Dulux's decorative coatings business will be transferred from AkzoNobel to Nippon Paint, covering 7 countries including Vietnam. The total value is approximately US$1.35 billion, with completion targeted by mid-2027. The sale of the Indonesia business is expected to be completed by the end of 2026.
AkzoNobel announced that it had signed an agreement to transfer its Southeast Asian decorative coatings business to Nippon Paint. As a result, Nippon Paint will take over the decorative coatings business, including the Dulux brand, covering 7 countries: Vietnam, Indonesia, Malaysia, Thailand, Singapore, Papua New Guinea and Australia.
Total enterprise value is approximately US$1.35 billion (€1.2 billion), equivalent to 21 times 2025 earnings before interest, taxes, depreciation and amortization (EBITDA). Net proceeds after taxes and fees related to minority shareholders are expected to be approximately US$1 billion.
The transaction is targeted for completion by mid-2027, while the sale of the Indonesia business is expected to be completed by the end of 2026. AkzoNobel will continue to retain full ownership of its coatings business and global business services business.