Axalta Coating Systems Ltd. - AXTA STOCK NEWS

Axalta Coating Systems announced the appointment of Chris Evans as Vice President of Global Strategy and Colleen Lubic as Vice President of Investor Relations, effective immediately. Evans, previously VP of Investor Relations at Axalta, brings extensive experience from Ecovyst, Chemours, and Goldman Sachs. He will now lead Axalta’s Global Strategy and M&A efforts, reporting to Chief Transformation Officer Tim Bowes. Lubic, who joined Axalta as VP of Financial Planning & Analysis in 2022, has a background in finance leadership roles at Campbell Soup Company. She will serve as the primary liaison between Axalta and its shareholders, reporting to CFO Carl Anderson.

Axalta Coating Systems (NYSE: AXTA) will release its second-quarter 2024 financial results on August 1, 2024, at 6 a.m. ET. Following the release, the company will host a conference call at 8 a.m. ET, led by CEO Chris Villavarayan and CFO Carl Anderson. The call will review the company’s financial performance for the quarter. Investors can access a live webcast of the call and a replay will be available until August 1, 2025. The dial-in number for the call is 1-800-343-5172, with the conference ID AXALTA. For those unable to attend, a replay will be accessible until August 8, 2024, via the number 1-844-512-2921 with passcode 11156504.

Axalta Coating Systems (NYSE: AXTA) has completed the acquisition of The CoverFlexx Group from Transtar Holding Company, enhancing its automotive refinish and aftermarket coatings segment. This strategic move aligns with Axalta's priority to grow its Refinish business, as stated by CEO Chris Villavarayan. The acquisition broadens Axalta’s product offerings, adding established brands like Transtar, Pro-Form, and Aftermkt Armor. The CoverFlexx Group, which operates manufacturing and development sites in Michigan and Ontario, will now be integrated into Axalta’s operations to bolster its market presence in North America.

Axalta (NYSE: AXTA), a leading global coatings company, has announced a partnership with Solera, a global leader in vehicle lifecycle management. This partnership will integrate Axalta's conventional and Fast Cure Low Energy (FCLE) refinish paint systems into Solera's Sustainable Estimatics platform. This integration allows Axalta customers to estimate CO2 emissions per repair, considering various factors like repair methods, paint application, and drying conditions. Customers will have access to a live dashboard for energy-conscious, data-driven decisions. Axalta aims for carbon neutrality by 2040, and this partnership supports their BELEAF initiative, focusing on sustainability and eco-conscious products.

Solera, a leader in vehicle lifecycle management, announces a strategic partnership with Axalta (NYSE: AXTA), a global supplier of coatings. This collaboration integrates Axalta’s refinish paint systems into Solera’s Sustainable Estimatics platform to accurately calculate CO2 emissions per vehicle repair. The initiative will help body shops and insurers make data-driven decisions to reduce carbon footprints, aligning with EU's CSRD regulations. Axalta aims to be carbon neutral by 2040, and this partnership supports its sustainability goals, providing eco-conscious products, tools, and resources.

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.