AkzoNobel and Axalta have announced an all-stock merger of equals to create a global coatings company valued at more than £19bn.
The deal is expected to create cost synergies of £456m, primarily from procurement, selling, general and administrative efficiencies, footprint optimisation and improved supply chain management.
The combined company will have a global footprint of 173 manufacturing sites and 91 R&D facilities, supported by approximately 4,200 research fellows, scientists and engineers, and about 3,200 granted and pending patent applications.
This will support the development and delivery of increasingly advanced and differentiated products.
The new company, which will be renamed, will be led by a one-tier board comprising four directors from each company and three independent members, with Axalta chair Rakesh Sachdev serving as chair and AzkoNobel CEO Greg Poux-Guillaume serving as CEO.
New chapter
Poux-Guillaume said: “We’re excited to enter a new chapter in our long and proud history as a leader in the paints and coatings industry. This merger will allow us to accelerate our growth ambitions by bringing together highly complementary technologies, expertise and passionate people to unlock our full combined potential.
“I am excited to lead our talented teams in bringing the best of both companies to our customers and shareholders, delivering outstanding value to both.”
Sachdev added: “The Axalta board is confident that this combination with AkzoNobel will create significant value for our shareholders as we move ahead. Led by an experienced management team with a track record of operational efficiency and excellence, we expect the meaningful synergy opportunities and enhanced financial profile of the combined company will drive substantial value creation.
“We look forward to joining Axalta’s and AkzoNobel’s strengths to create new opportunities across our global stakeholder base.”
The deal is expected to be completed in late 2026 or early 2027.
