Axalta Coatings Systems Ltd. said it has reached a definitive agreement to acquire Capital Paints LLC, an Emirati thermoset powder coatings manufacturer specializing in architectural powder coatings. Financial terms of the transaction have not been disclosed.
Axalta's Emerging Markets Vice President and President Sobers Sethi said, "Capital Paints customers will receive Axalta products and services that meet different needs, such as Nap-Gard for pipeline coatings and Alesta for architectural coatings."
The transaction is subject to regulatory approval and other customary closing conditions and is expected to be completed in the fourth quarter of 2019.
Through this acquisition, Axalta will expand its business in the Middle East and North Africa (MENA) region, and increase Axalta's manufacturing base, help Axalta to enter other key markets in the Middle East, and grow its business in the region Pave the way.