Axalta Coating Systems has acquired the automotive interior rigid thermoplastics coatings business of Michigan-based United Paint and Chemical Corp.
Production will temporarily remain at United Paint’s Southfield, MI facilities and will transfer to Axalta’s facilities.Financial terms of the transaction were not disclosed.
Axalta was purchased from DuPont by private equity investors.
The company has since issued stock. Axalta has moved functions out of Delaware but has continued to be involved in the nonprofit area in the state. The company has an office site in Glen Mills, PA, near the Delaware line and headquarters in Philadelphia.
The company will also build research and development facilities at the Philadelphia Naval Yard. Its research and development has been at the DuPont Experimental Station.
Axalta has been making “bolt-on” acquisitions to fill out its product lines.
“United Paint’s interior rigid thermoplastics coating technology is a great fit for Axalta as we fulfill our commitment to provide our customers in the global vehicle manufacturing industry with a complete range of coating systems,” said Steven R. Markevich, Axalta executive vice president and president of transportation coatings and Greater China. “Vehicle interiors are a logical extension of the expertise we have developed to serve the growing automotive plastic components market as traditional materials are replaced by lightweight alternatives. Vehicle manufacturers will benefit by being able now to rely on Axalta as a single source supplier of coatings for vehicle interiors as well as exterior surfaces.”
“We believe Axalta is an excellent long-term home for our automotive interior rigid thermoplastics coatings business,” said J. Geoff Piceu CEO of United Paint. “With its leadership position in the automotive exterior coatings market, its history of innovation, focus on customers and its global scale and reach, we are confident Axalta will allow the individuals, products and customers associated with this segment of our business to maximize their global potential.”