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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.
Axalta Coating Systems announced that it 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. 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.
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. Dura Coat’s innovative product lines have been formulated to suit a variety of building construction needs, general industrial applications and treatment of aluminum extrusions. Dura Coat takes great pride in its strong environmental initiatives, which it achieves through sound manufacturing practices and with products that have eliminated or reduced hazardous air pollutants. Its products are market-leading Cool Roof, Energy Star and LEED 29 compliant. Dura Coat operates two state-of-the-art coatings manufacturing plants in Riverside, Calif., and Huntsville, Ala.
“This is an exciting milestone in the evolution of both Axalta and Dura Coat,” explained Axalta Chairman and CEO Charlie Shaver. “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.”
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.
“All of us at Dura Coat are excited about the opportunity to become a part of the Axalta family,” said Dr. Myung K. Hong, founder, president and chairman of Dura Coat. “Axalta’s customer focus and global footprint will help open more doors for our products, and will enable us to build on the successful legacy of Dura Coat. The strong commitment to technology that we share will enable us to continue to deliver innovative products and offer them to an ever-expanding customer base.”