Dura Coat Products To Be Purchased By Axalta Coating Systems
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)
Philadelphia, PA – Axalta Coating Systems (NYSE: AXTA), a leading global supplier of liquid and powder coatings, has entered into a definitive agreement to acquire Dura Coat Products, a prominent manufacturer of coatings for metal coil and related markets in North America. The announcement was made on June 27. Pursuant to the agreement, Axalta will initially purchase a majority stake in Dura Coat at the closing–which is expected to occur in the third quarter of 2016–and the remaining outstanding shares by January 2019, subject to required regulatory approvals and other customary closing conditions. Financial terms of the transaction were not disclosed.
“All of us at Dura Coat are excited about the opportunity to become a part of the Axalta family”
Founded in 1986, Dura Coat has developed a leadership position in the market via its singular focus on overcoming customer challenges through innovation. Well-known Dura Coat brands include Durapon™, Ceranamel™ and the XT series of specialty coatings. Dura Coat’s innovative product lines have been formulated to suit a variety of building construction needs, general industrial applications, and treatment of aluminum extrusions. Dura Coat is known for strong environmental initiatives which it achieves through sound manufacturing practices and with products that have eliminated or reduced hazardous air pollutants. Its products are market-leading Cool Roof, Energy Star and LEED 29 compliant. Dura Coat operates two state-of-the-art coatings manufacturing plants in Riverside, California and Huntsville, Alabama.
“This is an exciting milestone in the evolution of both Axalta and Dura Coat,” explained Axalta Chairman and CEO Charlie Shaver. “Dura Coat’s market-leading technology, strong company values, and commitment to customers are extremely well-aligned with Axalta’s priorities. With this 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 is already familiar with the marketplace for the types of coil sheets which benefit from Dura Coat products. Axalta has offerings complementary to those served by Dura Coat, including leading global brands Alesta® and Abcite® powder coatings, AquaEC™ electrocoat products, and Imron® Industrial coatings which each provide customers in the construction, architectural, and general industrial sectors with durable coatings formulated to protect, increase productivity, and add beauty.
“All of us at Dura Coat are excited about the opportunity to become a part of the Axalta family,” explained Dr. Myung K. Hong, founder, President and Chairman of Dura Coat. “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.”
To learn more about Axalta, visit www.axaltacoatingsystems.com.
About Dura Coat Products
Founded in 1986 and a member of the Axalta Coating Systems family since 2016, Dura Coat is an innovator in the development of spray and coil coatings for building construction
products, general industrial applications and treatment of aluminum extrusions. Its brands include Durapon™, Ceranamel™, Hydropon™, Universal Primers and the XT series of specialty coatings. Like its parent company, Dura Coat has
strong environmental initiatives that have eliminated or reduced air pollutants and its carbon footprint. Its products are Cool Roof, Energy Star and LEED compliant. Dura Coat operates a state-of-the-art manufacturing plant in Huntsville, Alabama. For more information, visit www.duracoatproducts.com.