AkzoNobel recently announced that it plans to further expand its long-term position in South and Central America after reaching an agreement to acquire Colombia-based paints and coatings company Grupo Orbis. Completion is subject to regulatory approvals and is expected by end of this year or in early 2022. Financial details were not disclosed.
Present in 10 countries in South America, Central America, and the Antilles, Grupo Orbis has consolidated revenue of around COP $1.2 billion (€260 million [$300 million]). The transaction includes the Pintuco paints and coatings business, Andercol and Poliquim (resins), and Mundial (distribution and services).
“This is an excellent intended acquisition which aligns perfectly with our Grow & Deliver strategy of creating leading global positions and driving growth in emerging markets,” said Thierry Vanlancker, AkzoNobel CEO. “It will expand our long-term position across South America by establishing us as a frontrunner in the Andean region and in Central America, where several countries are high on the global growth rankings for the next decade.”
“It’s an historic opportunity which offers attractive growth potential across both paints and coatings,” said Daniel Campos, AkzoNobel’s regional director for South America. “We’ll be able to access highly complementary geographical positions in several new countries in the Andean, Central America and Antilles regions, including Colombia, which is the third largest in the region.”
According to Andres Bernal, CEO of Grupo Orbis, “This agreement represents an important growth opportunity for Orbis Group’s companies. We strongly believe there are several benefits, such as access to technology and innovation pipelines. Likewise, we find great opportunities for the development of our employees and our clients, who will be able to access an enlarged and more complete portfolio.”