AkzoNobel and Axalta Coating Systems announced a definitive all-stock merger on November 18, creating a coatings company with an enterprise value of approximately $25 billion, according to the companies' joint announcement. The combined entity will have projected revenues of around $17 billion and will operate 173 manufacturing sites and 91 research and development facilities across more than 160 countries.
AkzoNobel shareholders will hold approximately 55% of the merged company, with Axalta shareholders holding about 45%. The companies project approximately $600 million in annual cost savings, with 90% expected within the first three years after closing.
The transaction is expected to close in late 2026 to early 2027, subject to shareholder approval, regulatory clearances, and other customary conditions.
The deal brings together two suppliers whose brands are fixtures in collision repair shops worldwide. Axalta's portfolio includes Cromax, Spies Hecker, Standox, Imron, Nason, and Duxone. AkzoNobel contributes Sikkens, Lesonal, Wanda, and other refinish systems. Together, the companies represent approximately 100 brands across powder coatings, aerospace, refinish, mobility, marine and protective coatings, industrial coatings, and decorative paints.
Current AkzoNobel CEO Greg Poux-Guillaume will lead the combined company as CEO, while Axalta CEO Chris Villavarayan will serve as deputy CEO. Carl Anderson, currently Axalta's senior vice president and CFO, will become CFO of the new entity. The combined company will operate under a new name and ticker symbol, which have not yet been announced. It will maintain dual headquarters in Amsterdam and Philadelphia.
This merger represents the second-largest combination in the global coatings industry. AkzoNobel and Axalta previously explored a merger in 2017, but talks collapsed when Japanese group Nippon Paint intervened with a competing bid that ultimately did not proceed, according to reports at the time. The combined company will compete directly with other major coatings manufacturers, including PPG Industries, BASF, and Sherwin-Williams.
"This merger will allow us to accelerate our growth ambitions by bringing together highly complementary technologies, expertise and passionate people," said Poux-Guillaume.
"As our industry continues to grow and evolve, this combination with AkzoNobel enables us to do the same, with a sharper competitive edge and new avenues and opportunities for growth," Villavarayan said.
