Snack brands collectively open supermarkets; AkzoNobel sells its Southeast Asian paint business for $1.35 billion

Mingming Hengmang launched the 'Zhao Yiming Savings Supermarket'; Three Squirrels opened a 'Lifestyle Store'; Liangpin Puzi launched 'Xian Shenghuo' (Fresh Living); Wanchen Group operates 'Huishengjia'; Xian Shi You Ming established a wholesale supermarket; Laiyifen and Ai Snacks have also followed suit. Product categories have expanded from chips and spicy strips to rice, flour, cooking oil, fresh and frozen foods, daily necessities and household chemicals, freshly prepared braised delicacies, fruits, and eggs. The logic is straightforward: snacks generate high-frequency but low-ticket purchases; once store density increases, revenue per store declines. To boost repeat purchases and average order value, brands must sell items consumers need for 'meals throughout the day nearby.' Customers already visit regularly for snacks—so they might as well grab a bunch of scallions, two jin of apples, or a bottle of laundry detergent on the way out, thereby improving sales per square meter. Yet this transition isn’t easy. Fresh produce spoilage, cold-chain logistics, fresh-food supply chains, and operational models borrowed from community group buying and front-end warehouses are entirely different from selling packaged snacks. Snack brands excel at product curation and franchise expansion—not managing questions like 'by what time must these leafy greens be sold?' Thus, this wave of 'snack brands transforming into supermarkets' reflects both growth anxiety and a broader retail reversion: whoever can reliably deliver affordable, consistent, and decent daily essentials right outside people’s doorsteps will be best positioned to capture the next decade. II. AkzoNobel sells its Southeast Asian decorative paint business for $1.35 billion; Nippon Paint acquires it $1.35 billion! Nippon Paint acquires AkzoNobel’s Southeast Asian decorative paint business AkzoNobel announced it has agreed to sell its Southeast Asian decorative paints business to Nippon Paint for $1.35 billion—covering Vietnam, Indonesia, Malaysia, Thailand, Singapore, Papua New Guinea, and Australia. After deducting taxes and payments to minority shareholders, the deal will yield approximately $1 billion in net cash proceeds. For AkzoNobel, this move represents a strategic 'step back to refocus': decorative paints in Asia are not unprofitable—but the region is highly fragmented, distribution channels are heavy, and synergies limited. Selling the business for cash allows AkzoNobel to double down on its stronger industrial coatings and core coating businesses. For Nippon Paint, this is an aggressive 'move forward': urbanization, rising middle-class home renovation demand, and residential refurbishment needs are all growing across Southeast Asia. Nippon Paint already possesses strong local channel presence—and by acquiring AkzoNobel’s established local assets and distributor network, its decorative paint foundation will become significantly more robust. The coatings industry has long transcended the simple narrative of 'selling buckets of paint'—environmentally friendly formulations, project-based contracts, retail stores, interior designer channels, and new city developments across Southeast Asia are all critical variables.

Coatings M&A | Major reshuffling in the coatings industry! Nippon Paint to acquire AkzoNobel’s decorative coatings business across seven Southeast Asian countries for RMB 9.052 billion ($1.35 billion)

On October 5, AkzoNobel—the Dutch coatings giant and parent company of Dulux—officially announced that it has reached a definitive agreement with Nippon Paint to sell its Southeast Asian decorative coatings business. The total enterprise value of this transaction is approximately $1.35 billion (about RMB 9.052 billion), marking a significant milestone for Nippon Paint after several prior attempts at large-scale acquisitions ended in failure. Per the agreement, the asset sale covers AkzoNobel’s decorative coatings operations in seven countries and regions: Vietnam, Indonesia, Malaysia, Thailand, Singapore, Papua New Guinea, and Australia. In its official statement, AkzoNobel indicated that the valuation implied by this transaction stands at approximately 21 times the business’s projected EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) for 2025. AkzoNobel expects to realize approximately $1 billion in net cash proceeds after deducting taxes and payments to minority shareholders. This transaction forms part of AkzoNobel’s previously announced portfolio rebalancing strategy. The company has already divested its decorative coatings businesses in India and Pakistan; this planned disposal of its Southeast Asian assets represents the final step in restructuring its Asian decorative coatings portfolio. Upon completion of these disposals, AkzoNobel will retain its full coatings business—including its global services division—and shift strategic focus toward advancing its merger with Axalta, a deal first announced publicly last November. For Nippon Paint, this acquisition will integrate AkzoNobel’s decorative coatings operations and brands into its existing businesses across these seven markets. 'We are delighted to welcome these companies and their outstanding teams into our Group,' said Wei Xiujin, Director, Representative Executive Officer, and Co-President of Nippon Paint. He added that the company will consolidate the foundations of these acquired businesses while preserving the quality, expertise, and localized technologies valued by customers. Closing timelines vary by region: the Indonesia portion of the transaction is expected to close separately by the end of 2026, while closings for the other six markets are anticipated around mid-2027. The entire transaction remains subject to customary closing conditions—with regulatory approvals from relevant authorities in each jurisdiction being the most critical.

AkzoNobel Sells Decorative Paints Business in Seven Countries to Nippon Paint

Oct 5, 2026

AkzoNobel has signed binding agreements to sell its Decorative Paints business in seven Asian and Oceanic countries to Nippon Paint for approximately $1.35 billion. The deal concludes AkzoNobel's portfolio review to facilitate its merger with Axalta Coating Systems.

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