AkzoNobel is to further expand its long-term position in South and Central America after reaching an agreement to acquire Colombia-based paints and coatings company Grupo Orbis.
Completion is subject to regulatory approvals and is expected by end of this year, or in early 2022. Financial details were not disclosed.
Present in ten countries in South America, Central America and the Antilles, Grupo Orbis has consolidated revenue of around COP $1.2 billion (€260 million). The transaction includes the Pintuco paints and coatings business, Andercol and Poliquim (resins) and Mundial (distribution and services).
“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,” explains AkzoNobel CEO, Thierry Vanlancker.
“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.”
Source: AkzoNobel