Axalta Acquires Coil and Spray Coatings Manufacturer Dura Coat
Axalta will purchase a majority stake at the closing which is expected to occur in the third quarter of 2016, and the remaining outstanding shares by January 2019.
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From left: Charlie Shaver, Axalta Chairman and CEO; Dr. Myung Hong, founder, President and Chairman of Dura Coat; Mrs. Lorrie Hong, Member of the Board of Directors of Dura Coat; and Michael Cash, Axalta Senior Vice President and President, Industrial Coatings.
Axalta Coating Systems 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.
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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.
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.
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.
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