AkzoNobel and Axalta to Combine in All-Stock Merger
Akzo Nobel N.V. and Axalta Coating Systems Ltd. have 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 combination brings together two coatings industry leaders with complementary brand portfolios to better serve customers across key end markets and enhance value for shareholders, employees and other stakeholders.
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 identified and actionable run-rate synergies of approximately $600 million, 90% of which are expected to be achieved within the first three years following the close of the transaction.
Greg Poux-Guillaume, CEO and chairman of the board of management of AkzoNobel, said, “We’re excited to enter a new chapter in our long and proud history as a leader in the paints and coatings industry. This merger will allow us to accelerate our growth ambitions by bringing together highly complementary technologies, expertise and passionate people to unlock our full combined potential. I am excited to lead our talented teams in bringing the best of both companies to our customers and shareholders, delivering outstanding value to both.”
Chris Villavarayan, CEO and president of Axalta, stated, “We are pleased to enter into this transaction with AkzoNobel and join our best-in-class platforms to enhance innovation, develop new capabilities and further strengthen customer relationships. As our industry continues to grow and evolve, this combination with AkzoNobel enables us to do the same, with a sharper competitive edge and new avenues and opportunities for growth. Together, AkzoNobel and Axalta are positioned to establish a profitable and sustainable path forward as a leader in the coatings industry. Like AkzoNobel, we value our people as our greatest asset, and we are excited to unite our rich, innovation-focused cultures.”
Upon closing, the combined company will have a one-tier board, led by Rakesh Sachdev, current chair of the Axalta board of directors. Ben Noteboom, current chairman of the AkzoNobel supervisory board, will serve as vice chair. The board will be composed of 11 directors – four from each company and three independent members. Of the 11 board members, two will be executive directors and nine will be non-executive directors. Each company expects to hold its respective Extraordinary General Meeting of Shareholders tentatively in mid-2026.
Current AkzoNobel CEO Greg Poux-Guillaume will serve as CEO of the combined company, and current Axalta CEO Chris Villavarayan will serve as deputy CEO. Current Axalta SVP and CFO Carl Anderson will serve as the CFO of the combined company. Current AkzoNobel CFO Maarten de Vries will retire from AkzoNobel prior to closing as previously announced.
The combined company will assume a new name and ticker symbol and will have dual headquarters in Amsterdam and Philadelphia. It will be organized under a Dutch holding company with tax residency in the Netherlands.
Under the terms of the agreement, Axalta shareholders will receive 0.6539 shares of AkzoNobel stock for each share of Axalta common stock owned.
In connection with the transaction, AkzoNobel will pay a special cash dividend to AkzoNobel shareholders equal to €2.5 billion minus the aggregate amount of any regular annual and interim dividends paid by AkzoNobel to AkzoNobel shareholders in 2026 prior to completion. AkzoNobel shareholders will own 55% and Axalta shareholders will own 45% of the combined company on a pro forma basis immediately after closing.
The companies expect the transaction to close in late 2026 to early 2027.
Hubbard-Hall Acquires Assets of JSA/Metalline
Hubbard-Hall has acquired the assets of JSA/Metalline Corp., a Mequon, Wisconsin-based distributor serving the plating and general metal finishing industries. The combination of the two companies enables manufacturers in the Midwest to benefit from direct sales coverage and enhanced technical support of Hubbard-Hall proprietaries, Pavco plating specialties and MetalChem’s EN product line.
As part of the acquisition, all JSA customer-facing employees have joined Hubbard-Hall: Jessica Dolezal, Luke Dunteman, Mike Lindemann, Jack Smith, Jeff Smith, Emma Tallmadge, Steve Trojan, and Ben Zweiban. The team will continue operating from the Mequon, WI, location and serving customers across WI, IL, MN, IA, MI, and territories farther west. Former JSA/Metalline CEO and owner, Mark Sheldon, will remain involved as a consultant to support a smooth transition.
