HOUSTON (ICIS)--Dutch paints and coatings producer AkzoNobel said on Tuesday that it has ended merger talks with US automotive paint producer Axalta Coating Systems.
AkzoNobel confirmed the discussions in late October. The talks revolved around merging AkzoNobel's paints and coatings business with Axalta.
AkzoNobel said it still plans to spin off its specialty-chemicals business, which it plans to complete in April 2018.
AkzoNobel CEO Thierry Vanlancker said, "I am confident that our strategy offers significant value for shareholders and other stakeholders in the short, medium and long term. We remain focused on our strategic options to continue to develop our business and improve profitability in the future."
The talks with Axalta followed the withdrawal of US paints and coatings major PPG Industries’ plans to combine with AkzoNobel.
Axalta was previously a part of US producer DuPont.
Additional reporting by Nurluqman Suratman