AkzoNobel announced the acquisition of New Nautical Coatings, owner of the Sea Hawk yacht coatings brand.
AkzoNobel N.V. agreed to acquire privately-owned company New Nautical Coatings, owner of the Sea Hawk brand. The acquisition, which financial details are not disclosed, will strengthen the company's presence in the North American yacht coatings market.
Established in 1978, New Nautical Coatings supplies antifouling coatings, as well as several other products, such as primers and varnishes. It operates a specialized production facility out of Clearwater Beach, Florida, which mainly serves North America, with sales also being generated in the Caribbean and Australasia. Its Sea Hawk brand finds wide application among yacht owners, shipyards and maintenance service providers.
"North America is a key region for our Yacht Coatings business - it's the largest Yacht Coatings market in the world - so this is an excellent deal which perfectly complements our activities and offers excellent opportunities for growth," says AkzoNobel CEO, Thierry Vanlancker.
"Acquiring New Nautical Coatings means we're now well positioned to expand our operations in North America and further improve the service levels for our customers. It's an established business, with a strong product portfolio, and we're excited to welcome the widely-admired Sea Hawk brand into the AkzoNobel family", adds Jean Michel Gauthier, Director of AkzoNobel's Marine, Protective and Yacht Coatings business.