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Axalta to acquire wire-enamels manufacturer in China
By Mary Page Bailey |
March 16, 2021
Axalta Coating Systems (Philadelphia, Pa.) has entered into a definitive agreement to acquire Anhui Shengran Insulating Materials Co., Ltd., a leading Chinese producer of high-quality wire enamels used in a wide range of consumer electronics, electric vehicle, and industrial applications. The transaction is expected to close in the second quarter of 2021, subject to customary closing conditions. Financial terms have not been disclosed.
The addition of Anhui Shengran will be highly complementary to Axalta’s existing Energy Solutions portfolio. The acquisition will add new wire enamel products and capabilities to enhance our offerings to customers across several end markets, including automotive, renewable energy, and consumer electronics. The additional production capacity will further support Axalta’s expansion in rapidly growing Asian markets.
Axalta Expands Energy Solutions Portfolio With Acquisition Of Leading Chinese Producer Of Wire Enamels For Electric Devices
Highly synergistic acquisition reinforces strategy to accelerate growth in technology solutions, electronics, and thermal management related coatings.
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SHANGHAI, March 15, 2021 /PRNewswire/ Axalta (NYSE: AXTA), a leading global supplier of liquid and powder coatings, announced today that it has entered into a definitive agreement to acquire Anhui Shengran Insulating Materials Co., Ltd. ( Anhui Shengran ), a leading Chinese producer of high-quality wire enamels used in a wide range of consumer electronics, electric vehicle, and industrial applications. The transaction is expected to close in the second quarter of 2021, subject to customary closing conditions. Financial terms have not been disclosed.
Operator
Greetings and welcome to the Axalta Coating Systems Fourth Quarter and Full Year 2020 Earnings Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] I would now like to turn the conference over to your host, Chris Mecray Vice President, Investor Relations.
Christopher Mecray
Vice President, Investor Relations, Treasury and Strategy
Thank you and good morning. This is Chris Mecray, VP of Investor Relations. We appreciate your continued interest in Axalta and welcome you to our fourth quarter and full year 2020 financial results conference call. Joining me today are Robert Bryant, CEO; and Sean Lannon, CFO. Last evening, we released our quarterly financial results and posted a slide presentation along with commentary to the Investor Relations section of our website at axalta.com which we ll be referencing during this call.