Axalta Expands Energy Solutions Portfolio with Acquisition of Chinese Producer Of Wire Enamels for Electric Devices
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.