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US/Japan: Axalta Coating Systems to explore a sale

By  |  June 19, 2019

Axalta Coating Systems, the US coatings company whose largest shareholder is Warren Buffett’s Berkshire Hathaway, said on Wednesday it had formed a board committee to explore a sale of the company.

The move was driven by the company’s desire to proactively stay on top of a wave of consolidation sweeping the paints and coatings industry, according to people familiar with the matter who requested anonymity to discuss confidential deliberations.

Axalta rebuffed acquisition approaches in 2017 from Akzo Nobel NV and Nippon Paint Holdings. Since then, the company has lost about a fifth of its market value, even though the S&P 500 Index has risen more than 9 percent during the same period, as demand in Axalta’s key automotive market weakened.

Full Content: Financial Times

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