AkzoNobel to Acquire Grupo Orbis
AkzoNobel is on track to acquire Colombia-based paints and coatings company Grupo Orbis. The acquisition is subject to regulatory approvals and is expected by end of this year or in early 2022. Financial details were not disclosed.
Present in 10 countries in South America, Central America and the Antilles, Grupo Orbis has consolidated revenue of around COP $1,200 billion (€260 million). The transaction includes the Pintuco paints and coatings business, Andercol and Poliquim (resins) and Mundial (distribution and services).
The acquisition “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,” explains AkzoNobel CEO, Thierry Vanlancker.