Axalta Coating Systems, a leading global supplier of liquid and powder coatings, announced today that it has entered an agreement to acquire the Spencer Coatings Group, a leading manufacturer of high performance industrial coatings for heavy-duty equipment, general industrial, oil and gas, and glass coatings segments.
Financial terms of the transaction were not disclosed.
The Spencer Coatings Group, established in 1909, is the largest independent industrial coatings manufacturer in the UK. Spencer’s decades of success are attributed to their high quality, durable products, with a reputation of unparalleled customer service. Well-known Spencer products include Acothane™ polyurethanes for internal and external pipeline coatings, Corroless™ coatings which provide a range of highly efficient corrosion control solutions for a variety of steel structures, and high-performance water-based coatings for both glass and general industrial segments.
“We are very proud to welcome the Spencer Coatings Group into the Axalta family,” said Michael Cash, Axalta Senior Vice President and President, Industrial Coatings. “Spencer’s industry-leading product technologies fit very well within Axalta’s current industrial portfolio. With the acquisition of Spencer, we will have the opportunity to take some incredibly innovative products and expand into new geographies, as well as provide our combined industrial customers with additional product technologies. We both share a strong commitment to our customers and to the Industrial Coatings markets in which we participate.”
“We have spent the past twenty years building a specialized industrial coatings business with innovative coating systems which are supplied to customers in the UK and overseas,” said Phil Buck, Spencer Coatings Group Managing Director. “To continue to grow and provide confidence to our customers and employees, we felt that the Spencer Coatings Group would benefit from being part of a larger coatings company that would enable us to accelerate our growth plans. Axalta Coating Systems, with their global footprint and commitment to innovation, will provide the best home for our company and we are very excited about the prospects for both companies.”
Spencer’s three England-based manufacturing facilities supply industrial products throughout the United Kingdom and international markets.
3M and Dow have announced they are cutting thousands of roles from their global workforces in response to economic pressures. Dow has said it will cut 2,000 jobs across its global workforce (around 5%) in a bid to save US$1bn in 2023. The company says it will also cut costs by shutting down “select assets”, though it did not note where it would halt operations.
Sweden’s state mining firm has discovered what could be Europe’s largest rare earths deposit, and says it could help the bloc reduce its reliance on imports of minerals needed to manufacture clean technologies and meet climate targets.
Henkel and Avantium have been partners since 2019, when Henkel joined the PEFerence consortium. This consortium of partners, coordinated by Avantium, aims to establish an innovative supply chain for FDCA and PEF (polyethylene furanoate).