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 quarter one, 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.”
“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,” Vanlancker continued.