United States. Axalta Coating Systems announced that it has entered into a definitive agreement to acquire Dura Coat Products, a manufacturer of coatings for metal coils and related markets in North America.
Pursuant to the agreement, Axalta initially acquires a majority interest in Dura Coat at closing which is expected to occur in the third quarter of 2016 and the remaining outstanding shares in January 2019, all subject to required regulatory approvals and other customary closing conditions. Financial terms of the transaction were not disclosed.
Dura Coat stands out for its environmental initiatives that they achieve through sound manufacturing practices and with products that have eliminated or reduced hazardous air pollutants. Its products are compatible with Cool Roof, Energy Star and LEED 29. Dura Coat operates two coating manufacturing plants in Riverside, California, and Huntsville, Alabama.
Pictured, from left to right: Charlie Shaver, CEO of Axalta; Dr. Myung K. Hong, founder and president of Dura Coat; Lorrie Hong, Member of the Board of Directors of Dura Coat; and Michael A. Cash, Senior Vice President of Axalta.
