Paints and coatings company AkzoNobel (Amsterdam, The Netherlands) has agreed to acquire the decorative paints business of Spain’s Industrias Titan S.A.U.
Completion is subject to regulatory approvals and is expected before the end of the first quarter of 2021. Financial terms were not disclosed.
Titan, which also has a relevant presence in Portugal, is described by AkzoNobel as one of Spain’s best-known brands. The business shares a 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 Thierry Vanlancker, AkzoNobel CEO. “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.”