AkzoNobel to sell SE Asia decorative paints business to Nippon Paint for $1.35B
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- AkzoNobel said on Monday that it has agreed to sell its Southeast Asian decorative paints business to Nippon Paint for $1.35 billion, concluding its strategic review of its Asian decorative paints portfolio.
- The sale covers decorative paints operations in Vietnam, Indonesia, Malaysia, Thailand, Singapore, Papua New Guinea, and Australia, the Dutch paints maker said, adding that it expects net cash proceeds of about $1 billion after tax and payments to minority partners.
- The Dulux paintmaker earlier divested its decorative paints operations in India and Pakistan for $1.6 billion and 50 million euros, respectively.
- The Indonesia deal is expected to close separately in late 2026, while the remaining transactions are expected to close around mid-2027.
- AkzoNobel said it will now focus on the successful closing of its merger with US coatings maker Axalta (AXTA) which was announced in last November.
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