Dura Coat Products Joins Axalta Coating Systems Family
Dura Coat and Axalta Coating Systems have entered into an agreement for the acquisition of Dura Coat Products, Inc. The majority stake will be purchased at the expected third quarter of 2016 closing and the remaining outstanding shares by January 2019, subject to customary regulatory approvals and closing conditions. No financial terms were disclosed.
Dr. Mike Hong said: “All of us at Dura Coat are excited about the opportunity to become a part of the Axalta family. Axalta’s customer focus and global footprint will help open more doors for our products and will enable us to build on the successful legacy of Dura Coat. 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.”
Axalta Chairman and CEO Charlie Shaver said, “This is an exciting milestone in the evolution of both Axalta and Dura Coat. Dura Coat’s market-leading technology, strong company values, and commitment to customers are extremely well-aligned with Axalta’s priorities. With the partnership, we look forward to offering our combined customer base an even broader range of solutions to meet their requirements with the most innovative coil coating products and colors in the marketplace today.
Axalta Coating Systems is a 150-year old global company that dates back to 1866. It focuses solely on coatings with applications that range from light OEM vehicles, commercial vehicles and refinish application to electric motors, buildings and pipelines with coatings that prevent corrosion, increase productivity and enable the base materials to last longer. Axalta employs 12,800 people in 130 countries. Annual sales are $4-billion.
Some of Axalta’s leading global brands are Alesta® and Abcite® powder coatings, AquaEC™ electrocoat products and Imron® Industrial coatings.
Dura Coat Products is celebrating its 30th year in the spray and coil coating markets. Dura Coat brands include Durapon™, Ceranamel™, Universal Primers and the XT series of specialty coatings. Dura Coat’s products are focused on building construction, general industrial applications and treatment of aluminum extrusions. Like Axalta, Dura Coat has strong environmental initiatives that have eliminated or reduced air pollutants and the carbon footprint. Its products are Cool Roof, Energy Star and LEED 20 compliant. Dura Coat operates two state-of-the-art manufacturing plants in Riverside, California and Huntsville, Alabama.
For more information, visit www.axaltacs.com or follow on Twitter @axaltla and on LinkedIn.
Any forward looking statements are based on current assumptions. Axalta has no obligation to update or revise statements contained herein, as a result of new information or future events.
From left: Charlie Shaver, Axalta Chairman and CEO; Dr. Myung K. Hong, founder, President and Chairman of Dura Coat; Mrs. Lorrie Hong, Member of the Board of Directors of Dura Coat; and Michael A. Cash, Axalta Senior Vice President and President, Industrial Coatings. (Photo: Axalta)