AkzoNobel Sells Southeast Asia Paints Business to Nippon Paint for $1.35 Billion
AkzoNobel has agreed to sell its decorative paints business in Southeast Asia to Nippon Paint for $1.35 billion. This deal is part of a broader review of its Asian decorative paints portfolio. The sale includes operations in Vietnam, Indonesia, Malaysia, Thailand, Singapore, Papua New Guinea, and Australia. After taxes and payments to minority partners, AkzoNobel expects to receive about $1 billion in net cash proceeds.
AkzoNobel’s Chief Executive Greg Poux-Guillaume stated that this sale aligns with the company’s strategy to focus on areas where it can achieve greater scale and strengthen its market position. The transaction involving Indonesia is expected to close by late 2026, while the remaining deals should be finalized around mid-2027.
The Dutch paints maker recently sold its decorative paints operations in India and Pakistan for $1.6 billion and 50 million euros, respectively. The company is now focused on completing its merger with US coatings maker Axalta, which was announced in November 2023.
Nippon Paint had earlier submitted multiple proposals to acquire AkzoNobel’s decorative paints business, valuing it at about €7.5 billion. This followed the withdrawal of a €12.5 billion bid for the entire company that Nippon Paint had pursued jointly with Sherwin-Williams in June.