27 June 2016
DETAILS
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.
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
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.
Charlie Shaver
Axalta Chairman and CEO
“This is an exciting milestone in the evolution
of both Axalta and Dura Coat,”
“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.”
Contacts
Axalta Coating Systems
Kristin Gallagher,
+1 215-255-7915
kristin.e.gallagher@axaltacs.com
axaltacoatingsystems.com
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