Axalta Acquires UAE Powder Coatings Manufacturer
Global liquid and powder coatings manufacturer Axalta Coating Systems Ltd. recently announced that it has entered into a definitive agreement to acquire Capital Paints LLC, a United Arab Emirates-based thermosetting powder coatings manufacturer that specializes in architectural powder coatings.
The acquisition, according to the company, aims to expand Axalta’s footprint in the Middle East and North Africa (MENA) region and add to its manufacturing base.
"This acquisition is in line with our business objective to provide better support and technical services to local customers in the oil and gas and architectural segments, while also helping us enter other key markets in the Middle East region," said Sobers Sethi, Vice President and President, Emerging Markets of Axalta.
"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 transaction is still subject to regulatory approvals but is expected to close in the fourth quarter of this year.
Financial terms of the transaction were not disclosed.