Nippon Paint agreed to acquire AkzoNobel’s decorative paints business for $1.35 billion. It will integrate the business in 7 markets, including Vietnam, and the Dulux and Maxilite businesses in Vietnam are expected to come under Nippon Paint.
Nippon Paint formally agreed to acquire AkzoNobel’s decorative paints business for $1.35 billion. The transaction covers 7 markets: Vietnam, Indonesia, Malaysia, Thailand, Singapore, Papua New Guinea and Australia. Completion is expected by the end of 2026 for the Indonesia business and around mid-2027 for the other businesses. Following completion of the acquisition, AkzoNobel is expected to receive approximately $1 billion in cash after tax.
In Vietnam, Dulux is one of AkzoNobel’s leading brands in the decorative paints segment, and under the agreement this business division will change from AkzoNobel to Nippon Paint. Dulux and Maxilite factories in Vietnam have continued manufacturing at multiple locations, including Dong Nai Province. The company operates factories in Dong Nai Province, Hanoi, Phu Tho Province and Ho Chi Minh City.
The new agreement was reached after multiple proposals by Nippon Paint to acquire AkzoNobel’s decorative paints division. The business had previously been reported to have a valuation of €7.5 billion, but Sherwin-Williams withdrew its offer to acquire all shares in June. AkzoNobel is currently focused on preparing for a merger with Axalta and reviewing its portfolio in Asia.