Photo: VIR
The transaction covers the decorative paints business in Vietnam, Indonesia, Malaysia, Thailand, Singapore, Papua New Guinea and Australia. After taxes and payments to minority shareholders, AkzoNobel expects to receive approximately $1 billion in proceeds.
Decorative Paints is one of AkzoNobel’s two main business segments, alongside Performance Coatings. Based on analyst consensus estimates updated in July 2026, the segment is expected to generate around $4.5 billion in revenue this year.
The deal follows AkzoNobel’s divestment of its decorative paints business in India for $1.6 billion and its operations in Pakistan for $55.8 million.
The transaction in Indonesia is expected to close by the end of 2026, while the remaining transactions are expected to be completed around mid-2027, subject to the necessary approvals and closing conditions.
AkzoNobel said it will now focus on completing its planned merger with US coatings maker Axalta, which was announced in November last year.
Nippon Paint had previously made several attempts to acquire AkzoNobel assets. In July 2026, AkzoNobel said Nippon Paint had submitted several proposals to acquire its decorative paints business, valuing the unit at around $8.44 billion.
The proposals came after Nippon Paint and US paint maker Sherwin-Williams withdrew a $14 billion offer to acquire AkzoNobel in June.
Founded in 1792 and headquartered in Amsterdam, AkzoNobel operates in more than 150 countries, with brands including Dulux, Sikkens, International and Interpon.
In 2025, AkzoNobel reported revenue of $11.3 billion, down 5 per cent on-year. Operating income stood at $1.3 billion, while adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) reached $1.61 billion, representing an adjusted EBITDA margin of 14.2 per cent. The group had around 31,500 employees at the end of 2025.
AkzoNobel has operated in Vietnam since 1992 and currently has four manufacturing facilities in Ho Chi Minh City, Dong Nai city and Bac Ninh province. Its Ho Chi Minh City plant produces decorative paints, while its facilities in Dong Nai and Bac Ninh manufacture various industrial paints and coatings.
“Successfully completing the portfolio review in Asia is part of our ongoing strategy to focus our portfolio on areas where we can achieve sufficient scale to make a difference and strengthen our position,” said AkzoNobel CEO Greg Poux-Guillaume.
At an investor update on July 22, Poux-Guillaume said AkzoNobel held a leading position in Vietnam when discussing the group’s decorative paints business in Southeast Asia.
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