Nippon Paint to Buy Coatings Maker AOC for $2.3 Billion (1)

Nippon Paint Holdings Co. announced plans to purchase global chemicals formulator AOC for $2.3 billion.

The Japanese firm will acquire all of the equity interest of AOC’s parent company LSF11 A5 TopCo and its subsidiaries from Lone Star Fund, according to a statement Monday. The Tennessee-based firm produces coatings, colorants and composite resins.

Japan’s Nippon Paint has been expanding via several acquisitions in recent years. The company acquired Australian firm DuluxGroup Ltd.back in 2019, and in 2021 bought Europe’s Cromology Holding and its subsidiaries.

AOC has a “leading position” in the US and Europe, which will help Nippon ...