Dutch coatings maker AkzoNobel has agreed to sell its Southeast Asian decorative paints business to Japan’s Nippon Paint for $1.35 billion, completing a review of its Asian decorative paints portfolio.
The transaction covers operations in Vietnam, Indonesia, Malaysia, Thailand, Singapore, Papua New Guinea and Australia. AkzoNobel expects to receive about $1 billion in net cash proceeds after taxes and payments to minority partners.
The sale is part of AkzoNobel’s strategy to concentrate on markets where it can achieve greater scale and stronger positions. The company has already sold its decorative paints operations in India and Pakistan, making the latest transaction the final step in its Asian portfolio review.
Nippon Paint’s acquisition strengthens its presence across Southeast Asia and expands its decorative paints operations in several major regional markets. The Indonesia transaction is expected to close separately in late 2026, while the remaining deals are scheduled for completion around mid-2027, subject to regulatory approvals.
AkzoNobel said it will now focus on completing its planned merger with US coatings company Axalta. The merger, announced in 2025, is expected to create a major global paints and coatings group.
The deal also follows Nippon Paint’s earlier attempts to acquire a much larger portion of AkzoNobel’s decorative paints business, including a proposal valued at about €7.5 billion.
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