AkzoNobel Acquires Spain Paint Firm

International coatings supplier AkzoNobel (Amsterdam) announced last week the acquisition of a Spain-based decorative paints and wood finishes firm as part of what it calls its transformational strategy in Europe.

On Sept. 20, the company announced the acquisition of Xylazel S.A., from its former parent company, Madrid-based Pharma Mar S.A.

“We are proud to add the leading brands Xylazel and Oxirite to our portfolio,” said Ruud Joposten, COO of AkzoNobel.

“Xylazel has a 43-year-old heritage on the Spanish market and a leading position in DIY, professional and industrial sectors of wood protection. This will strengthen our position in Spain and will allow us to offer our customers a wider portfolio of innovative and sustainable products.”

According to the company, Xylazel has about 100 employees, with one production facility in Porriño. Revenue for 2017 totaled approximately 20 million euros.

“As a part of our transformative strategy, we continue to focus on leading market positions delivering leading performance,” said Thierry Vanlancker, CEO of AkzoNobel.

“This couples organic growth with strategic bolt-on acquisitions on top of operational excellence and continuous improvement. By acquiring Xylazel, we will be able to further grow our business in the region and strengthen our position as the leading paints and coatings company in Europe.”

While AkzoNobel did not immediately disclose the financial terms of the deal, PharmaMar said in a press release that the deal was worth 21.8 million euros, or about $25.6 million. PharmaMar is pursuing a strategy that would streamline its efforts in the pharmaceuticals industry and get it out of unrelated markets.