Former DuPont business Axalta confirms talks with Japanese company

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Axalta Coating Systems a global paint and coatings company sold by DuPont, confirmed it is in talks with a Japanese paint company.

“Axalta today confirmed that it is engaged in discussions with Nippon Paint regarding a potential acquisition of Axalta. Axalta will pursue such a transaction only if its Board of Directors determines that it is in the best interest of Axalta to do so. There can be no assurances that a definitive agreement between the parties will be reached or on what terms,” the company.

Earlier, Axalta announced it had ended talks with Dutch-paintmaker AkzoNobel. Axalta is best known for paint and coatings used by body shops and the automotive and heavy truck industries.

Philadelphia-based Axalta was sold by DuPont in 2012 to a private equity firm, which went on to engineer a public offering of stock. A sale at a premium price would allow original investors to cash out with handsome profits.

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DuPont took some heat from activist shareholder Nelson Peltz in 2014 and 2015. Peltz believed the company was worth more than the nearly $5 billion sales price. Thanks in part to the bump in the stock price from takeover speculation, the stock market value of Axalta has risen to $8.6 billion.

The company worked to put distance between itself and DuPont, moving headquarters and other operations across the line to Glen Mills, PA and Center City Philadelphia and developing a research center at the Philadelphia Naval Yard.

Axalta has 13,300 employees and more than 100,000 customers in 130 countries. For more information, visit axaltacoatingsystems.com.

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