Dulux paint maker AkzoNobel announced on Tuesday that it plans to merge with Axalta Coating Systems in a deal that will create a combined company with an enterprise value of USD 25 billion. The merged entity will initially be dual-listed in Amsterdam and New York before transitioning to a single NYSE listing, and will maintain dual headquarters in Amsterdam and Philadelphia. AkzoNobel chief executive Greg Poux-Guillaume will lead the company as CEO.

Paint manufacturers have been consolidating to cut costs amid rising input prices, intense competition and uncertainty fuelled by past U.S. tariff policies. Poux-Guillaume said the merger would enable the combined business to deliver cost reductions that will strengthen profitability. He noted that the company will have a higher-margin product portfolio than BASF’s coatings business, in which private equity firm Carlyle acquired a majority stake in October. Most of the value creation, he added, will come from cost efficiencies rather than relying on an increase in demand.

“If you look at Axalta, what really stands out is that they’re very profitable,” he said. “If you take the combined profitability of the two businesses, including the synergies, you’re talking best in the market.”

AkzoNobel shares were flat at 1111 GMT after earlier falling as much as 3.7 per cent, while Axalta shares were 2.5 per cent lower, reversing an initial 2.7 per cent rise. Poux-Guillaume said the new group is expected to generate a 20 per cent core profit margin, compared with AkzoNobel’s 15.1 per cent margin in the third quarter and 13.8 per cent in 2024.

The merged company expects to deliver annual cost savings of USD 600 million, with 90 per cent achieved within the first three years after completion. The joint business is valued at eight times annual earnings, compared with the 12 times earnings valuation for BASF’s divested coatings unit.

The combined entity anticipates annual revenues of nearly USD 17 billion, adjusted core earnings of USD 3.3 billion, and USD 1.5 billion in adjusted free cash flow.

Under the merger terms, AkzoNobel shareholders will receive a USD 2.5 billion dividend payout and are expected to hold 55 per cent of the new company, with Axalta investors owning 45 per cent.

The deal is expected to close between late 2026 and early 2027.

Union Minister of Steel and Heavy Industries Shri H. D. Kumaraswamy began a two-day visit to SAIL’s Rourkela Steel Plant (RSP) on 18 November 2025. He was accompanied by Mrs Anitha Kumaraswamy, SAIL Chairman and Managing Director Shri Amarendu Prakash, and officials from the Ministry of Steel. The delegation was welcomed at Rourkela Airport by Union Tribal Affairs Minister Shri Jual Oram, MLA Shri Durga Charan Tanti, RSP Director In-Charge Shri Alok Verma, CISF and police officials, and senior officers from the Government of Odisha and RSP. The CISF unit at RSP presented a Guard of Honour to the Minister.

Following his arrival, Shri Kumaraswamy, along with Shri Oram, Shri Tanti and other dignitaries, proceeded to the plant. The visit began at the Model Room of the Learning and Development Department, where the Minister was briefed on the plant’s operations.

He then visited Steel Melting Shop-2 to inaugurate the state-of-the-art Caster-4. Observing the slab-casting process, he congratulated the RSP team on the successful commissioning of the project. “The Government of India, under the leadership of Prime Minister Shri Narendra Modi, is committed to extending all necessary support for the growth and development of Rourkela Steel Plant,” he said. Shri Oram commended the workforce and reiterated his support for the plant’s continued progress, recalling his long association with RSP. Shri Amarendu Prakash also praised the dedication and performance of the RSP collective.

The Ministers later visited the project sites of the Pellet Plant and Coke Oven Battery-7, concluding their tour at Hot Strip Mill-2. At each location, they were briefed on the unit’s operations, current status and future development plans.

Senior executives including Mr Tarun Misra, ED (HR); Mr B. K. Giri, ED (Mines Development–CMLO); Mr Biswaranjan Palai, ED (Works); Mr Anil Kumar, ED (MM); Mr M. P. Singh, ED (Mines–CMLO); and Mr Sudip Pal Chowdhury, ED (Projects), were present during the visit.

The NIPSEA Group, a subsidiary of Japan’s Nippon Paint Holdings, has appointed Mr Sharad Malhotra as Managing Director of Nippon Paint India, effective 1 December 2025. He succeeds Mr Jon Tan and will report to Group CEO Mr Wee Siew Kim. With this appointment, Mr Malhotra becomes the first Indian to lead the company’s India operations.

Nippon Paint, headquartered in Japan, is the world’s fourth-largest paint company by revenue and the leading paints and coatings brand in the Asia Pacific region. The appointment aligns with the company’s strategy to strengthen its long-term presence in India, a key growth market.

A 15-year veteran at Nippon Paint, Mr Malhotra has played a pivotal role in establishing the company’s automotive refinish, wood coatings, and light industrial coatings businesses in India. He is also a Director on the Board and has recently overseen the company’s diversification into paint protection films and new product categories.

Mr Wee Siew Kim, Co-President of Nippon Paint Holdings and Group CEO of the NIPSEA Group, said the appointment recognises Mr Malhotra’s strong track record. “Sharad has successfully charted a growth path for our auto refinish business globally while based in India. His ability to deliver results and deep understanding of our business make him well suited to lead our India operations through the next phase of growth,” he said.

Mr Malhotra said he was honoured to take on the new responsibility. “The Indian market presents unique opportunities and challenges. I look forward to expanding our business, building on our strengths, and supporting our customers and partners as we move ahead.”

As Managing Director, he will drive the overall direction and strategy of Nippon Paint India, with a focus on sustainable growth across segments. He will also continue to lead the company’s global automotive aftermarket initiative, a category he has overseen since inception.

Nippon Paint sees India as a strategic market due to its large population, growing economy, skilled workforce, and expanding infrastructure. The company aims to build on its Asian market strengths and leverage its technologies, teams, and ecosystem as it enters a new phase under Mr Malhotra’s leadership.