AMSTERDAM – Keen to raise its presence in Latin America, Dutch paints and coatings giant AkzoNobel plans to buy Colombia-based Grupo Orbis. AkzoNobel – whose portfolio includes the International, InterLux and Awlgrip marine brands – expects to complete the takeover by year’s end or in early 2022, subject to regulatory approval.
AkzoNobel issued no financial details of its planned takeover. Active in 10 South and Central American nations and the Antilles, Grupo Orbis posted annual revenues of €260 million last year.
AkzoNobel operates in more than 150 nations around the world. Its large portfolio of paints and coatings includes the International, Interlux and Awlgrip marine and offshore industry brands. In May, it launched water-based Micron Navigator through the Interlux brand, hailing it as its most sustainable and environmentally conscious antifouling to date.
Both AkzoNobel and Grupo Orbis officials welcomed the takeover.
“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 AkzoNobel CEO Thierry Vanlancker. Added AkzoNobel’s South America Director Daniel Campos, “It’s a historic opportunity which offers attractive growth potential across both paints and coatings.”
Grupo Orbis CEO Andres Bernal said the takeover will provide “access to technology and innovation pipelines (and) great opportunities for the development of our employees and our clients who will be able to access an enlarged and more complete portfolio.”
In recent years, AkzoNobel has completed a series of recent acquisitions across the paints and coatings industry, including that of Titan Paints (Spain) and New Nautical Coatings (USA).
The Dutch multination operates in more than 80 countries, employs over 32,000 people and posted sales of €8.5 billion in 2020. Marine and Protective Coatings accounted for 12% of total revenues in Q1-2021.