AkzoNobel, the listed Dutch paints and coatings manufacturer, has appointed Goldman Sachs to explore a sale of its southeast Asian paints assets, according to two sources familiar with the matter.

Non-binding offers (NBOs) are expected by mid- September, they said.

The company has begun preliminary discussions with potential strategic buyers, one of the sources said, adding that Thailand’s Siam Cement Group could be among potential bidders.

The business is strong, and its diversified product mix with well-known brands would appeal to strategic acquirers, he said.

The process follows comments by AkzoNobel CEO Greg Poux-Guillaum in April 2026 that the company was considering the divestiture of certain decorative paint businesses in Southeast Asia generating EUR 300m (USD 346m) of annual revenue. AkzoNobel clocked USD 11.47bn in revenue in 2025, as disclosed.

Logical buyers of the portfolio as a whole could be global strategics such as US-based Sherwin-Williams and PPG Industries, Japan’s Nippon Paint and Kansai Paint, and India’s Asian Paints and Berger Paints, said an industry executive.

The assets may be also sold in part to major local player which offer the greatest synergies on a country-by-country basis, the executive added.

AkzoNobel, with a market cap of USD 12.51bn, has been reshaping the global portfolio. In June 2025, AkzoNobel agreed to sell majority stake in Akzo Nobel India to Indian conglomerate JSW Group in a transaction valuing the business at approximately USD 1.6bn.

AkzoNobel’s business includes decorative paints, automotive and specialty coatings, industrial coatings, marine protective and yacht coatings, powder coatings. Its Southeast Asian operations span Indonesia, Thailand, Malaysia, Vietnam.

The ASEAN paints and coatings market continues to expand, and the sector will grow from USD 7.78bn in 2026 to USD 9.92bn by 2031, according to a market research report. The growth is driven by robust construction activity in Indonesia, Vietnam and Thailand, as well as Chinese EV investments and government-backed infrastructure projects, the report said.

AkzoNobel and Goldman Sachs did not respond to requests for comments.