AkzoNobel agreed to sell its decorative paints business in the Asia-Pacific region, including Vietnam, to Nippon Paint. Dulux is expected to operate under Nippon Paint following completion of the transaction.
Dutch paints major AkzoNobel agreed to sell its decorative paints business in Southeast Asia and the Asia-Pacific region, including Vietnam, to Nippon Paint for $1.35 billion. The transaction is expected to generate approximately $1 billion in net cash proceeds after tax and payments to minority shareholders.
Dulux Vietnam is one of AkzoNobel's leading brands in the decorative paints market, and Nippon Paint is expected to take over this business division through the acquisition. The agreement in Indonesia is expected to be completed by the end of 2026, with the remaining agreements, including Vietnam, expected to be completed around mid-2027.
Nippon Paint's decision to acquire the Southeast Asian business follows its previous indication of interest in acquiring AkzoNobel's decorative paints business. Its integration strategy is expected to advance alongside AkzoNobel's policy of selling assets in other regions.