June 29, 2021
Dutch paints and coatings firm AkzoNobel said Tuesday that an agreement was reached to purchase Grupo Orbis, a Columbia-based coatings and paints company that serves Central and South America. Financial terms of the deal were not disclosed.
“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,” AkzoNobel Chief Executive Officer Thierry Vanlancker said in a release. “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.”
Grupo Orbis has a presence in 10 countries and consolidated revenue of €260 million, or about $309 million. Under the terms of the sale, AkzoNobel will acquire the Pintuco paints and coatings business, Andercol and Poliquim reins business, and Mundial, a distribution and services business.
“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 Columbia, which is the third largest in the region,” said Daniel Campos, regional director for South America at AkzoNobel, in a statement.
The sale is expected to close by the end of this year or in early 2022 after regulatory approvals are completed.
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