Double acquisition strengthens AkzoNobel's Performance Coatings portfolio
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AkzoNobel is to invest almost €50 million in its Performance coatings activities after agreeing two acquisitions which shall 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 supplier of specialized films used in the automotive, marine, architectural and signage industries. Lord Corporation is a technology company active in a number of industries including coatings. The transaction includes all intangible assets of the company's resilient floor coatings business that generate revenue in the US, Europe and China.
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."
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