Axalta
{{short description|Coatings company headquartered in Philadelphia}}
{{Infobox company
| name = Axalta Coating Systems Ltd.
| logo = Axalta Coating Systems logo.svg
| logo_size = 150px
| image =
| type = Public company
| traded_as = {{ubl|{{NYSE|AXTA}}|S&P 400 component}}
| area_served = Worldwide
| key_people = Chris Villavarayan
(CEO){{cite web|last=Pennell|first=Jay|url=http://www.foxsports.com/nascar/story/jeff-gordon-named-axalta-global-business-advisor-021215|title=Jeff Gordon named Axalta global business advisor|work=Foxsports.com|date=February 12, 2015|accessdate=February 12, 2015}}
| industry = Coatings
| products =
| brands = Abcite, Alesta, AquaEC, Cromax, Imron, Spies Hecker, Standox, Voltatex, Chemspec
| production =
| services =
| revenue = {{increase}} {{US$|4.8 billion|link=yes}} (2017)
| operating_income =
| net_income =
| assets =
| equity =
| num_employees = 12,650{{cite web|url=https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=216313883|title=Company Overview of Axalta Coating Systems Ltd.|work=Bloomberg Business|date=February 14, 2015|accessdate=February 14, 2015}}
| divisions =
| subsid =
| founded = {{Start date and age|1866}}
| location = Philadelphia, Pennsylvania, USA (headquarters); Bermuda (legal domicile)
| location_city =
| location_country =
| locations =
| website = {{URL|https://www.axalta.com}}
| footnotes =
}}
Axalta Coating Systems Ltd., also known as simply Axalta, is an American company specializing in coatings in a wide variety of industrial applications, materials and sectors, including automotive paints. The company is based in Philadelphia, Pennsylvania, and incorporated in Bermuda.{{cite web |title=Axalta - SEC filings (Bermuda is stated as state of incorporation) |url=http://ir.axaltacs.com/investors/sec-filings/default.aspx |accessdate=11 July 2020}} Axalta develops and manufactures coatings for light and commercial vehicles, industrial, and refinish applications. The firm does business in 130 countries, has nearly 13,000 employees, and has more than 100,000 customers.
Axalta traces its origins to the German firm Herberts Gmbh, which began in 1866 coating carriages before moving to automotive painting. Through later mergers the company became DuPont Performance Coatings (DPC), part of the American DuPont chemical empire, and was rebranded as Axalta Coating Systems after being purchased by The Carlyle Group in 2013. Axalta went public on the New York Stock Exchange in November 2014 and since then has become fully independent. Carlyle Group exited their last ownership stake in Axalta in 2015.
The company was the sponsor of four-time NASCAR champion Jeff Gordon and the No. 24 Hendrick Motorsports car, a relationship which dated back to Gordon's first NASCAR Cup Series race in 1992. Axalta currently sponsors William Byron in the No. 24 car.
History
The firm's first products were developed in Germany in 1866 to protect carriages from the gravel of dirt roads. In 1920, the company created a quick-drying, multi-color lacquer line for automotive painting.{{cite web|url=http://www.european-coatings.com/Markets-companies/Coatings-market/Axalta-celebrates-150-years-in-the-coatings-industry/(language)/eng-GB|title=Axalta celebrates 150 years in the coatings industry|work=European Coatings Journal|date=January 14, 2016|accessdate=July 27, 2016|archive-date=February 14, 2019|archive-url=https://web.archive.org/web/20190214233412/https://www.european-coatings.com/Markets-companies/Coatings-market/Axalta-celebrates-150-years-in-the-coatings-industry/(language)/eng-GB|url-status=dead}} Operating as Herberts Gmbh, the company grew under Kurt Herberts,{{cite web |url=http://www.standox.com/gb/en_GB/60-years/1955/der-unternehmer-kurt-herberts.html |title=Kurt Herberts, the businessman |publisher=Standox |accessdate=July 20, 2017}} introducing the popular automobile finish Standox in 1955.{{cite web |url=http://www.standox.com/gb/en_GB/60-years/1955.html |title=1955 - The beginning of Standox |publisher=Standox |accessdate=July 20, 2017}}
