AkzoNobel has announced its intention to acquire French aerospace coatings manufacturer Mapaero. The intended acquisition will strengthen AkzoNobel's global position in aerospace coatings, notably in the structural and cabin coating sub-segments, and contribute directly towards delivering the company's 2020 guidance.
Established in 1992 and specializing in sustainable water-based and advanced eco-friendly products, Mapaero operates aproduction facility in France and has around 140 employees.
"The world class product ranges from both companies have an excellent fitand by combining our expertise we'll be able to strengthenour global position in the steadily growing aerospace coatings market," said AkzoNobel CEO, Thierry Vanlancker.
"Thetransaction will enable us to provideour customers with a much wider portfolio of innovative and sustainable products. It also demonstratesour commitment to continue investing in strategic growth opportunities as we progress further with our Winning together: 15 by 20 strategy and will be accretive towards our 15% return on sales target."
Eric Rumeau, President and CEO of Mapaero, added: "AkzoNobel's offer is an exciting opportunity.Ouractivities are complementary to those of AkzoNobel and we are ideally placed to help further improve their existing portfolio and service levels. There's clearly a strong match in the combination."
AkzoNobel's offer is subject to customary information and consultation procedures with Mapaero's employee representative bodies and regulatory approvals. Thetransaction is expected to be completedin the second half of 2019.