Arnhem, the Netherlands - Coatings giant AkzoNobel is to invest almost Euro 50 million ($71 million) in its Performance Coatings activities, after agreeing two US acquisitions which will boost the company's Car Refinishes and Industrial Finishes businesses.
The two deals involve the purchase of durable paint and bright films manufacturer Soliant llc and the global resilient floor coatings business of Lord Corp., both of which are based in the US.
"These acquisitions offer clear strategic benefits and support our sustainable growth plans in a number of key global markets," said AkzoNobel board member Leif Darner, in a 12 Sept company statement. "We will also be gaining access to proven technology which we plan to further develop and even spin-off into other areas of our coatings portfolio."
Akzo said Soliant is a leading supplier of specialised films used in the automotive, marine, architectural and signage industries, many of which are sold under the Fluorex brand. Some of the company's film range are polyurethane-based, according to the Soliant website. The company's products have "a strong fit with AkzoNobel Car Refinishes," said Akzo, adding that "the combination of film and liquid paint will enable the business to offer more choice - and sustainable technologies - to its customers."
Lord Corp. is selling AkzoNobel "all intangible assets of the company's resilient floor coatings business that generate revenue in the US, Europe and China."
This business supplies coating systems that can protect or preserve the qualities of polymeric and wood flooring.
Both deals await regulatory approval -- expected by the end of September.
Darner commented that, "expanding our global capabilities and continuing to offer value and innovative technologies to our customers is essential … we're always looking for strategic opportunities to invest and strengthen our position as the world's leading coatings company."
PIC: Soliant film manufacture.