In 1999 Herberts merged with DuPont Automotive Finishes,{{cite web |url=http://www2.dupont.com/New_Zealand_Country_Site/en_NZ/our_company/ventures/coatings.html |title=DuPont Colour and Coating Technologies |publisher=DuPont Global |accessdate=July 20, 2017}} a transport coating systems technology company that had been started in 1922 in Wilmington, Delaware, to form DPC. In 2012, the private equity firm The Carlyle Group announced its plans to purchase and discontinue DPC.{{cite web|url=http://www.carlyle.com/news-room/news-release-archive/carlyle-group-buy-dupont-performance-coatings-business-49-billion|title=The Carlyle Group to Buy DuPont Performance Coatings Business for $4.9 Billion|work=The Carlyle Group|date=August 29, 2012|accessdate=February 1, 2015}} The Carlyle Group completed the sale in February 2013 and founded Axalta.{{cite web|url=https://www.bloomberg.com/news/2012-08-30/carlyle-to-buy-dupont-s-auto-paint-unit-for-4-9-billion.html|title=Carlyle to Buy DuPont's Auto-Paint Unit for $4.9 Billion|last2=Kaskey|first2=Jack|date=August 30, 2012|publisher=Bloomberg L.P.|last1=Mider|first1=Zachary|accessdate=February 1, 2015}} On November 12, 2014, the firm completed its IPO on the New York Stock Exchange (NYSE: AXTA).{{Cite web|url=http://www.bizjournals.com/philadelphia/blog/real-estate/2014/11/axalta-raised-975m-in.html|title=Axalta raised $975M in IPO - Philadelphia Business Journal|website=Philadelphia Business Journal|access-date=2016-07-27}}
On January 21, 2015, Axalta and Chinese industrial coatings firm Shanghai Kinlita Chemical formed a partnership to operate in China.{{cite web|url=http://www.bodyshopbiz.com/news/axalta-kinlita-sign-deal/1003436297/?&er=NA|title=Axalta, Kinlita Sign Deal|date=January 21, 2015|work=BodyshopBiz|accessdate=February 13, 2015|archive-url=https://web.archive.org/web/20150629051856/http://www.bodyshopbiz.com/news/axalta-kinlita-sign-deal/1003436297/|archive-date=2015-06-29|url-status=usurped}} In April 2015, Berkshire Hathaway invested $560 million in Axalta Coating Systems.{{cite news|url=https://www.forbes.com/sites/antoinegara/2015/04/07/warren-buffett-adds-to-automotive-bets-with-560-million-axalta-investment/#3599f21b768e|title=Warren Buffett Adds To Automotive Bets With $560 Million Axalta Investment|date=April 7, 2015|work=Forbes|accessdate=July 26, 2016|author=Gara, Antoine}} In July 2016, the firm acquired United Paint and Chemical Corp.'s automotive interior coatings business.{{cite web|url=http://www.autonews.com/article/20160722/OEM10/160729924/axalta-acquires-united-paints-automotive-coatings-business|title=Axalta acquires United Paint's automotive coatings business|date=July 22, 2016|publisher=Automative News|accessdate=July 26, 2016|author=Froling, Blake}}
