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Axalta Coating Systems Ltd., a global manufacturer of liquid and powder coatings, is set to acquire Capital Paints LLC, a UAE-based thermosetting powder coatings manufacturer specializing in architectural powder coatings.

"This acquisition is in line with our business objective to provide better support and technical services to local customers in the oil & gas and architectural segments, while also helping us enter other key markets in the Middle East region," said Sobers Sethi, Vice President and President, Emerging Markets of Axalta. "Capital Paints customers will gain access to Axalta products and services that meet divergent needs, such as Nap-Gard® for pipe coatings and Alesta® for architectural coatings. We are excited to bring these products and many other of Axalta's market leading products to customers throughout MENA."

The transaction is expected to close in the fourth quarter of 2019. Financial terms were not disclosed.