AkzoNobel to acquire Grupo Orbis, expand position in South and Central America

AkzoNobel will further expand its long-term presence in South and Central America following an agreement to acquire Colombian paint and coatings company Grupo Orbis
.
Completion of the transaction is subject to regulatory approval and is expected to close by the end of this year or early 2022
.
Financial details were not disclosed
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The Orbis Group has operations in 10 countries in South America, Central America and the Antilles, with consolidated revenues of approximately 1.
2 billion pesos (260 million euros)
.
The deal includes the Pintuco paints and coatings business, Andercol and Polyquim (resins) and Mundial (distribution and services)
.

Thierry Vanlancker, CEO of AkzoNobel, explained: "This is a good acquisition of interest, fully aligned with our 'Grow and Deliver' strategy of creating a global leadership position and driving growth in emerging markets
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It will expand Our longstanding position across South America makes us a leader in the Andean region and Central America, where several countries rank at the top of the global growth rankings over the next decade
.
"

Daniel Campos, the company’s regional director for South America, added: “This is a historic opportunity that offers attractive growth potential in both paints and coatings
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We will be able to reach the Andes, Central America and the Antilles Several new countries with highly complementary locations in the region, including Colombia, which is the third largest country in the region
.
”

Commenting on the transaction, Orbis Group CEO Andres Bernal said: "This agreement represents an important development opportunity for the Orbis Group companies
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We strongly believe in several benefits, such as access to technology and innovation channels
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Likewise, we Great opportunities have also been identified for the development of our employees and customers, who will be able to access an expanded and more complete portfolio
.
"

In addition to creating value from global and regional product and service innovation, the proposed acquisitions will allow AkzoNobel to better serve customers in more regions and enter new markets
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Both companies also share a strong belief in the transformative power of color and a high commitment to sustainability
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It is therefore expected that combining AkzoNobel's "Let's Colour" programme with the expertise of the Pintuco Foundation will provide a new impetus to further improve the quality of life of people in local communities across the region
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Over the past 18 months, AkzoNobel has made a series of acquisitions in the paints and coatings industry, including Titan Paints in Spain and New Nautical Coatings in the United States
.