AkzoNobel
is to further grow in Europe after agreeing to acquire the decorative paints
business of Spain’s Industrias Titan S.A.U. Completion is subject to regulatory
approvals and expected before the end of Q1, 2021.
Titan –
which also has a relevant presence in Portugal – is one of Spain’s best-known
brands. 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,” says 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.”
Commenting
on the deal, Alberto and Joaquin Folch-Rusiñol, Industrias Titan S.A.U
administrators, add: “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.”
Continues Vanlancker.
“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.”