Axalta to acquire U-POL

Axalta will acquire U-POL from Graphite Capital Management and other holders for £428m.

The acquisition is expected to finalise in the second half of the year and result in operating synergies and efficiencies of more than £7m within 18 to 24 months. Further efficiencies are expected in the longer term as Axalta benefits from technologies developed at U-POL’s manufacturing plant and research and development lab in Wellingborough.

Robert Bryant, Axalta’s chief executive officer, said: “U-POL’s expertise in refinish accessories and protective coatings is highly complementary to Axalta’s business and expands our addressable market into the important and growing mainstream and economy-based refinish segment as well as the consumer do-it-yourself (DIY) aftermarket.

“We also see opportunities for U-POL’s technology in whitespace applications for other areas of our business, including Mobility and Industrial Coatings.”