[Updated] Recent Mergers and Acquisitions in the Paint and Coatings Industry

2025 has been a huge year for mergers and acquisitions among the leading paint and coatings industry. There have been a series of major moves, headlined by AkzoNobel and Axalta’s plans for a merger, and BASF selling its Coatings division to Carlyle; the Coatings Division has now been renamed Surventis.

Here are some recent sales, in chronological order:

Merging Companies: Nippon Paint Holdings Reacquires European Automotive Coatings Business from Wuthelam Group

Date of Acquisition: August 2026

Comments: Nippon Paint Holdings’ board approved reacquiring the shares of its European automotive coatings business from Wuthelam Group, the private holding company of Nippon Paint’s largest shareholder. Nippon Paint had transferred the business to Wuthelam in August 2021 as part of a broader restructuring, while continuing to provide administrative and management support . The deal is valued at approximately €47 million and reflects improved performance at the unit; it fits Nippon Paint’s stated “Asset Assembler” growth strategy of consolidating automotive coatings assets across Europe, Asia and the Americas.

Link to More Information: Nippon Paint Holdings to Reacquire European Automotive Coatings Business from Wuthelam Group for Approximately €47 Million

Acquiring Company: PPG
Acquired Company: Ozark Materials, LLC (from Ingevity Corporation)

Date of Acquisition: April 2026

Comments: PPG acquired Ozark Materials, LLC, a U.S.-based pavement-marking solutions provider, from Ingevity Corporation for $65 million in an all-cash deal announced April 15, 2026. Ozark, which employs approximately 130 people serving customers across the U.S. and Canada, joins PPG’s Traffic Solutions division. “This acquisition strengthens our business by enhancing our ability to serve customers throughout North America with high-quality pavement marking solutions,” said Tom Maziarz, PPG vice president, Traffic Solutions.

Link to More Information: PPG Acquires Pavement Markings Manufacturer Ozark Materials

Acquiring Company: RPM International Inc. (Tremco Construction Products Group)
Acquired Company: Kalzip GmbH

Date of Acquisition: April 2026

Comments: RPM International completed its acquisition of Kalzip GmbH on April 1, 2026. Headquartered in Koblenz, Germany, Kalzip produces aluminum roofing and façade systems for building-envelope applications, and generated approximately €75 million in net sales in 2024. The business becomes part of RPM’s Tremco Construction Products Group, expanding RPM’s building-envelope portfolio and European footprint. Deal terms were not disclosed.

Link to More Information: RPM International

Companies: Nippon Paint Group and Sherwin-Williams — Joint Proposal to Acquire AkzoNobel (Withdrawn)

Date: April–June 2026

Comments: Nippon Paint Group and Sherwin-Williams jointly approached AkzoNobel’s boards with an unsolicited, all-cash proposal to acquire and split the company — Nippon Paint would have taken AkzoNobel’s Decorative Paints and Industrial Coatings businesses, while Sherwin-Williams would have taken Marine & Protective Coatings, Automotive & Specialty Coatings, and Powder Coatings. The pair confirmed a formal joint proposal on April 29, 2026, following an earlier approach on April 16; the offer reportedly carried no financing conditions. AkzoNobel’s boards rejected it, citing the company’s existing merger agreement with Axalta. On June 3, 2026, Nippon Paint and Sherwin-Williams announced they were ending their pursuit of AkzoNobel after their offers were rejected.

Link to More Information: Sherwin-Williams press release, April 29, Sherwin-Williams press release

Acquiring Company: Henkel
Acquired Company: Stahl

Date of Acquisition: February 2026

Comments: Henkel agreed to acquire Stahl, the Dutch specialty coatings company, in a €2.1 billion transaction announced February 4, 2026. Stahl is a specialist in coatings and treatments for flexible materials (leather, textiles, and other performance-coating applications); the deal expands Henkel’s specialty/flexible-coatings portfolio.

Link to More Information: Henkel to Purchase Stahl

Acquiring Company: Wesco Group
Acquired Company: National Coatings & Supplies

Date of Acquisition: November 2025

Comments: Wesco Group entered an agreement to acquire National Coatings & Supplies, a distributor of aftermarket automotive-refinish and specialty industrial coatings. Deal terms were not disclosed. “NCS is a highly respected organization with deep industry roots, an exceptional team, and a long-standing commitment to customer service,” said Lloyd White, CEO and co-founder of Wesco Group. The combination expands Wesco’s geographic reach and product portfolio in collision/refinish distribution.

