Axalta kills Japan merger talks
Despite all the time he spends negotiating mergers, CEO Charles Shaver insists Axalta's focus on its own operations has "not wavered." and the Philly-based vehicle-paint company "is well positioned to continue as a standalone" with a rising share price.
/arc-anglerfish-arc2-prod-pmn.s3.amazonaws.com/public/OOP4CQGYURGCBO6GCC2PMG352I.jpg)
Axalta Coating Systems, the Philadelphia-based paintmaker, said merger talks with Nippon Paint have ended after the Japanese company said it wasn't willing to borrow and pay as much as Axalta demanded as its purchase price.
Nippon was the second recent "global competitor" whose "keen interest" proves Axalta is a "global leader," said Axalta CEO and Chairman Charles W. Shaver in a statement.
Axalta broke off talks earlier this fall with Netherlands-based AkzoNobel, which had sought to buy Axalta so it would become too big to be acquired by its own American suitor, Pittsburgh-based PPG Industries.
Despite all the time he's spent talking to would-be partners, Shaver insists the company's focus on its operations has "not wavered." and Axalta "is well positioned to continue as a standalone growth company" with a rising share price.
Axalta, spun off in 2013 from the former DuPont Co., has itself completed half a dozen acquisition this year in an effort to bulk up as the worldwide paints industry consolidates into a handful of multinational manufacturers.
The company, best known for its auto, pipeline, motor and buildings paints, employs 13,300 and claims customers in 130 countries.