Axalta Buys Paint and Coatings Maker U-POL
The deal expands the company’s foothold in the automotive refinish and aftermarket protective markets.
July 7, 2021
Liquid and powder coatings supplier Axalta Coating Systems announced Wednesday that a definitive agreement was inked to acquire paint, protective coatings, and accessories manufacturer U-POL from Graphite Capital Management LLP. The purchase price was listed at $590 million.
The UK-based firm produces repair and finish products used in automotive refinish and aftermarket protective applications. U-POL’s portfolio includes fillers, coatings, aerosols, adhesives, and paint related products. Raptor, Dolphin, Gold and other U-POL brands are sold across 100 countries.
“Axalta is the world leader in the premium refinish coatings segment. 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,” Robert Bryant, chief executive officer of Axalta, said in a release.
U-POL currently operates a manufacturing plant and R&D lab in Wellingborough, England. The company was established in 1948.
“The two companies’ cultures of innovation, quality, and strong operating principles are exceptionally aligned,” said Troy Weaver, senior vice president, Global Refinish Coatings for Axalta, in a statement. “We look forward to serving customers with these additional capabilities and to welcoming U-POL’s dedicated team members to the Axalta family.”
Axalta expects the sale to close in the second half of 2021.
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