International. Axalta Coating Systems announced the acquisition of Plascoat Systems Limited, a supplier of thermoplastic powder coatings, from its parent company, International Process Technologies (IPT) Ltd. Financial terms of the transaction were not disclosed.
Founded in 1952, Plascoat has pioneered the science behind the formulation, manufacture and application of polyolefin thermoplastic coatings. Plascoat PPA 571, a flexible, sturdy and durable plastic coating used for a wide variety of outdoor applications, Talisman, a durable, hard plastic coating widely used in the dishwasher basket liner market, and Plascoat PPA 571 Aqua, a unique plastic coating for drinking water pipes, in addition to many other high-performance coatings designed to meet the highest industry standards.
"Over the past 65 years, Plascoat has led the way in developing innovative, environmentally friendly coatings that meet the high corrosion resistance demands of customers around the world," said Michael Cash, Senior Vice President of Axalta and President of Industrial Coatings. "We look forward to bringing this knowledge and experience to Axalta to grow our thermoplastic powder coatings business and offer even more innovative products and solutions to our customers."
"This is a great opportunity for Plascoat to grow as a business and advance our offerings while joining a company that places great value on its customers, new product development and impact on the environment," said Jeremy Stoke, President of IPT Ltd. "We look forward to our future with Axalta."
