AkzoNobel sells AkzoNobel India to JSW Group

The transaction between AkzoNobel and the Indian conglomerate JSW Group includes AkzoNobel's liquid coatings business in India. The powder coatings business in India and the international research center will remain fully owned by AkzoNobel and will continue to be part of the company's global network. The transaction is based on a total enterprise value of approximately EUR 1.4 billion, representing an EV/EBITDA multiple of 25. Greg Poux-Guillaume, CEO of AkzoNobel, said: "Today's closing is an important step in sharpening our strategic focus and positioning AkzoNobel for long-term value creation. We are grateful to our colleagues in India for their many contributions and are delighted to transition the business to JSW, an ambitious and committed partner in the region's fast-growing paints and coatings market."

Sajjan Jindal, Chairman of JSW Group, said: "I am delighted to welcome the AkzoNobel India team to the JSW family. We have always believed that India deserves paints and coatings that are trustworthy and world-class. With Dulux, we are proud to bring global quality to homes and industries in India. Together, we have an incredible opportunity here to build a stronger, better and more colorful future for our customers and for India." Parth Jindal, Managing Director, JSW Paints, said, "We are delighted to welcome Akzo Nobel India to the JSW family. This is a historic moment as it is one of the largest acquisitions in the Indian paints and coatings market. Together with the Akzo Nobel India family - employees, customers and partners - we are striving to build the paint company of the future."