Axalta Coating Systems (NYSE: AXTA), a leading global supplier of liquid and powder coatings, announced that it will build its new Global Innovation Center at The Navy Yard in Philadelphia.
The 175,000 square foot facility will house Axalta’s global research, product development, and technology initiatives and partner with the Company’s other technology centers in the Americas, Europe and Asia-Pacific.
The approximately $70 million project is being developed by Liberty Property Trust and Synterra Partners, and Axalta has entered into a long-term lease agreement for the building.
Project construction is expected to be complete in late 2017.
Upon reaching full operation in 2018, Axalta will bring at least 190 new jobs to Philadelphia with the possibility of additional positions in the future.
Axalta’s global corporate headquarters is already located in Center City Philadelphia, and its North America headquarters is located in Glen Mills, Pennsylvania with a customer training center in Exton, Pennsylvania.
Berkshire and Axalta
In April 2015, Berkshire purchased from The Carlyle Group 20 million of Axalta’s common shares for an aggregate purchase price of $560 million, or $28.00 per share.
Originally a unit of Dupont, Axalta is a leading global coatings company “dedicated solely to the development, manufacture and sale of liquid and powder coatings.”
Could the company be a potential acquisition target for Berkshire Hathaway’s Lubrizol Corporation? We will have to wait and see.
© 2015 David Mazor
Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway, and this article is not a recommendation on whether to buy or sell the stock. The information contained in this article should not be construed as personalized or individualized investment advice. Past performance is no guarantee of future results.