Axalta to acquire powder coatings manufacturer Capital Paints
Axalta Coating Systems, a global manufacturer of liquid and powder coatings, announced that it has entered into a definitive agreement to acquire Capital Paints.
Capital Paints is an United Arab Emirates (UAE) based thermosetting powder coatings manufacturer specialising in architectural powder coatings. The transaction is subject to required regulatory approvals and other customary closing conditions and is expected to close in the fourth quarter of 2019. Financial terms of the transaction were not disclosed.
Expansion of business activities in the MENA region
“With this acquisition, Axalta will expand its footprint in the Middle East and North Africa (MENA) region,” said Sobers Sethi, Vice President and President, Emerging Markets of Axalta. “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,” concluded Mr. Sethi.