The company currently operates in North America, South America, Asia, Europe, the Middle East, and Africa.{{cite web|url=http://www.abpclub.co.uk/bodyshop-news.php?story=Axalta-appoint-Dries-Van-den-Burgh-as-Cromax-brand-manager-for-EMEA-(Europe-Middle-East-and-Africa)-120019|title=Axalta - appoint Dries Van den Burgh as Cromax brand manager for EMEA (Europe, Middle East and Africa)|date=February 9, 2015|work=ABP Club|accessdate=February 13, 2015|archive-date=November 17, 2017|archive-url=https://web.archive.org/web/20171117065050/http://www.abpclub.co.uk/bodyshop-news.php?story=Axalta-appoint-Dries-Van-den-Burgh-as-Cromax-brand-manager-for-EMEA-(Europe-Middle-East-and-Africa)-120019|url-status=dead}} The activities for Europe, the Middle East, and Africa region (EMEA) are based in Basel, Switzerland.{{cite web|url=http://www.axaltacs.com/corporate/en_US/newsroom/news-archives/2014-2016-news-archive/20160802006313.html|title=Axalta opens Europe, Middle East and Africa management headquarters in Basel, Switzerland|date=August 8, 2016|work=Axalta Coating Systems|accessdate=August 8, 2016|archive-url=https://web.archive.org/web/20171117002031/http://www.axaltacs.com/corporate/en_US/newsroom/news-archives/2014-2016-news-archive/20160802006313.html|archive-date=November 17, 2017|url-status=dead}} On November 7, 2018, the company held its grand opening of a new research and development center located at the Philadelphia Naval Shipyard known as the Global Innovation Center. Axalta's Global Innovation Center is the largest coatings research and development (R&D) center in the world.{{cite web|url=https://www.prnewswire.com/news-releases/axalta-opens-worlds-largest-research--development-center-dedicated-to-coatings-and-color-at-the-navy-yard-in-philadelphia-300745865.html|title=Axalta Opens World's Largest Research & Development Center Dedicated to Coatings and Color at the Navy Yard in Philadelphia|last=|first=|date=November 7, 2018|work=PR Newswire|url-status=live|archive-url=https://web.archive.org/web/20191025195544/https://www.prnewswire.com/news-releases/axalta-opens-worlds-largest-research--development-center-dedicated-to-coatings-and-color-at-the-navy-yard-in-philadelphia-300745865.html |archive-date=2019-10-25 |accessdate=October 25, 2019}}
In 1953 Axalta predecessor DuPont published the first annual Color Popularity Report, the first in the industry to have extensive global data in one report. The firm developed L,a,b color equations, an important component of modern color science. It introduced the first waterborne electrical steel coating in the industry in the 1960s.
In October 2017, AkzoNobel approached competitor Axalta Coating Systems over a potential combination.{{cite news |last=Pooler |first=Michael |date=October 27, 2017 |title=Akzo Nobel approaches competitor Axalta on potential $30bn tie-up |url=https://www.ft.com/content/4630667e-bb50-11e7-9bfb-4a9c83ffa852 | work=Financial Times |location=United Kingdom |access-date=October 29, 2017}} Nippon Paint Holdings Co. attempted to buy the company in November 2017, but the deal failed to reach an agreement.{{Cite news|url=https://www.bloomberg.com/news/articles/2017-11-30/nippon-paint-ends-talks-to-acquire-buffett-backed-axalta|title=Nippon Paint Fails to Strike Deal With Buffett-Backed Axalta|last=Kaskey|first=Jack|date=November 20, 2017|work=Bloomberg|access-date=July 30, 2019}}
In July 2021, Axalta acquired U-POL, a Northamptonshire based manufacturer and distributor of fillers, coatings and aerosols,{{cite web |last=Ltd |first=Insider Media |title=Graphite Capital backs £130m U-POL buy-out |url=http://www.insidermedia.com/insider/midlands/38672-graphite-capital-backs-130m-u-pol-buy-out/ |publisher=www.insidermedia.com}} from Graphite Capital.{{Cite web |last=Latham |first=Mark |title=Graphite Capital sells U-Pol for £428m |url=https://www.penews.com/articles/graphite-capital-sells-u-pol-for-428m-20210708 |access-date=2023-11-22 |website=www.penews.com |language=en-GB}}
