Axalta Reports Decent 1Q Results; Maintaining $33 FVE
Axalta reported stronger first-quarter 2017 results versus the prior year, with adjusted EBITDA increasing about 4% to $203 million. As we previously wrote, Axalta purchased Valspar’s North American Industrial Wood Coatings business at a fair price of $420 million. This acquisition contributed about 4.5% of the 8.9% volume growth during the quarter. The company also acquired Ellis Paints and Century Industrial Coatings to strengthen its North American industrial and refinish portfolios. Manageme...
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