PHILADELPHIA — Axalta Coating Systems Ltd. has concluded a previously announced review of strategic alternatives for the company, which included its possible sale. Axalta mentioned the impact of the COVID-19 outbreak as a reason for the decision.
"In light of the dislocation in global markets caused by the coronavirus pandemic, the board unanimously determined that concluding the review of strategic alternatives is in the best interests of Axalta shareholders at this time," said Mark Garrett, Axalta's Chairman of the Board and Chair of its Strategic Review Committee. "This decision follows months of in-depth discussions with a number of interested parties. Although the process has concluded, our board will continue to evaluate all opportunities to enhance shareholder value. I would like to thank Robert Bryant and the management team for their hard work in the review process and for the excellent job they are doing to navigate Axalta through a global crisis. I'd also like to thank our employees for their relentless commitment and outstanding contributions to Axalta's success."