On August 17, 2021 Berkshire Hathaway sold its entire stake in Axalta Coating Systems.{{Cite web |date=2021-08-17 |title=Warren Buffett's Berkshire Hathaway Sold Its Entire Axalta Stake |url=https://public.com/posts/30143814e793fce54b7add4d2236d3d3803400e3 |access-date=2023-11-22 |website=Public |language=en}}
Products
Among Axalta's oldest products are Standox and Spies Hecker. Cromax, a water-based product, and the industrial paints Nap-Gard, a powder coating for oil and gas pipeline companies, and Voltatex for electrical insulation, were introduced in the 1990s. Other products made by Axalta include Abcite, Alesta, AquaEC, Audurra, Centari, Challenger, Harmonized Coating Technologies, Imron, and Nason.{{cite web|url=http://www.axaltacs.com/content/dam/New%20Axalta%20Corporate%20Website/Documents/Investor/Quarterly%20Reports/2015%2010-K.pdf|title=AXALTA COATING SYSTEMS LTD.|date=December 31, 2015|work=Axalta Coating Systems|accessdate=July 27, 2016}}
Motorsports
File:William Byron Richmond 2018.jpg's Axalta-sponsored car at Richmond Raceway in 2018]]
Axalta currently sponsors the No. 24 Camaro of William Byron.{{cite web|last=Durr|first=Tim|url=http://www.foxsports.com/nascar/story/axalta-expands-partnership-with-jr-motorsports-william-byron-030117|title=Axalta expands partnership with JR Motorsports, William Byron|work=Foxsports.com|date=March 1, 2017|accessdate=March 1, 2017}} Previously, the company sponsored four-time series champion Jeff Gordon's No. 24 car, a relationship which dated back to Axalta's days as DuPont and Gordon's first Cup race in 1992. At the time of his retirement following the 2015 NASCAR Sprint Cup Series, Gordon won three times in an Axalta-sponsored car, all of which came in 2014.{{cite web|url=http://www.racing-reference.info/rquery?id=gordoje01&trk=t1&series=W|title=NASCAR Sprint Cup Results (wins)|work=Racing-Reference|accessdate=December 17, 2014}} During Gordon's career, he ran variations of his Axalta scheme to promote its brands such as Cromax{{cite web|last=Boarman|first=John|url=http://tireball.com/nascar/2013/03/20/jeff-gordon-cromax-pro-paint-scheme-unveiled/|title=Jeff Gordon CroMax Pro paint scheme unveiled|publisher=Tireball|date=March 30, 2013|accessdate=July 27, 2016}} and Standox.{{cite web|last=Boarman|first=John|url=http://tireball.com/nascar/2013/08/15/jeff-gordon-sporting-axalta-standox-paint-scheme-at-michigan/|title= Jeff Gordon sporting Axalta Standox paint scheme at Michigan|publisher=Tireball|date=August 30, 2013|accessdate=July 27, 2016}} On February 12, 2015, Gordon was hired by Axalta as a global business advisor. Following Gordon's retirement, Axalta's sponsorship was moved to Hendrick Motorsports' #88 car, driven by Dale Earnhardt, Jr.{{cite web|url=http://www.hendrickmotorsports.com/news/articles/58892/axalta-extends-relationship-becomes-a-primary-sponsor-of-no-88-team|title=Axalta extends relationship, becomes a primary sponsor of No. 88 team|work=hendrickmotorsports.com|archive-url=https://web.archive.org/web/20151209010809/http://www.hendrickmotorsports.com/news/articles/58892/axalta-extends-relationship-becomes-a-primary-sponsor-of-no-88-team |accessdate=October 16, 2023|archive-date=2015-12-09 }} Additionally, Gordon and Alex Bowman filled in for Earnhardt in the later part of the 2016 season when he was sidelined with concussion symptoms, and stayed with the car with Bowman driving when Earnhardt retired following 2017 before consolidating its efforts on Byron's #24 car in 2021.
