AMSTERDAM — AkzoNobel is further strengthening its African footprint after reaching an agreement with Kansai Paint to acquire its paints and coatings activities in the region. Completion, which is subject to regulatory approvals, is expected during the course of 2023.
Present in 12 countries in Africa, Kansai Paint has regional consolidated revenue of around €280 million. The transaction includes the Plascon brand, which has more than 100 years of heritage in South Africa. Together with AkzoNobel’s Dulux brand, they are reported to be the longest-established paint brands in the region. The intended acquisition also includes automotive and protective coatings, and 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,” said 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, added, “We are convinced that AkzoNobel is the best owner as 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.”
Commenting on the deal, Jan-Piet van Kesteren, Managing Director of AkzoNobel’s Decorative Paints Europe, Middle East and Africa business, said, “Kansai Paint Africa is a beautiful addition to our existing strong business which spans across nine countries in the region. The acquisition will complement our portfolio of leading positions in attractive markets and world class brands in Africa, while driving growth in relevant emerging markets. It also offers us the unique opportunity to welcome another strong brand with a heritage of more than 100 years and a wide distribution network.”
Learn more about AkzoNobel at www.akzonobel.com.