“What a great team we have today! It’s exciting to think about the benefits we can bring to our customers by combining JSA’s responsive sales team with Hubbard-Hall’s deep technical bench,” said Molly Kellogg, president/CEO of Hubbard-Hall. “We are now able to support manufacturers in the upper Midwest on a direct basis, which means increased speed of response and single-source ordering. JSA/Metalline has a great reputation for service, and we look forward to building their legacy.”
The acquisition joins two companies with similar philosophies – prioritizing customer service, providing hands-on technical support, and strengthening strategic alliances with key suppliers, including Pavco, and MetalChem.
For customers, the combination offers: a deeper technical bench with expertise in plating, electroless nickel, pretreatment and wastewater treatment; an expanded product offering including cleaners, phosphates, rust preventatives, metal coloring products, wastewater treatment chemistry, and metal finishing equipment; and continued support from the existing JSA commercial team with added resources from Hubbard-Hall’s technical specialists and production teams.
With this acquisition, Hubbard-Hall now operates three manufacturing facilities, supported by four quality control laboratories and nine stocking locations. These resources, along with a plating support lab and pilot line/R&D center, enable trials, troubleshooting and process development with faster turnaround and direct access to technical staff. With 32% of its workforce in technical support or sales, Hubbard-Hall provides direct, practical assistance to help operations run reliably and efficiently.
Steelhead Technologies Announces $84 Million Growth Capital Investment from Mainsail Partners
Steelhead Technologies (Calumet, Michigan), a company that offers ERP software that is purpose-built for metal finishers, announced an $84 million growth investment from Mainsail Partners. Mainsail Partners is a growth equity firm that specializes in partnering with vertical SaaS businesses. The funding will be used to expand the platform’s capabilities and Steelhead’s suite of AI-driven tools that are designed to help shops maximize their efficiency and profitability.
“Shops that want to scale are in need of tools and partners that can scale with them,” said Jeff Halonen, co-founder and CEO of Steelhead. “Our customers are experiencing margin and revenue growth, as they finally have a system built to help drive these opportunities. With Mainsail’s investment, we hope to share it with thousands of more shops so they can get ahead and stay ahead.”
Steelhead’s product is purpose-built for finishing and fabrication shops with highly configurable workflow engine, which enables the platform to model each shop’s specific processes for powder coating, painting or other metal finishing processes. This flexibility is critical in finishing and fabrication, where workflows vary significantly by shop and part type.
Jason Frankel, partner at Mainsail Partners, said, “Many shops have upgraded their equipment and materials but often do not have the digital infrastructure necessary to tie it all together in an efficient and profitable way. This is why we believe in the impact that vertical software like Steelhead can have on its customers.”
“Steelhead has built a market leading product to help shops better serve ‘the last mile’ of the manufacturing process. We’re excited to partner with Jeff and the Steelhead team as they continue to bring much-needed visibility and control to a market that’s ready for modernization,” added Anthony Hayes, principal at Mainsail Partners.
American Coatings Conference Announces Keynote Speaker
Bedri Erdem, chief technology officer at Rust-Oleum Corp. and RPM Consumer Group, will deliver the keynote address at the 2026 American Coatings Conference, May 5-7, at the Indiana Convention Center, Indianapolis, Indiana.
Erdem’s keynote, titled “Reimagining Chemistry as the Catalyst: Driving Innovation, Sustainability, Performance to Fuel Growth in the Coatings Industry,” will focus on innovation, collaboration and the evolving role of chemistry in advancing performance and sustainability across the materials and coatings sector.
Erdem, who holds a Ph.D. in polymer science, joined Rust-Oleum in 2017 as vice president of research and development and corporate quality. He has served as chief technology officer at RPM Consumer Group since 2022. Prior to that, he spent 17 years in technology and management roles at Hexion and Dow.
The 2026 American Coatings Conference will be held concurrently with the American Coatings Show. The conference program will include about 96 technical sessions on various subjects.