AkzoNobel and Axalta agree merger to create global coatings company
AkzoNobel and Axalta Coating Systems Ltd. have entered into a “definitive agreement to combine in an all-stock merger of equals”, creating a “premier global coatings company” with an enterprise value of approximately $25 billion.
In a joint statement, the companies said the merger “brings together AkzoNobel’s and Axalta’s complementary portfolios to create a full spectrum offering of coatings solutions, with first-rate franchises across powder, aerospace, refinish, mobility, marine and protective, industrial coatings and decorative paints”.
The combined portfolio will be “differentiated by its breadth of solutions across approximately 100 well-known brands”, it added.
AkzoNobel’s product portfolio includes Sikkens and Dynacoat, while Axalta’s refinish brands comprise Cromax, Spies Hecker, Standox, U-Pol and Raptor.
The combined company will have 173 manufacturing sites and 91 R&D facilities, with a $400 million combined annual R&D spend.
AkzoNobel shareholders will own 55 per cent and Axalta shareholders will own 45 per cent of the combined company “on a pro forma basis immediately after closing”.
The companies expect the transaction to close in late 2026 to early 2027, subject to approval by shareholders of both firms.
Current AkzoNobel chief executive, Greg Poux-Guillaume will serve as CEO of the combined company, while current Axalta CEO, Chris Villavarayan, will serve as deputy chief executive.
“We’re excited to enter a new chapter in our long and proud history as a leader in the paints and coatings industry,” said Poux-Guillaume. “This merger will allow us to accelerate our growth ambitions by bringing together highly complementary technologies, expertise and passionate people to unlock our full combined potential.”