Axalta to Acquire Dura Coat Products
Major US liquid and powder coatings company Axalta Coating Systems has agreed to acquire Dura Coat Products, a California, USA-headquartered manufacturer of coil and spray coatings. Axalta will initially purchase a majority stake in Dura Coat when the deal closes in the third quarter. It will then buy the remaining shares by January 2019, subject to regulatory approvals and other customary closing conditions. Financial terms were not disclosed.
Dura Coat operates two manufacturing plants in Riverside, California, and Huntsville, Alabama. Its well-known brands include Durapon, Ceranamel and the XT series of specialty coatings with product lines formulated to suit a variety of construction and general industrial applications, as well as treating aluminum extrusions.
Axalta said its portfolio, which includes leading global brands such as Alesta and Abcite powder coatings, AquaEC electrocoat products, and Imron Industrial coatings, is complementary to Dura Coat’s offering.
Myung Hong, founder, president and chairman of Dura Coat, said Axalta’s customer focus and global footprint will help open more doors for its products. “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,” he said.
