AkzoNobel announced the acquisition of the decorative paints business of Spanish paint and coatings manufacturer Industrias Titan S.A.U.
AkzoNobel will acquire Titan's decorative paints business. Completion of the acquisition is subject to regulatory approvals and expected before the end of Q1, 2021.
Industrias Titan S.A.U is a paint and coating manufacturer based in Barcelona, Spain, which also has a relevant presence in Portugal. The business shares AkzoNobel's commitment to sustainable product innovation, with much of its portfolio having received recognition for environmental performance.
"The Spanish market has strong growth potential and this is an excellent opportunity for us to reinforce our position in the region," said AkzoNobel CEO, Thierry Vanlancker. "The acquisition will enable us to better serve our customers and provides added momentum, while also offering further proof of us being the reference in paints and coatings in Europe. The fact that a significant part of Titan's portfolio has been awarded the European Ecological label also offers exciting possibilities for combining our technologies and expertise, which will result in us developing better and more sustainable products."
"We're delighted to hand over Titan's decorative paints business to a global leader like AkzoNobel. We're confident they will care for Titan's legacy in the same way the family has done for over 100 years", added Alberto and Joaquin Folch-Rusiñol, Industrias Titan S.A.U administrators, commenting on the deal.
"Titan has a proud heritage and a long track record of innovation and continuous improvement - qualities that we strongly relate to. It's therefore a perfect fit for us and will provide a solid platform to further grow our position throughout the region", added Vanlancker.