AkzoNobel has reached an agreement to acquire Colombia-based paints and coatings company Grupo Orbis. Completion is subject to regulatory approvals and is expected by the end of this year or early 2022. Financial details were not disclosed.

“This is an excellent intended acquisition which aligns perfectly with our Grow & Deliver strategy of creating leading global positions and driving growth in emerging markets,” explains AkzoNobel CEO Thierry Vanlancker. “It will expand our long-term position across South America by establishing us as a frontrunner in the Andean region and in Central America, where several countries are high on the global growth rankings for the next decade.”

“It’s a historic opportunity which offers attractive growth potential across both paints and coatings,” says Daniel Campos, Akzobel’s regional director for South America. “We’ll be able to access highly complementary geographical positions in several new countries in the Andean, Central America and Antilles regions, including Colombia, which is the third largest in the region.”

“This agreement represents an important growth opportunity for Orbis Group’s companies,” says Andres Bernal, Grupo Orbis CEO. “We strongly believe there are several benefits, such as access to technology and innovation pipelines. Likewise, we find great opportunities for the development of our employees and our clients, who will be able to access an enlarged and more complete portfolio.”

The intended transaction follows a series of recent acquisitions by AkzoNobel across the paints and coatings industry over the last 18 months, including Titan Paints in Spain and New Nautical Coatings in the U.S.