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Axalta Coatings Plans IPO

Tuesday, September 2, 2014

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The $4.9 billion paint and coatings multinational long known as DuPont Performance Coatings may soon be going public.

Axalta Coating Systems Ltd. has filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission for a proposed initial public offering of its common shares.

Axalta is a leading global manufacturer, marketer and distributor of high-performance coatings systems. DuPont announced the sale of the division in 2012. The Wilmington, DE-based company became Axalta in 2013 and now operates in 130 countries.

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Photos: Axalta Coating Systems

Axalta Coating is one of the world's largest producer of automotive coatings.

Axalta is one of the world's largest producers of automotive coatings and also produces liquid and powder OEM, industrial, architectural and decorative coatings. The company also includes the former DuPont Industrial Coatings, DuPont Aviation Finishes, DuPont Commercial Finishes, DuPont Refinish, Standox, Spies Hecker, and Nason Finishes.

IPO Announcement

The securities to be offered in the proposed initial public offering may include shares to be issued and sold by Axalta as well as shares to be sold by certain current shareholders of Axalta, the company said in an IPO announcement.

Axalta intends to use any net proceeds from the offering, plus cash on hand, for the repayment of indebtedness and to pay related fees and expenses.

Citigroup, Goldman, Sachs & Co., Deutsche Bank Securities and J.P. Morgan are lead book-running managers for the proposed initial public offering. Additional book-running managers are BofA Merrill Lynch, Barclays, Credit Suisse and Morgan Stanley.

Prospectus Contacts

When available, copies of the preliminary prospectus relating to the proposed initial public offering may be obtained from Citigroup, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 or telephone: (800) 831-9146; Goldman, Sachs & Co., Attn: Prospectus Department, 200 West Street, New York, NY 10282, telephone: (866) 471-2526 or email: prospectus-ny@ny.email.gs.com; Deutsche Bank Securities Inc., Attn: Prospectus Group, 60 Wall Street, New York, New York 10005, telephone: 800-503-4611 or email: prospectus.CPDG@db.com; and J.P. Morgan, c/o Broadridge Financial Solutions, 1155 Long Island Ave., Edgewood, NY 11717 or telephone: (866) 803-9204.

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Axalta Coating's vast global portfolio includes high-performance architectural.

A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective, the company said.

Axalta notes that its securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective.

The company also notes that its announcement does "not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction."

 

   

Tagged categories: Architectural coatings; Automotive coatings; Axalta; Business matters; Coating Business; Coatings manufacturers; DuPont

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