AkzoNobel recently announced that it will further strengthen its African footprint after reaching an agreement with Kansai Paint to acquire its paints and coatings activities in the region. Completion is expected during the course of 2023, subject to regulatory approvals.
Present in 12 countries in Africa, Kansai Paint has regional consolidated revenue of around €280 million (approximately $299.3 million). The transaction includes the Plascon paint brand, as well as 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 Thierry Vanlancker, CEO of AkzoNobel. “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.”
According to Kunishi Mori, Kansai Paint’s president, “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.”
“Kansai Paint Africa is a beautiful addition to our existing strong business which spans across 9 countries in the region,” said Jan-Piet van Kesteren, managing director of AkzoNobel’s Decorative Paints Europe, Middle East and Africa business. “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.”