AkzoNobel to Acquire Kansai Paint's Assets in Africa
Kansai Paint is present in 12 countries in Africa. The transaction, which is expected to close in 2023, includes the Plascon brand.
AkzoNobel (Amsterdam, Netherlands) plans to further strengthen its African footprint after reaching an agreement with Kansai Paint (Osaka, Japan) to acquire its paints and coatings activities in the region. Completion of the agreement, which is subject to regulatory approvals, is expected in 2023.
Kansai Paint is present in 12 countries in Africa. The transaction includes the Plascon brand, which has more than 100 years of heritage in South Africa. Together with AkzoNobel’s Dulux brand, it one of the longest established paint brands in the region. The intended acquisition also includes automotive and protective coatings as well as coatings for wood and coil.
“Acquiring Kansai Paint’s activities in the region will help us to further expand our paints and coatings business in Africa and provide a strong platform for future growth,” says AkzoNobel CEO Thierry Vanlancker. “Kansai Paint shares our commitment to innovation and sustainability, and we look forward to combining our expertise, which will result in a wider range of innovative products and more sustainable solutions for our customers.”
Kunishi Mori, Kansai Paint’s president, comments, “AkzoNobel considers the decorative paints business as a core business and will therefore be able to unlock the full potential of the business, thereby contributing to the development of the African economy.” He continues, “We believe that AkzoNobel will be the owner who will elevate the business to the next level as AkzoNobel is willing to invest in ESG, is committed to innovation, workforce development and broader career opportunities as well as the long-term success of its paint businesses in Africa.”
The intended acquisition follows a series of recent acquisitions by AkzoNobel across paints and coatings over the last two years, including Titan Paints in Spain and Portugal, New Nautical Coatings in the US and, most recently, Grupo Orbis in Latin America.
