AkzoNobel is expanding its position in South and Central America by acquiring Colombia-based paints and coatings company Grupo Orbis.
AkzoNobel
has reached an agreement to acquire Grupo Orbis, a Colombian paints and coatings company that will allow to further expand AkzoNobel’s position in Central and South America. The transaction – that includes the Pintuco paints and coatings business, Andercol and Poliquim (resins) and Mundial (distribution and services) – is waiting for the regulatory approvals and is expected to be finalised in the early months of 2022 at the latest.
“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. It 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,” stated Thierry Vanlancker, CEO of AkzoNobel.
“It’s an historic opportunity which offers attractive growth potential across both paints and coatings. We’ll be able to access highly complementary geographical positions in several new countries in the Andean, Central America and Antilles regions, including Colombia, which is the third largest in the region,” commented Daniel Campos, AkzoNobel’s Regional Director for South America.
“This agreement represents an important growth opportunity for Orbis Group’s companies. We strongly believe there are several benefits, such as access to technology and innovation pipelines. Likewise, we find great opportunities for the development of our employees and our clients, who will be able to access an enlarged and more complete portfolio,” added Andres Bernal, CEO of Grupo Orbis.
Grupo Orbis operates in ten countries and has a revenue of around COP €260 million. The acquisition will allow AkzoNobel to better serve its global customers and enter in new markets. The company has already acquired several businesses within the paints and coatings industry in the last 18 months, such as Titan Paints in Spain and New Nautical Coatings in the US.