PHILADELPHIA--(BUSINESS WIRE)--
Axalta Coating Systems Ltd. (NYSE:AXTA) today announced that an
affiliate of Berkshire Hathaway Inc. (“Berkshire Hathaway”) has entered
into a definitive stock purchase agreement with certain affiliates of
The Carlyle Group (“Carlyle”) for the purchase of a total of 20 million
of Axalta’s common shares for an aggregate purchase price of $560
million, or $28.00 per share. Axalta will not receive proceeds from the
sale of the shares. In connection with the purchase, Berkshire Hathaway
agreed that it would not dispose of the shares for 90 days following the
consummation of the sale. Axalta has agreed to provide Berkshire
Hathaway with certain registration rights following the expiration of
that 90-day period.
The shares are being offered and sold in a private placement pursuant to
Section 4 of the Securities Act of 1933, as amended (the "Securities
Act"). The shares have not been registered under the Securities Act, or
the securities laws of any other jurisdiction, and may not be offered or
sold in the United States absent registration or an applicable exemption
from such registration requirements. This press release does not
constitute an offer to sell, or a solicitation of an offer to purchase,
the shares in any jurisdiction in which such offer or solicitation would
be unlawful.
"We are pleased to have Berkshire Hathaway Inc. take this share
ownership position in Axalta," said Charlie Shaver, Chairman and CEO.
"Berkshire is the type of quality investor that Axalta has been
fortunate to attract since our IPO last year. We believe this investment
shows Berkshire’s support of our strategy to reshape ourselves into a
growth and customer oriented, world class coatings company."
Cautionary Statement Concerning Forward-Looking Statements
This release contains certain forward-looking statements regarding
Carlyle’s agreed-upon sale of Axalta’s common shares to Berkshire
Hathaway. Such forward-looking statements are subject to certain risks,
uncertainties and assumptions, including the risk that Berkshire
Hathaway’s acquisition of the shares from Carlyle may not be
consummated, and typically can be identified by the use of words such as
"will," "expect," "estimate," "anticipate," "forecast," "plan,"
"believe," and similar terms. Although Axalta believes that its
expectations are reasonable, it can give no assurance that these
expectations will prove to have been correct, and actual results may
vary materially. These statements involve risks and uncertainties,
including, but not limited to, economic, competitive, governmental and
technological factors outside of Axalta’s control that may cause its
business, industry, strategy, financing activities or actual results to
differ materially. Axalta undertakes no obligation to update or revise
any of the forward looking statements contained herein, whether as a
result of new information, future events or otherwise.
About Axalta Coating Systems
Axalta is a leading global company focused solely on coatings and
providing customers with innovative, colorful, beautiful and sustainable
solutions. From light OEM vehicles, commercial vehicles and refinish
applications to electric motors, buildings and pipelines, our coatings
are designed to prevent corrosion, increase productivity and enable the
materials we coat to last longer. With more than 145 years of experience
in the coatings industry, the 12,000 people of Axalta continue to find
ways to serve our more than 120,000 customers in 130 countries better
every day with the finest coatings, application systems and technology.
For more information visit www.axaltacoatingsystems.com.
Source: Axalta Coating Systems Ltd.