AkzoNobel Acquires Medellin’s Grupo Orbis, Pintuco Paints
Netherlands-based multinational paints-and-chemicals giant AkzoNobel announced June 29 that it just inked a deal to acquire Medellin-based multinational paints, piping and hardware giant Grupo Orbis.
Deal completion “is subject to regulatory approvals and is expected by end of this year or in early 2022” — but financial details have yet to be disclosed, according to AkzoNobel.
Grupo Orbis operates in 10 countries in South America, Central America and the Caribbean, with 2020 reported revenue of COP$1.2 trillion (US$320 million).
“The transaction includes the ‘Pintuco’ paints and coatings business, ‘Andercol’ and ‘Poliquim’ (resins) and ‘Mundial’ (hardware distribution and services),” according to AkzoNobel.
The new deal “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,” added AkzoNobel CEO Thierry Vanlancker.
The Grupo Orbis deal “follows-on from a series of recent acquisitions by AkzoNobel across the paints and coatings industry over the last 18 months, which have included Titan Paints in Spain and New Nautical Coatings in the U.S.,” according to AkzoNobel.
Following the new deal, AkzoNobel as a result will be operating in more-than 150 countries, with more-than 33,000 employees.