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Axalta Coating Systems says exploring potential sale of company

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Christian Fernsby |
Axalta Coating Systems
America   Axalta Coating Systems has formed a Strategic Review Committee

Axalta Coating Systems announced that its board of directors has initiated a comprehensive review of strategic alternatives to maximize shareholder value.

The board has formed a Strategic Review Committee, which will be chaired by the independent presiding director of Axalta's board, Mark Garrett, and will also include Axalta chief executive officer Robert Bryant and Axalta independent director samuel Smolik.

"Axalta's Board is committed to maximizing value for all shareholders and has initiated a comprehensive review of strategic alternatives, including a potential sale of the Company, changes in capital allocation, and ongoing execution of our strategic plan," said Mr. Garrett.

"Axalta's management team and Board have a strong track record of pursuing M&A opportunities, along with other initiatives and alternatives, to maximize shareholder value."

"Axalta continues to execute on its long-term strategy, delivering significant cost savings to bolster our industry-leading margins, re-deploying free cash flow to drive accretive organic and inorganic growth initiatives, and returning more than $380 million to shareholders over the last two years," added Mr. Bryant.

"Given Axalta's progress in recent years and its leading position as a global coatings company with 90% of 2018 sales derived from end markets where we have either the #1 or #2 global position we believe that now is the right time to review a full range of options in an effort to maximize value for all shareholders."


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