Axalta Coating Systems Ltd. , headquartered in Glen Mills, is acquiring U-POL Holdings Ltd. In the United Kingdom, for about $590 million, writes Ryan Sharrow for Philadelphia Business Journal.

Axalta makes automotive paint coatings.  U-POL is a manufacturer of automotive refinishing products.

Axalta will use cash on hand to purchase the company from Capital Management LLP and other investors.

U-POL’s products include fillers, coatings, aerosols, adhesives, and paint related products. It was founded in 1948 and sells its products in over 100 countries. 

It is known for its brands Raptor, Dolphin and Gold.

U-POL expects net sales of $145 million and adjusted earnings for fiscal year 2021.

Axalta  will expand U-POL product reach through its sales and distribution channels. It will use U-POL’s distribution channels to grow its Refinish Coatings portfolio.

Axalta employed about 13,000 people as of Dec. 31. Twenty-four percent work in the U.S.

The company has decided to close its Center City global headquarters where it had been for seven years, and relocate its North American headquarters to Glen Mills.

Employees will relocate to either Glen Mills or a research facility at the Philadelphia Navy Yard.

Read more at Philadelphia Business Journal about the Axalta acquisition of U-POL. 

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