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Axalta today announced that it has reached a final agreement to acquire Anhui Shengran Insulation Materials Co.
, Ltd.
("Anhui Shengran").
Anhui Shengran is a leading manufacturer of high-quality enameled wire paint in China.
Its products are widely used in consumer electronics, electric vehicles and industrial fields.
Subject to the conditions of the agreement, the transaction is expected to be completed in the second quarter of 2021.
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Financial terms have not been disclosed.
The addition of Anhui Shengran is a highly supplement to Axalta's existing energy solution product lineup.
The acquired enameled wire paint products and production capacity will enhance Axalta's products and services for multiple market terminals such as automobiles, renewable energy and consumer electronics.
"Shelley Bausch, Senior Vice President of Axalta Global Industrial Coatings, said: "Anhui Shengran's enameled wire paint products and production capacity are highly complementary to our growing energy solutions business.
This acquisition will be a solid platform for us to provide support to major customers in China, to further professionalize and drive business growth.
I am very happy to welcome the Anhui Shengran team to Axalta.
Tu Zhangying, Executive Director of Anhui Shengran, believes: “It is very important for us to be able to acquire a trusted partner company.
I believe Axalta will make arrangements for Anhui Shengran and its employees.
Axalta Energy Solutions has three product categories: enameled wire paint, impregnating resin and silicon steel sheet paint, providing innovative and environmentally responsible comprehensive insulating liquid solutions for customers in new energy vehicles and other industrial markets.
Axalta's products can improve motor efficiency, extend the service life of coated components, and meet the requirements of sustainable development.
For 75 years, Axalta Energy Solutions has been a global leader in the manufacture of high-quality, high-performance insulating coatings.
By optimizing collaborative operations, improving R&D capabilities and enriching its product lineup, Axalta's enameled wire paint business in the global and Chinese markets continues to grow rapidly.
