Paint and coating manufacturers AkzoNobel (Amsterdam, Netherlands) and Axalta (Philadelphia, Penn.) recently announced an agreement to join in an all-stock merger of equals, creating one global coatings company valued at approximately $25 billion.
The companies predict that the merger will be beneficial to customers, shareholders, employees and other stakeholders, with a combined market share of over 160 countries.
“We’re excited to enter a new chapter in our long and proud history as a leader in the paints and coatings industry. 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,” said AkzoNobel CEO and Chairman of the Board of Management, Greg Poux-Guillaume.
“As our industry continues to grow and evolve, this combination with AkzoNobel enables us to do the same, with a sharper competitive edge and new avenues and opportunities for growth,” said Axalta CEO and President Chris Villavarayan.
The combined company plans to transition to a single NYSE listing. It will have dual headquarters in Amsterdam and Philadelphia, and will be domiciled in the Netherlands.
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