SHANGHAI — Axalta has entered into a definitive agreement to acquire Anhui Shengran Insulating Materials Co. Ltd., a leading Chinese producer of wire enamels used in a wide range of consumer electronics, electric vehicle and industrial applications. The transaction is expected to close in the second quarter of 2021, subject to customary closing conditions. Financial terms were not disclosed.

The addition of Anhui Shengran will complement Axalta's existing Energy Solutions portfolio and will add new wire enamel products for customers in the automotive, renewable energy, and consumer electronics markets. The additional production capacity will support Axalta's expansion in rapidly growing Asian markets.

"Anhui Shengran's wire enamel products and capabilities are highly complementary to our growing Energy Solutions business," said Shelley Bausch, Senior Vice President of Global Industrial Coatings at Axalta. "This will be a solid platform for further specialization and growth as we support key customers in China. I am also excited to welcome the Anhui Shengran team to Axalta."

"It was important to me that we were acquired by a company I could trust to treat my employees well, and I believe Anhui Shengran is in good hands," said Zhangying Tu, Executive Director of Anhui Shengran. "We are excited to become part of Axalta, and we look forward to working together to add value and increase market share in the growing Energy Solutions market in China."

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