Axalta Acquires Spencer Coatings Group
Philadelphia-based coatings manufacturer Axalta Coating Systems announced Monday (May 22) that it has entered an agreement to acquire British-owned industrial coatings manufacturer Spencer Coatings Group.
Financial terms were not disclosed.
“We are very proud to welcome the Spencer Coatings Group into the Axalta family,” Michael Cash, Axalta Senior Vice President and President, Industrial Coatings, said in a press release. “Spencer’s industry-leading product technologies fit very well within Axalta’s current industrial portfolio.
“With the acquisition of Spencer, we will have the opportunity to take some incredibly innovative products and expand into new geographies, as well as provide our combined industrial customers with additional product technologies. We both share a strong commitment to our customers and to the industrial coatings markets in which we participate.”
"We have spent the past 20 years building a specialized industrial coatings business with innovative coating systems, which are supplied to customers in the U.K. and overseas,” added Phil Buck, Spencer Coatings Group Managing Director. “To continue to grow and provide confidence to our customers and employees, we felt that the Spencer Coatings Group would benefit from being part of a larger coatings company that would enable us to accelerate our growth plans.
“Axalta Coating Systems, with their global footprint and commitment to innovation, will provide the best home for our company and we are very excited about the prospects for both companies."
About Spencer Coatings
Aberdeen, Scotland-based Spencer Coatings, founded in 1909, is known for producing industrial coatings for heavy-duty equipment, general industrial, and the oil and gas industry. Its products include Acothane polyurethanes for internal and external pipeline coatings; Corroless coatings, which provide corrosion control solutions for steel structures; and water-based coatings for the glass and general industrial segments.
The firm has manufacturing plants in Nigeria and Shandong Province, Eastern China, and offices in Singapore and Turkey.
Axalta employs more than 12,600 workers and does business in over 130 countries. The firm reported net sales of $4.1 billion in 2016. Axalta manufactures liquid and powder coatings for industrial, OEM and architectural applications.
In April, Axalta agreed to acquire Valspar's Wood Coatings unit for $420 million. Other recent acquisitions have included Century Industrial Coatings and Ellis Paints.