Axalta to acquire UAE coatings manufacturer Capital Paints
The acquisition is subject to regulatory approvals and is expected to expand Axalta's Middle East presence
Axalta, a manufacturer of liquid and powder coatings, has agreed to acquire Capital Paints, a UAE-based thermosetting powder coatings manufacturer specialising in architectural powder coatings.
The transaction is subject to required regulatory approvals and other customary closing conditions, and is expected to complete in the fourth quarter of 2019.
Commenting on the development, Axalta vice president and president of emerging markets, Sobers Sethi, said: “This acquisition is in line with our business objective to provide better support and technical services to local customers in the oil and gas, and architectural segments, while also helping us enter other key markets in the Middle East region.
“The addition of Capital Paints to Axalta’s portfolio is a great example of our continued expansion in emerging markets.”