AkzoNobel buy paints and coatings company Grupo Orbis
AkzoNobel has agreed to purchase Colombia-based paints and coatings company Grupo Orbis, expanding its footprint in South and Central America.
Completion is subject to regulatory approvals and is expected by end of this year, or in early 2022. Financial details were not disclosed.
Present in 10 countries in South America, Central America and the Antilles, Grupo Orbis has consolidated revenue of about €260 million.
The transaction includes the Pintuco paints and coatings business, Andercol and Poliquim (resins) and Mundial (distribution and services).
“This is an excellent intended acquisition which aligns perfectly with our Grow & Deliver strategy of creating leading global positions and driving growth in emerging markets,” commented AkzoNobel CEO, Thierry Vanlancker.
Daniel Geiger Rocha Campos, AkzoNobel’s regional director for South America added: “It’s an historic opportunity which offers attractive growth potential across both paints and coatings.
“We’ll be able to access highly complementary geographical positions in several new countries in the Andean, Central America and Antilles regions, including Colombia, which is the third largest in the region.”
In addition to creating value from global and regional product and service innovation, the intended acquisition will enable AkzoNobel to better serve customers across more geographies, as well as accessing new markets.
Both companies also share a strong belief in the transformative power of colour and a highly committed approach to sustainability. It’s therefore expected that joining AkzoNobel’s “Let’s Colour” program with the expertise of the Pintuco Foundation will provide fresh impetus for further improving the quality of life for people in local communities throughout the region.
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