Axalta Completes Dura Coat Purchase
THURSDAY, AUGUST 4, 2016
Global liquid and powder coatings maker Axalta Coating Systems has expanded its portfolio of offerings with the completed acquisition of Dura Coat Products Inc., the Philadelphia-based firm announced Monday (Aug. 1).
The acquisition, originally announced June 27, gives Axalta a majority stake in the Riverside, CA, manufacturer of polyvinylidene fluoride, silicone-modified polyester, polyester, urethane, epoxies and water-based coatings.
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| Photos: Dura Coat |
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Founder, president and chairman Dr. Myung Ki Hong will stay on as chairman and chief executive officer of Dura Coat in the wake of the company's acquisition by Axalta Coating Systems. |
Financial terms of the transaction were not disclosed.
Dr. Myung Ki Hong, the chemist who founded the company in 1986, will remain chairman and chief executive officer of Dura Coat to ensure a smooth transition of the business, Axalta explained.
Company Complements
Dating back to 1866, Axalta is a 150-year-old global company that focuses on coatings for applications ranging from light OEM vehicles, commercial vehicles and refinish application to electric motors, buildings and pipelines. It says its coatings are intended to prevent corrosion, increase productivity and enable the base materials to last longer.
The company employs 12,800 people in 130 countries and reports annual sales of $4.1 billion in 2015.
With the completion of the Dura Coat deal, Axalta brings into its fold a company that is celebrating 30 years in the spray and coil coating markets. Dura Coat since grown into one of the industry’s most innovative resin and coatings companies, the manufacturer says.
Today, Dura Coat research and development specializes in solving customers’ most challenging paint problems and creating advanced paint systems in coil and spray coatings, the company says.
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In 2015, Dura Coat added 35,000 sq. ft. of paint manufacturing capability to its Huntsville, AL, manufacturing site. |
“Dura Coat stays committed to meeting unique and specific requirements with eco-friendly solutions that protect our environment and reduce our carbon footprint,” it adds.
Its product lines have been formulated to suit a variety of building construction needs, general industrial applications and treatment of aluminum extrusions. Dura Coat brands include Durapon, Ceranamel, Universal Primers and the XT series of specialty coatings.
Axalta and Dura Coat both boast strong environmental initiatives that have eliminated or reduced air pollutants and the carbon footprint, they say. Dura Coat products are Cool Roof, Energy Star and LEED 20 compliant.
Dura Coat operates two state-of-the-art manufacturing plants, located in Riverside and Huntsville, AL.
Tagged categories: Acquisitions; Axalta; Business matters; Coating Materials; Extrusions; Metal coatings
