Axalta Coating Systems (Philadelphia, Pennsylvania, USA) has entered into an agreement to acquire Capital Paints, LLC, a thermosetting powder coatings manufacturer located in Ras Al Khaimah, United Arab Emirates (UAE).
As of this writing, Axalta has not revealed financial terms of the deal, which still needs to meet regulatory approvals and other closing conditions. However, the company expects the transaction to close in the fourth quarter of 2019.
"With this acquisition, Axalta will expand its footprint in the Middle East and North Africa (MENA) region and add to our strong manufacturing base, paving the way for future business growth in the region," says Sobers Sethi, vice president and president of the Emerging Markets division of Axalta.
According to Sethi, the acquision of Capital Paints, LLC, a UAE-based company specializing in architectural powder coatings, will enable Axalta to provide technical services to customers in the oil and gas and architectural segments of the UAE and MENA region. “The addition of Capital Paints to Axalta's portfolio is a great example of our continued expansion in emerging markets and the industrial end market,” says 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.”
Source: Axalta, www.axaltacs.com