The deal is expected to close by the end of quarter one 2021, subject to receiving regulatory clearance.
“The Spanish market has strong growth potential and this is an excellent opportunity for us to reinforce our position in the region,” says AkzoNobel CEO Thierry Vanlancker. “The acquisition will enable us to better serve our customers and provides added momentum, while also offering further proof of us being the reference in paints and coatings in Europe.
Headquartered in Barcelona, Titan has manufacturing plants in El Prat de Llobregat (Barcelona), Seville, Gran Canaria (Canary Islands), Porto in Portugal and Tangier in Morocco. The company, which had sales of about €80 million last year, is regarded as one of Spain’s best-known brands – it sells paints under the name Titanlux.
AkzoNobel said Titan shares its commitment to sustainable innovation with much of its portfolio having been recognized for environmental performance.
Author: Elaine Burridge, Freelance Journalist
