AkzoNobel will bolster its performance coatings portfolio after agreeing to acquire the wheel liquid coatings business of Lankwitzer Lackfabrik. Completion of the deal, which is subject to regulatory approvals, is expected before the end of 2022.
Lankwitzer’s wheel business operates out of Leipzig, Germany. It also has a laboratory in Turkey and a growing presence in China. AkzoNobel said its products are approved by vehicle manufacturers such as Daimler, Audi, VW, Opel, Fiat and Renault.
“Acquiring this attractive business will complement our existing powder coatings portfolio and expand the range of innovative products we supply,” said Michael Friede, AkzoNobel’s Chief Commercial Officer – Performance Coatings. “We’ll be able to provide a comprehensive liquid and powder aluminium wheel coating offering to customers, becoming a one-stop-shop for the wheels industry, which will significantly reinforce our position in an important automotive market.”
Friede said the intended deal is “another clear sign” AkzoNobel continues to progress its strategic ambitions. “It’s a great match which aligns perfectly with our Grow & Deliver strategy and will give us access to new sectors of a market with exciting opportunities,” he added.
Dr Leo Rokeach, Lankwitzer’s Managing Director, said the company’s staff and clients will benefit from AkzoNobel’s global presence. “Being part of AkzoNobel’s worldwide activities will offer attractive growth prospects for the Leipzig site and its employees,” he said.
The intended transaction follows a series of AkzoNobel acquisitions over the last two years, including Grupo Orbis in Latin America, Titan Paints in Spain and Portugal, New Nautical Coatings in the USA and the intended acquisition of the African paints and coatings activities of Kansai Paint.