PHILADELPHIA--(BUSINESS WIRE)--
Axalta Coating Systems (NYSE: AXTA), a leading global supplier of liquid
and powder coatings, announced today that it has entered into a
definitive agreement to acquire Dura Coat Products, a prominent
manufacturer of coatings for metal coil and related markets in North
America. Pursuant to the agreement, Axalta will initially purchase a
majority stake in Dura Coat at the closing which is expected to occur in
the third quarter of 2016 and the remaining outstanding shares by
January 2019, subject to required regulatory approvals and other
customary closing conditions. Financial terms of the transaction were
not disclosed.
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From left: Charlie Shaver, Axalta Chairman and CEO; Dr. Myung K. Hong, founder, President and Chairman of Dura Coat; Mrs. Lorrie Hong, Member of the Board of Directors of Dura Coat; and Michael A. Cash, Axalta Senior Vice President and President, Industrial Coatings. (Photo: Axalta)
Founded in 1986, Dura Coat has developed a leadership position in the
market via its singular focus on overcoming customer challenges through
innovation. Well-known Dura Coat brands include Durapon™, Ceranamel™ and
the XT series of specialty coatings. Dura Coat’s innovative product
lines have been formulated to suit a variety of building construction
needs, general industrial applications, and treatment of aluminum
extrusions. Dura Coat takes great pride in its strong environmental
initiatives which it achieves through sound manufacturing practices and
with products that have eliminated or reduced hazardous air pollutants.
Its products are market-leading Cool Roof, Energy Star and LEED 29
compliant. Dura Coat operates two state-of-the-art coatings
manufacturing plants in Riverside, California and Huntsville, Alabama.
“This is an exciting milestone in the evolution of both Axalta and Dura
Coat,” explained Axalta Chairman and CEO Charlie Shaver. “Dura Coat’s
market-leading technology, strong company values, and commitment to
customers are extremely well-aligned with Axalta’s priorities. With this
partnership, we look forward to offering our combined customer base an
even broader range of solutions to meet their requirements with the most
innovative coil coating products and colors in the marketplace today.”
Axalta is already familiar with the marketplace for the types of coil
sheets which benefit from Dura Coat products. Axalta has offerings
complementary to those served by Dura Coat, including leading global
brands Alesta® and Abcite® powder coatings,
AquaEC™ electrocoat products, and Imron® Industrial coatings
which each provide customers in the construction, architectural, and
general industrial sectors with durable coatings formulated to protect,
increase productivity, and add beauty.
“All of us at Dura Coat are excited about the opportunity to become a
part of the Axalta family,” explained Dr. Myung K. Hong, founder,
President and Chairman of Dura Coat. “Axalta’s customer focus and global
footprint will help open more doors for our products, and will enable us
to build on the successful legacy of Dura Coat. The strong commitment to
technology that we share will enable us to continue to deliver
innovative products and offer them to an ever expanding customer base.”
About Dura Coat Products – Best Paint Solutions for You and the
Environment
Since its entrepreneurial start in 1986 by chemist Dr. Myung K. Hong,
Dura Coat Products has grown into one of the industry’s most innovative
resin and coatings companies. Today, Dura Coat research and development
specializes in solving their customers’ most challenging paint problems
and creating advanced paint systems in coil and spray coatings. Dura
Coat stays committed to meeting unique and specific requirements with
eco-friendly solutions that protect our environment and reduce our
carbon foot print.
About Axalta Coating Systems – Celebrating 150 Years in the Coatings
Industry
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 150 years of experience in the
coatings industry, the 12,800 people of Axalta continue to find ways to
serve our more than 100,000 customers in 130 countries better every day
with the finest coatings, application systems and technology. For more
information visit axaltacoatingsystems.com
and follow us @axalta on Twitter and on LinkedIn.
Cautionary Statement Concerning Forward-Looking Statements
This release may contain certain forward-looking statements regarding
Axalta and its subsidiaries including those relating to the timing and
expected benefits of the Dura Coat Products acquisition. Forward-looking
statements are based on management’s expectations as well as estimates
and assumptions prepared by management that, although they believe to be
reasonable, are inherently uncertain. These statements may involve risks
and uncertainties, including, but not limited to, the satisfaction of
the closing conditions of the transaction (including regulatory
approvals); the parties’ ability to consummate the transaction on the
anticipated terms and schedule; and the parties’ ability to achieve the
expected benefits of the acquisition. 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.
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Source: Axalta Coating Systems