AkzoNobel confirms merger discussions with Axalta

The AkzoNobel factory in Ashington

AkzoNobel confirms merger discussions with Axalta

AkzoNobel has confirmed it is in talks about a merger of the AkzoNobel Paints & Coatings business with Axalta.

The paint manufacturer, which opened a £100m plant in Northumberland earlier this year says that the merger will create a leading global paints & coatings company.

In September, the Paints and coatings company opened a sustainable paint factory in Ashington, which will become the new centre of production for Dulux.

The plant is set to double current UK production levels to 200 million litres per year, the equivalent of 80 million 2.5 litre cans of Dulux.

The factory secures 150 high tech manufacturing jobs in the North East, and supports over 100 additional roles in the local supply chain.

In a statement, AkzoNobel also confirmed that its separation of Specialty Chemicals, including the return of the vast majority of net proceeds to shareholders, remains on track for April 2018 and is unaffected by these discussions.