AkzoNobel is to invest almost €50 million in its Performance Coatings activities after agreeing two acquisitions which will boost the company’s Car Refinishes and Industrial Finishes businesses.
The two deals involve the purchase of durable paint and bright films manufacturer Soliant LLC and the global resilient floor coatings business of Lord Corporation, both of which are based in the United States.
“These acquisitions offer clear strategic benefits and support our sustainable growth plans in a number of key global markets,” explained AkzoNobel Board member Leif Darner. “We will also be gaining access to proven technology which we plan to further develop and even spin-off into other areas of our Coatings portfolio.”
Soliant is a leading supplier of specialized films used in the automotive, marine, architectural and signage industries, many of which are sold under the Fluorex® brand. It offers a strong fit with AkzoNobel Car Refinishes and the combination of film and liquid paint will enable the business to offer more choice – and sustainable technologies – to its customers. The deal is subject to regulatory approval, which is expected by the end of September.
Lord Corporation is a major technology company active in a number of industries including coatings – a market in which AkzoNobel is the global leader. The transaction includes all intangible assets of the company’s resilient floor coatings business that generate revenue in the US, Europe and China. This business supplies coating systems that can protect or preserve the qualities of polymeric and wood flooring. Subject to regulatory approval, completion is expected by the end of September.
Added Darner: “Expanding our global capabilities and continuing to offer value and innovative technologies to our customers is essential. So we’re always looking for strategic opportunities to invest and strengthen our position as the world’s leading coatings company.”