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Axalta acquires leading Chinese wire enamels producer

March 17/2021

MOSCOW (MRC) -- Axalta announced that it has acquired Anhui Shengran Insulating Materials Co., Ltd., a leading Chinese producer of high-quality wire enamels used in a wide range of consumer electronics, electric vehicle, and industrial applications, according to Kemicalinfo.

The transaction is expected to close in the second quarter of 2021, subject to customary closing conditions. Financial terms have not been disclosed.

The acquisition will add new wire enamel products and capabilities to enhance Axaltas offerings to customers across several end markets, including automotive, renewable energy, and consumer electronics.

Anhui Shengrans wire enamel products and capabilities are highly complementary to our growing Energy Solutions business, said Shelley Bausch, senior VP of Global Industrial Coatings at Axalta. This will be a solid platform for further specialization and growth as we support key customers in China. I am also excited to welcome the Anhui Shengran team to Axalta.
 
It was important to me that we were acquired by a company I could trust to treat my employees well, and I believe Anhui Shengran is in good hands, said Zhangying Tu, executive director of Anhui Shengran. We are excited to become part of Axalta, and we look forward to working together to add value and increase market share in the growing Energy Solutions market in China.

With three distinctive product segments -  wire enamels, impregnating resins and electrical steel coatings - Axaltas Energy Solutions business provides a comprehensive portfolio of innovative and ecologically responsible insulating solutions for customers in new energy vehicles and other industrial markets.

As MRC informed earlier, in 2017, Axalta Coating Systems completed its previously announced acquisition of the Spencer Coatings Group, a leading manufacturer of high performance industrial coatings for heavy-duty equipment, general industrial, oil and gas, and glass coatings segments.

We remind that Russia's output of chemical products rose in November 2020 by 9.5% year on year. At the same time, production of basic chemicals increased in the first eleven months of 2020 by 6.6% year on year, according to Rosstat's data. According to the Federal State Statistics Service of the Russian Federation, polymers in primary form accounted for the greatest increase in the January-November 2020 output. November production of polymers in primary form rose to 896,000 tonnes from 852,000 tonnes in October. Overall output of polymers in primary form totalled 9,240,000 tonnes over the stated period, up by 17.1%  year on year.


mrcplast.com
Author:Margaret Volkova
Tags:coatings, car components, electrical goods, cable, paints and coatings, Axalta Coating Systems, China, Russia.
Category:General News
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