revenue of around 260 million euros. The transaction includes the Pintuco paints and coatings business, Andercol and Poliquim (resins) and Mundial (distribution and services). 

AkzoNobel

Global coatings company AkzoNobel recently announced that it has reached an agreement to acquire Colombia-based paints and coatings company Grupo Orbis.

“This is an excellent intended acquisition which aligns perfectly with our Grow & Deliver strategy of creating leading global positions and driving growth in emerging markets,” said AkzoNobel CEO, Thierry Vanlancker. “It will expand our long-term position across South America by establishing us as a frontrunner in the Andean region and in Central America, where several countries are high on the global growth rankings for the next decade.”

Grupo Orbis employs about 3,000 people and has eight operational manufacturing sites.

In addition to creating value from global and regional product and service innovation, AkzoNobel says the intended acquisition will enable it to better serve customers across more geographies, as well as accessing new markets.

Both companies also share a strong belief in the transformative power of color and a highly committed approach to sustainability, the company noted. It’s therefore expected that joining AkzoNobel’s “Let’s Color” program with the expertise of the Pintuco Foundation will provide fresh impetus for further improving the quality of life for people in local communities throughout the region.

“This agreement represents an important growth opportunity for Orbis Group’s companies. We strongly believe there are several benefits, such as access to technology and innovation pipelines,” said Grupo Orbis CEO Andres Bernal. “Likewise, we find great opportunities for the development of our employees and our clients, who will be able to access an enlarged and more complete portfolio.”

Recent Moves

This is just the latest in a long string of acquisitions by AkzoNobel, which most recently announced the completion of its acquisition of 100% of the shares of Industrias Titan S.A.U., a decorative paints business based in Spain.

The financial terms of the deal were not disclosed, although, according to AkzoNobel, Titan generated an annual revenue of around 80 million euros. Titan Paints was founded in 1917 and is reportedly one of Spain’s best-known brands. There is also a relevant presence in Portugal.

The transaction includes three production facilities (in Barcelona and Las Palmas, Spain, and Maia, Portugal) and seven logistics and service centers for decorative paints, including “one of the modern manufacturing plants for water-based paints in Europe,” according to the company.

The business, which has 425 employees, reportedly shares AkzoNobel’s commitment to sustainable product innovation. AkzoNobel announced the transaction in October and at the time said that the move aims to further grow in Europe with Titan’s shared commitment to sustainable product innovation.

At the end of last year, AkzoNobel announced that it was set to increase its presence in the North American yacht coatings market with its acquisition of New Nautical Coatings.

Established in 1978, the company is the owner of the premium Sea Hawk brand and supplies premium antifouling coatings, as well as several other products, such as primers and varnishes.

Although the privately-owned company operates out of a facility in Clearwater Beach, Florida, New Nautical Coatings is reported to be one of the top players in yacht coatings in North America, generating sales in the Caribbean and Australasia areas as well.

The company reports that the Sea Hawk brand has a high customer loyalty among yacht owners, shipyards and maintenance service providers due to its premium quality and product performance.

More recently, AkzoNobel was in a back-and-forth with Pittsburgh-based PPG for Finnish decorative coatings company Tikkurila. The “bidding war” ended in early February, when PPG upped its bid again, prompting AkzoNobel to withdrawal from the process.

   

Tagged categories: Acquisitions; AkzoNobel; Business matters; EMEA (Europe, Middle East and Africa); EU; Good Technical Practice; Latin America; Mergers; SA

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