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Axalta Coating Systems (NYSE: AXTA) announced its three-year strategy plan, the 2026 A-Plan, during a Strategy Day event at its Global Innovation Center. The plan focuses on five key growth areas: cultural transformation, operational excellence, optimized portfolio strategy, sustainable innovation, and effective capital allocation. Axalta aims to achieve $500 million in net sales growth, more than 60% Adjusted Diluted EPS growth, and adjusted EBITDA margins exceeding 21% by 2026. CEO Chris Villavarayan emphasized the ongoing transformation and efforts to accelerate performance in the coming years.
Transtar Holding Company announces that Axalta Coating Systems is set to acquire The CoverFlexx Group, a subsidiary specializing in automotive coatings, with a workforce of over 120 employees. The transaction is expected to close in the third quarter pending regulatory approval.
Axalta Coating Systems (AXTA) announced the acquisition of The CoverFlexx Group for $285 million, plus an additional $10 million earnout. The deal is expected to close in the third quarter, pending regulatory approval. The CoverFlexx Group focuses on aftermarket coatings for economy customers in North America, generating $78 million in revenue in 2023.
Axalta Coating Systems announced its financial results for the first quarter of 2024, with net sales increasing by 0.8% to $1.3 billion. The company reported an estimated annual $75 million run-rate savings from the 2024 Transformation Initiative. Although net income declined by $22 million to $39 million due to restructuring charges, Adjusted EBITDA saw a $46 million increase to $259 million. Diluted EPS dropped by $0.09 to $0.18, while Adjusted Diluted EPS rose by $0.13 to $0.48. The company also paid down $75 million of principal on term loan and approved a $700 million share repurchase program.