No. 6 Axalta Coating Systems
Philadelphia, PA
855/547.1461
President/CEO: Chris Villavarayan
2023 Coatings Sales: Approx. $5.2 billion
With more than 150 years of experience in the coatings industry, Axalta Coating Systems serves more than 100,000 customers in over 140 countries with mobility and performance coatings. In 2023, the company reported 40% of its sales were in North America, 34% in EMEA, 15% in Asia-Pacific, and 11% in Latin America.
Axalta operates in two business segments: Performance Coatings and Mobility Coatings. In 2023, Performance Coatings accounted for $3,407.7 million in sales (65.7% of overall sales). This segment includes refinish coatings, which recorded $2,084.3 million in sales, and industrial, which recorded $1,323.4 million in sales. Brands include Cromax®, Standox®, Spies Hecker®, Syrox™, and Raptor®.
Axalta’s Mobility Coatings segment recorded sales of $1,776.4 million (34.3% of overall sales). Within this segment, light vehicle coatings accounted for $1,340.4 million in sales, while commercial vehicle coatings accounted for $436 million in sales. In terms of end markets, refinish coatings accounted for 40% of net sales in 2023, while industrial coatings accounted for 26% of sales. The light vehicle end market accounted for 26% of 2023 total sales, and commercial vehicles accounted for 8%.
Notes: In February of 2023, Axalta Coating Systems announced that it was the recipient of three prestigious 2023 Edison Awards. Axalta’s Abcite® 2060 Flame Spray Powder Coating, AquaEC® Flex, and Self Priming Kitchen Cabinet Coating won for the Sustainability, Smart Transportation, and Material Science categories, respectively. Named after Thomas Edison, the Edison Awards have recognized and honored some of the most innovative new products, services, and business leaders in the world since 1987. The AquaEC® Flex Broad Bake Electrocoat also won a 2023 BIG Innovation Award, presented by the Business Intelligence Group (BIG). The annual business awards program recognizes organizations, products and people that bring new ideas to life in innovative ways.
In July 2023, the company appointed Carl Anderson as Senior Vice President and Chief Financial Officer, effective August 14, 2023, replacing Sean Lannon.
In August of 2023, Axalta announced that it was the recipient of a 2023 R&D 100 award in the Mechanical and Materials category for its next-generation Imron™, a coating technology that delivers sustainability benefits and improves production cycle time for transportation customers. Since 1963, the R&D 100 awards program has recognized the top 100 revolutionary technologies from the world’s leading Fortune 500 companies, federally funded research institutions, academic and government labs, and smaller companies.
Also in August, Axalta announced a partnership with Xaar to introduce a new digital paint technology for the transportation industry. Axalta NextJet ™ enables design flexibility for two-tone vehicles and allows customers to create patterns, details, and images in a sustainable way.
In September 2023, the company announced that Senior Vice President, General Counsel and Corporate Secretary, Brian Berube, would retire at the end of 2023 and be replaced by Alex Tablin-Wolf, effective January 1, 2024.
In October 2023, Axalta was named the exclusive supplier for BMW Group’s private paint label ColorSystem in the EMEA. As part of the agreement that runs through December 2028, Axalta will also provide its latest, innovative Fast Cure Low Energy technology paint system. This system has the potential to reduce carbon equivalent emissions and energy consumption by up to 45% as compared to standard paint technologies.
Source: Annual Report, press releases
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