In 2014, Axalta sponsored Regan Smith's JR Motorsports Camaro for the Axalta Faster. Tougher. Brighter. 200 at Phoenix International Raceway; the company has been a partner of the team since 2008.{{cite web|url=http://www.jrmracing.com/media/2015/03/05/jr-motorsports-and-axalta-teaming-up-for-phoenix-race|title=JR Motorsports and Axalta Teaming Up for Phoenix Race|work=JR Motorsports|date=March 5, 2015|accessdate=March 5, 2015}}
Axalta provided paint for the entire Hendrick team, along with three other NASCAR teams: NASCAR Craftsman Truck Series' Kyle Busch Motorsports, JR Motorsports, and the Cup Series' Stewart-Haas Racing. However, with the introduction of the Next Gen Car in 2022, NASCAR has mandated that all NASCAR Cup Series cars must be wrapped in vinyl to aid in pre- and post-race inspections. IndyCar Series team Sarah Fisher Hartman Racing also received paint from Axalta.{{cite web|url=http://www.axaltaracing.com/us/en_US/fast-color/cars.html|title=The Cars|work=Axalta Racing|accessdate=January 18, 2015|archiveurl=https://web.archive.org/web/20150215084802/http://www.axaltaracing.com/us/en_US/fast-color/cars.html|archivedate=February 15, 2015}} In addition to sponsoring Gordon, Axalta sponsored the June Cup Series race at Pocono Raceway, known as the Axalta "We Paint Winners" 400{{cite web|url=http://www.foxsports.com/nascar/story/axalta-to-sponsor-june-sprint-cup-series-race-at-pocono-raceway-012715|title=Axalta to sponsor June Sprint Cup Series race at Pocono Raceway|work=Foxsports.com|date=January 27, 2015|accessdate=January 29, 2015}} (now known as the Pocono 400) and the March Xfinity Series race at Phoenix International Raceway, called the Axalta Faster. Tougher. Brighter. 200 until 2017, when DC Solar replaced it as sponsor.{{cite web|url=http://www.phoenixraceway.com/Articles/2016/11/DC-SOLAR-SIGNS-ON-AS-TITLE-SPONSOR-OF-SPRING-NASCAR-XFINITY-SERIES-RACE-AT-PHOENIX-RACEWAY.aspx|title=DC SOLAR SIGNS ON AS TITLE SPONSOR OF SPRING NASCAR XFINITY SERIES RACE AT PHOENIX RACEWAY|work=Phoenix International Raceway|date=November 12, 2016|accessdate=June 4, 2017}}{{cite news|last=Sunnucks|first=Mike|url=http://www.bizjournals.com/phoenix/news/2015/02/10/longtime-jeff-gordon-sponsor-takes-naming-rights.html|title=Longtime Jeff Gordon sponsor takes naming rights for Saturday Nascar race at PIR|newspaper=Phoenix Business Journal|date=February 10, 2015|accessdate=February 11, 2015}}
Axalta also sponsors snocross team Judnick Motorsport/Polaris Racing, who field riders Ross Martin and James Johnstad in the AMSOIL Championship Snocross series. The sponsorship lasts through 2017.{{cite web|url=https://finance.yahoo.com/news/axalta-sponsors-polaris-racing-judnick-165500191.html|title=Axalta Sponsors Polaris Racing & Judnick Motorsports in AMSOIL Championship Snocross Series|work=Yahoo! Finance|date=August 28, 2014|accessdate=February 1, 2015}}
In 2015, Axalta became the title sponsor of the C2 Team, which competes in Stock Car Brasil.{{cite web|url=http://www.axaltacs.com/br/pt_BR/newsroom1/news-releases/Axalta_equipe_Stock_Car.print.pdf|title=Axalta terá equipe representado suas cores na Stock Car|work=Axalta Coating Systems|date=March 17, 2015|accessdate=July 29, 2016|language=Portuguese}} The team currently fields cars for Júlio Campos and Gabriel Casagrande.{{cite web|url=http://www.autoracing.com.br/stock-car-axalta-c2-team-confirma-julio-campos-e-gabriel-casagrande-para-2016/|title=Stock Car – Axalta C2 Team confirma Julio Campos e Gabriel Casagrande para 2016|publisher=Auto Racing|date=November 8, 2015|accessdate=July 29, 2016|language=Portuguese}}
Through its Spies Hecker brand, Axalta provides paint for Formula One team Mercedes AMG F1. Mercedes team principal Toto Wolff stated the lightness of the paint allows the team's Silver Arrows cars to drop in weight, assisting in performance.{{cite web|last=Lewin|first=Andrew|url=http://en.f1i.com/news/86459-mercedes-signs-axalta-official-2017-supplier.html|title=Mercedes signs Axalta as official 2017 supplier|publisher=F1I.com|date=January 12, 2017|accessdate=January 12, 2017}}
References
{{reflist|30em}}
External links
- {{Official|https://www.axalta.com}}
- [http://www.axaltaracing.com Axalta Racing]
{{S&P 400 companies}}
Category:Chemical companies based in Philadelphia
Category:Chemical companies established in 1866
Category:German companies established in 1866
Category:Paint and coatings companies of the United States
Category:Companies listed on the New York Stock Exchange