Axalta Coating Systems Ltd., a supplier of liquid and powder coatings, says its board has initiated a comprehensive review of strategic alternatives to maximize shareholder value.

The board of the NYSE-listed company has formed a strategic review committee, which will be chaired by the Independent Presiding Director of Axalta's board, Mark Garrett, and will also include Axalta CEO Robert Bryant and Axalta Independent Director Samuel Smolik. 

"Axalta's board is committed to maximizing value for all shareholders and has initiated a comprehensive review of strategic alternatives, including a potential sale of the company, changes in capital allocation, and ongoing execution of our strategic plan," Garrett said. "Axalta's management team and board have a strong track record of pursuing M&A opportunities, along with other initiatives and alternatives, to maximize shareholder value."

Axalta said it does not intend to make any further public comment regarding the review until it has been completed or the company determines that disclosure is required or beneficial.

The board has engaged Evercore and Barclays as financial advisers, and Morrison & Foerster LLP as legal adviser to assist in its review.