NETHERLANDS - AkzoNobel is to further expand its long-term position in South and Central America after reaching an agreement to acquire Colombia-based paints and coatings company Grupo Orbis.

Completion is subject to regulatory approvals and is expected by end of this year, or in early 2022. Financial details were not disclosed.

Present in ten countries in South America, Central America and the Antilles, Grupo Orbis has consolidated revenue of around COP 1,2 billion (USD 306 million). The transaction includes the Pintuco paints and coatings business, Andercol and Poliquim (resins) and Mundial (distribution and services). 

Commenting on the deal, CEO of Grupo Orbis, Andres Bernal, says: “This agreement represents an important growth opportunity for Orbis Group’s companies. We strongly believe there are several benefits, such as access to technology and innovation pipelines. Likewise, we find great opportunities for the development of our employees and our clients, who will be able to access an enlarged and more complete portfolio.”

The intended transaction follows on from a series of recent acquisitions by AkzoNobel across the paints and coatings industry over the last 18 months, which have included Titan Paints in Spain and New Nautical Coatings in the US.