Axalta Acquires Spencer Coatings
Axalta continues its acquisition trail, this time with an agreement to buy the UK’s Spencer Coatings Group, a leading manufacturer of high-performance industrial coatings for heavy duty equipment, general industrial, oil and gas, and glass coatings market segments. Financial terms were not disclosed.
Michael Cash, Axalta’s senior vice president and president, industrial coatings, said Spencer’s product technologies were a very good fit with Axalta’s existing portfolio and the acquisition would give the US group the opportunity to expand into new geographies.
Spencer Coatings will benefit from being part of a larger coatings company that will enable the acceleration of its growth plans, commented Phil Buck, managing director of the Aberdeen-based group. As well as in the UK, Spencer Coatings also has manufacturing plants or sales offices in Shandong, China; Istanbul, Turkey; Singapore and Nigeria.
Formerly DuPont’s coatings business, Axalta has bought several companies during 2016 and 2017 to date. Last month, it agreed to pay $420 million for Valspar’s North American industrial wood coatings business, a move that should allow regulators to approve Sherwin-Williams’ purchase of Valspar.