Akzo Nobel

Dutch paint maker Akzo Nobel has agreed to sell its Southeast Asia decorative paints business in a deal valued at $1.35 billion, according to a Wall Street Journal report. The sale marks a significant retreat from the region's consumer paint market, and the news is drawing attention from investors watching Akzo Nobel's strategy of streamlining its portfolio.

Nippon Paint has agreed to acquire Akzo Nobel's decorative paints business in Southeast Asia for $1.35 billion. The deal gives the Japanese coatings company a regional slice of a business it had previously sought to buy in full. The move reflects ongoing consolidation in the global paints industry as major players reposition around key growth markets.