AkzoNobel Boosts African Presence with Kansai Paint Buy
AkzoNobel has agreed to buy Kansai Paint’s activities in Africa, strengthening its footprint in the region. The sale is expected to close in 2023, subject to regulatory approvals. Financial terms were not disclosed.
Kansai Paint, headquartered in Osaka, Japan, is present in 12 countries in Africa with regional consolidated revenue of about €280 million and 2,500 employees working across 19 manufacturing sites and 30 warehouses.
The purchase includes the long-established South African brand Plascon, along with automotive and protective coatings, and coatings for wood and coil.
“Acquiring Kansai Paint’s activities in the region will help us to further expand our paints and coatings business in Africa and provide a strong platform for future growth,” said AkzoNobel CEO Thierry Vanlancker. “Kansai Paint shares our commitment to innovation and sustainability, and we look forward to combining our expertise, which will result in a wider range of innovative products and more sustainable solutions for our customers.”
The acquisition is the latest in AkzoNobel’s buying spree over the past two years. Deals have included Titan Paints in Spain and Portugal, New Nautical Coatings in the US and Grupo Orbis in Latin America.
Kansai Paint’s president Kunishi Mori said the company will use the sale proceeds to buy back shares and reinvest in its core businesses and regions that include India and Europe.
Author: Elaine Burridge, Freelance Journalist
