Blog Coverage: UK's Spencer Coatings Acquired by Axalta Coating Systems
Upcoming AWS Coverage on Albemarle Post-Earnings Results
LONDON, UK / ACCESSWIRE / May 24, 2017 / Active Wall St. blog coverage looks at the headline from Philadelphia based Auto and Industrial paints and powder coatings manufacturer, Axalta Coating Systems Ltd. (NYSE: AXTA), as the Company announced on May 22, 2017 that it has signed an agreement to acquire Aberdeen, UK based Spencer Coatings Group, a privately-owned Company, which is the largest manufacturer of industrial coatings in UK. The acquisition will allow Axalta to expand its global footprint and capabilities. Register with us now for your free membership and blog access at:
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One of Axalta Coating Systems' competitors within the Specialty Chemicals space, Albemarle Corporation (NYSE: ALB), reported on May 03, 2017, its earnings reports for Q1 2017. AWS will be initiating a research report on Albemarle in the coming days.
Today, AWS is promoting its blog coverage on AXTA; touching on ALB. Get all of our free blog coverage and more by clicking on the link below:
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The financial details and other terms and conditions of the deal were not shared by any of the Companies.
Commenting on the acquisition, Michael Cash, Senior Vice President and President of Industrial Coatings for Axalta said:
"Spencer's industry-leading product technologies fit very well within Axalta's current industrial portfolio. With the acquisition of Spencer, we will have the opportunity to take some incredibly innovative products and expand into new geographies, as well as provide our combined industrial customers with additional product technologies."
Phil Buck, Managing Director of Spencer Coatings Group added:
"To continue to grow and provide confidence to our customers and employees, we felt that the Spencer Coatings Group would benefit from being part of a larger coatings Company that would enable us to accelerate our growth plans. Axalta Coating Systems, with their global footprint and commitment to innovation, will provide the best home for our Company."
About Spencer Coatings Group
Founded in 1909, Spencer Coatings is headquartered in Aberdeen and started off as a manufacturer of industrial coatings for the shipbuilding and fishing industries. In 2012, Spencer Coatings acquired Stokes Paints after which it shifted its manufacturing, R&D, and technical services to specially build factory in Huthwaite, Nottinghamshire. Its product portfolio includes a wide range of products for steel, concrete, wood, and other substrates; high performance heavy duty coatings used in bridges and offshore structures; and a range of range of coatings to protect the internal and external surfaces of oil, gas, and water pipelines. The Company's international operations include manufacturing plants in Nigeria and Shandong Province, Eastern China, and offices in Singapore and Turkey.
Acquisitions route to expansion and growth
Axalta was founded in 1866 and completed 150 years in the coatings industry in 2016. Axalta is a leading global coatings manufacturer that caters to the industrial and automobile industries from light OEM vehicles, commercial vehicles, and refinishes applications to electric motors, buildings, and pipelines. The Company's global footprint is spread across 130+ countries and has 46 manufacturing facilities, 4 global technology centers and technology laboratories in more than 30 countries. The Company has global workforce of over 13,000 people. Axalta recorded net sales of $4.1 billion for FY16.
Axalta has chosen the mergers and acquisitions route for expansion and growth of its business. In FY17, Axalta has made two high profile deals. In April 2017, Axalta acquired The Valspar Corporation's (NYSE:VAL) North American Industrial Wood Coatings business for $420 million. The acquisition paved the way for Axalta's entry into the Industrial Wood Coatings market. In January 2016, Axalta acquired the Ellis Paint Company for an undisclosed amount. Ellis Paint is a leading manufacturer of industrial and automotive refinish paint in North America. Ellis Paint is known for manufacturing a range of environmentally responsible products and a strong spent material recycling practices.
Stock Performance
On Tuesday, May 23, 2017, Axalta Coating Systems' stock closed the trading session at $31.43, slightly up 0.06% from its previous closing price of $31.41. A total volume of 1.56 million shares have exchanged hands. The Company's stock price surged 20.24% in the past six months and 13.38% in the previous twelve months. Furthermore, on a year to date basis, the stock rallied 15.55%. At Tuesday's closing price, the stock's net capitalization stands at $7.52 billion.
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