J. Geoff Piceu, CEO of United Paint (left), and David Grimes, Axalta vice president, global automotive plastic components, announce Axalta's acquisition of the coatings business of United Paint and Chemical Corp.
Axalta Coating Systems has acquired United Paint and Chemical Corp.'s automotive interior coatings business.
"United Paint's interior rigid thermoplastics coating technology is a great fit for Axalta as we fulfill our commitment to provide our customers in the global vehicle manufacturing industry with a complete range of coating systems," said Steven Markevich, Axalta executive vice president, said in a statement this week. "Vehicle manufacturers will benefit by being able now to rely on Axalta as a single source supplier of coatings for vehicle interiors as well as exterior surfaces."
Production will remain at United Paint's facilities near Detroit in Southfield, Mich., for now but will be phased over to Axalta's facilities, according to a press release. Axalta declined to comment on the timetable for the transition or which facility the operations would be switching to. The company has a plant in Mount Clemens, Mich.
Terms of the transaction were not disclosed.
The move means United Paint will be focusing on "reinvestment in niche coating technologies," according to a press release.
United Paint manufactures coatings for automotive interiors. Axalta, which was a unit of DuPont Co. until 2013, develops a variety of paint and coatings systems for automakers and other industries.
Private equity firm Carlyle Group LP acquired Axalta from DuPont for $4.9 billion and then took the Philadelphia-based company public in November 2014.