Dutch AkzoNobel has completed the acquisition of Colombia-based paints and coatings company Grupo Orbis, strengthening its long-term position in Latin America.
Credit: AkzoNobel
Credit: AkzoNobel
Present in ten countries in Central America, South America and the Antilles, Grupo Orbis has consolidated revenue of around €360 million.
The transaction includes the Pintuco paints and coatings business, Andercol and Poliquim (resins, emulsions, adhesives and speciality chemicals), Mundial (paints and related product distribution services) and Centro de Servicios Mundial (shared services centre).
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The completion comes as AkzoNobel delivers double-digit revenue growth in Q1, with pricing in line with raw material inflation.
AkzoNobel CEO Thierry Vanlancker commented: “We continued to make good progress, with strong revenue growth in both paints and coatings in the first quarter. Through our vigorous pricing initiatives, we are in line with the unprecedented variable cost inflation that impacted our industry during the quarter.
"The acquisition of Grupo Orbis will drive our growth in emerging markets, expanding 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.”
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