International. Axalta Coating Systems confirmed that its previously announced discussions on the acquisition of Nippon Paint have ended.
According to Axalta, Nippon Paint's Board of Directors "was unwilling to meet our expectations about the value of the company and assume the financial leverage necessary for a deal of this size."
Philadelphia-based Axalta previously held talks with AkzoNobel, but the companies were unable to reach mutually acceptable terms, Axalta confirmed in a press release.
"Axalta is a premier company in the coatings industry and has recently been requested by two global competitors," said Charles W. Shaver, president and CEO of Axalta. "While none of the agreements came to fruition, the strong interest from these companies highlights Axalta's global leadership position. Our current and future operational plans have not wavered during these discussions. We are well positioned to continue as an independent growth company and will continue to be disciplined in generating superior long-term value for our shareholders."
