Axalta, the global supplier of liquid and powdered coatings, has agreed to acquire the U.K.’s Spencer Coatings Group, a private company with plants on three continents, writes Joseph DiStefano for the Philadelphia Inquirer.

Axalta, which has its Northern American headquarters in Glen Mills, has recently been expanding its operations through acquisitions. With this latest purchase, Axalta gains Spencer’s range of products including Acothane polyurethane sealers, specialized paint for ships, and linseed-oil-based colors for artists.

Axalta was created three years ago after being spun off from the DuPont Company and sold to Carlyle Group. Then two years later, Carlyle took Axalta public. Now, the company’ largest owner is Warren Buffett’s Berkshire Hathaway Group, with around 10 percent of the company’s shares.

Axalta’s deal to purchase Spencer includes its factories in China, England, and Nigeria. It also comes at a time when a number of big North American and European paint makers are spending billions on acquisitions within the sector.

The theory driving this consolidation is that purchasing more brands through acquisitions is cheaper than constructing new plants. However, the numerous upcoming mergers are now being examined, not only by regulators in the United States, but also in other countries to determine their effect on competition and prices.

Read more about Axalta’s acquisition in the Philadelphia Inquirer by clicking here.