Axalta Coating Systems Makes Binding Offer to Acquire European and Chinese Operations of Wire Enamel Manufacturer IVA
July 19 2017 - 7:00AM
Business Wire
Axalta Coating Systems (NYSE: AXTA), a leading global supplier
of liquid and powder coatings, announced today that it has made a
binding offer to acquire the European and Chinese operations of
IVA, one of the world’s leading wire enamel manufacturers, from its
parent company Superior Essex.
IVA, which has been in operation since the late 1930’s, develops
and produces the latest innovations in wire enamels used to
insulate electrical equipment and components. IVA is well known for
its broad portfolio of high performance, high quality wire enamels
including top coats and self-bonding products. These include
state-of-the-art insulating technologies used in the manufacture of
e-mobility technology, renewable energy applications, medical
equipment, household appliances, and industrial and automotive
applications, among others.
“We look forward to welcoming IVA into Axalta,” said Michael
Glomp, Axalta’s Global Vice President, Energy Solutions. “IVA’s
single-minded focus on continuous innovation, quality and customer
fulfillment is well aligned with Axalta’s values, and we look
forward to offering our customers enhanced insulating enamel
solutions at the cutting edge of magnet and electrical wiring
technology.”
“The sale of IVA France and IVA China will allow Superior Essex
to focus on its core competencies, while creating an opportunity
for IVA to further enhance its enamel solutions and offerings in
partnership with Axalta,” said Brian Kim, CEO, Superior Essex. “We
are excited to see all that this partnership will bring to the
marketplace.”
The transaction includes IVA manufacturing sites in Meyzieu,
France and Changzhou, China, which is operated through a joint
venture with a local minority partner. For more information on IVA,
visit http://www.ivainsulations.com.
The transaction is expected to be completed in late 2017 or
early 2018, subject to clearance by applicable regulatory
authorities, consultation with IVA’s French employee works council
and other customary closing conditions. Financial terms were not
disclosed.
About Axalta Coating Systems
Axalta is a leading global company focused solely on coatings
and providing customers with innovative, colorful, beautiful and
sustainable solutions. From light OEM vehicles, commercial vehicles
and refinish applications to electric motors, buildings and
pipelines, our coatings are designed to prevent corrosion, increase
productivity and enable the materials we coat to last longer. With
more than 150 years of experience in the coatings industry, the
over 13,000 people of Axalta continue to find ways to serve our
more than 100,000 customers in 130 countries better every day with
the finest coatings, application systems and technology. For more
information visit axaltacoatingsystems.com and follow us @axalta on
Twitter and on LinkedIn.
Cautionary Statement Concerning Forward-Looking
Statements
This release may contain certain forward-looking statements
regarding Axalta and its subsidiaries including those relating to
the timing and expected benefits of the IVA acquisition.
Forward-looking statements are based on management’s expectations
as well as estimates and assumptions prepared by management that,
although they believe to be reasonable, are inherently uncertain.
These statements may involve risks and uncertainties, including,
but not limited to, the satisfaction of the closing conditions of
the transaction (including regulatory approvals); the parties’
ability to consummate the transaction on the anticipated terms and
schedule; and the parties’ ability to achieve the expected benefits
of the acquisition. Axalta undertakes no obligation to update or
revise any of the forward-looking statements contained herein,
whether as a result of new information, future events or
otherwise.
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version on businesswire.com: http://www.businesswire.com/news/home/20170719005342/en/
Axalta Coating SystemsHeather Marter,
+215-255-7904heather.marter@axaltacs.comaxaltacoatingsystems.com
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