The transaction is expected to close in the second quarter of 2021, subject to customary closing conditions. Financial terms have not been disclosed.
The acquisition will add new wire enamel products and capabilities to enhance Axalta’s offerings to customers across several end markets, including automotive, renewable energy, and consumer electronics.
“Anhui Shengran’s wire enamel products and capabilities are highly complementary to our growing Energy Solutions business,” said Shelley Bausch, senior VP 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.”
With three distinctive product segments – wire enamels, impregnating resins and electrical steel coatings – Axalta’s Energy Solutions business provides a comprehensive portfolio of innovative and ecologically responsible insulating solutions for customers in new energy vehicles and other industrial markets.
This post appeared first on Coatings World.