Link to More Information: Wesco Group

Merging Companies: AkzoNobel, Axalta to Combine
Date of Acquisition: November 2025

Comments: AkzoNobel and Axalta Coating Systems announced they’ve entered into a definitive agreement to combine in an all-stock merger of equals, creating a premier global coatings company with an enterprise value of approximately $25 billion. The combined company will be well positioned to drive substantial growth and shareholder value creation, building on 2024 revenues of approximately $17 billion and $1.5 billion in pro forma adjusted free cash flow. The combination is expected to drive synergies of approximately $600 million.

The merger survived an unsolicited hostile challenge (see the Nippon Paint/Sherwin-Williams entry above) before shareholders of both companies approved it. At AkzoNobel’s Extraordinary General Meeting and Axalta’s Special General Meeting on August 5, 2026, shareholders voted in favor of all merger resolutions. “Today’s vote represents a significant milestone towards bringing together two highly complementary businesses,” said AkzoNobel CEO Greg Poux-Guillaume. The deal remains on track to close in late 2026 or early 2027, subject to remaining regulatory approvals and customary closing conditions.

Link to More Information:
AkzoNobel and Axalta to Combine in All-stock Merger of Equals, Creating a Premier Global Coatings Company

Acquiring Company: Carlyle, in partnership with Qatar Investment Authority (QIA)
Acquired Company: BASF Coatings
Date of Acquisition: October 2025

Comments: BASF and funds managed by global investment firm Carlyle, in partnership with Qatar Investment Authority (QIA), have entered into a binding agreement relating to BASF’s automotive OEM coatings, automotive refinish coatings, and surface treatment businesses. The enterprise value of the transaction amounts to €7.7 billion. The business operates in Europe, North America, South America and Asia Pacific, and generated sales of approximately €3.8 billion in 2024. BASF will also reinvest in the coatings business, holding a 40% equity stake, and received pre-tax cash proceeds of approximately €5.8 billion.

The European Commission conditionally cleared the deal on June 3, 2026, requiring Carlyle to divest Nouryon’s polysulfide business to an approved buyer. The transaction then closed on June 30, 2026. The renamed standalone business is now operating as Surventis. “This successful closing marks a key milestone in the execution of our Winning Ways strategy aimed at unlocking the value of our standalone businesses,” said Dr. Markus Kamieth, chairman of BASF’s Board of Executive Directors.

Acquiring Company: Sherwin-Williams
Acquired Company: BASF’s Brazilian Architectural Paints Business
Date of Acquisition: October 2025

Link to More Information:
BASF and Carlyle Reach Binding Transaction Agreement on Coatings Business

Comments: The Sherwin-Williams Company  completed the acquisition of BASF’s Brazilian architectural paints business – Suvinil – following the announcement of a definitive agreement in February 2025 and subsequent customary regulatory approvals. Suvinil is a leading provider of architectural paints in Brazil and had sales of approximately $525 million for the year ended December 31, 2024. The company employs approximately 1,000 employees and operates two production facilities strategically located in the Northeast and Southeast regions of Brazil.

Link to More Information:
Sherwin-Williams Completes Acquisition of BASF’s Brazilian Architectural Paints Business

Acquiring Company: JSW Group 
Acquired Company: AkzoNobel India Limited
Date of Acquisition: June 2025

Comments: Akzo Nobel N.V. has signed an agreement to sell its shareholding in Akzo Nobel India Limited (ANIL) to the JSW Group, one of India’s leading diversified conglomerates. The transaction is based on a total enterprise value of approximately €1.4 billion, representing an EV/EBITDA multiple of 22x, and includes AkzoNobel’s liquid paints and coatings business in India. The net cash proceeds are expected to be approximately €900 million, of which around €500 million will be used for deleveraging.

Link to more information:
AkzoNobel to Sell AkzoNobel India to JSW Group

Acquiring Company: American Industrial Partners
Acquired Company: PPG’s Architectural Coatings U.S. & Canada Business
Date of Acquisition: December 2024

Comments: PPG has completed the sale of 100% of its architectural coatings business in the U.S. and Canada at a transaction value of $550 million to American Industrial Partners (AIP), an industrials investor. The deal was first announced in October 2024. The architectural coatings business in the U.S. and Canada represented approximately $2 billion of PPG’s 2023 total net sales, with low-single-digit EBITDA margin. PPG’s architectural coatings businesses in other regions around the world remain core businesses within the company’s portfolio, including in Latin America, Europe and Asia Pacific, where PPG holds strong #1 or #2 positions in a number of key countries. The division has been renamed Pittsburgh Paints.

Link to More Information:
PPG Completes Sale of Architectural Coatings U.S. & Canada Business to American Industrial Partners