AkzoNobel Buys Colombia’s Grupo Orbis
AkzoNobel has agreed to purchase Colombia-based paints and coatings company Grupo Orbis, expanding its footprint in South and Central America. Financial terms of the deal, which is expected to close by the end of this year, were not revealed.
Present in 10 countries in South America, Central America and the Antilles, Grupo Orbis has consolidated revenue of about €260 million. The transaction includes the Pintuco paints and coatings business, Andercol and Poliquim (resins) and Mundial (distribution and services).
“This is an excellent intended acquisition which aligns perfectly with our Grow & Deliver strategy of creating leading global positions and driving growth in emerging markets,” commented AkzoNobel CEO, Thierry Vanlancker. “It will expand our long-term position across South America by establishing us as a frontrunner in the Andean region and in Central America, where several countries are high on the global growth rankings for the next decade.”
Daniel Campos, AkzoNobel’s regional director for South America added: “It’s an historic opportunity which offers attractive growth potential across both paints and coatings. We’ll be able to access highly complementary geographical positions in several new countries in the Andean, Central America and Antilles regions, including Colombia, which is the third largest in the region.”
The acquisition follows other deals by AkzoNobel in the paints and coatings industry in recent months. These include Spain’s Titan Paints, which completed in March 2021, and an agreement made last December to buy US-based Nautical Coatings.
Author: Elaine Burridge, Freelance Journalist
