PHILADELPHIA - Axalta Coating Systems has entered into a definitive agreement to acquire Dura Coat Products, a prominent manufacturer of coatings for metal coil and related markets in North America. Pursuant to the agreement, Axalta will initially purchase a majority stake in Dura Coat at the closing, which is expected to occur in the third quarter of 2016, and the remaining outstanding shares by January 2019, subject to required regulatory approvals and other customary closing conditions. Financial terms of the transaction were not disclosed.

Dura Coat brands include Durapon™, Ceranamel™ and the XT series of specialty coatings. Dura Coat’s product lines have been formulated to suit a variety of building construction needs, general industrial applications and treatment of aluminum extrusions. The company operates two coatings manufacturing plants in Riverside, California, and Huntsville, Alabama.