Axalta Coating Systems Ltd. announced that its Board of Directors has concluded its previously announced review of strategic alternatives.

“In light of the dislocation in global markets caused by the coronavirus pandemic, the Board unanimously determined that concluding the review of strategic alternatives is in the best interests of Axalta shareholders at this time,” said Mark Garrett, Axalta’s chairman of the Board and chair of its Strategic Review Committee. “This decision follows months of in-depth discussions with a number of interested parties. Although the process has concluded, our Board will continue to evaluate all opportunities to enhance shareholder value. I would like to thank Robert Bryant and the management team for their hard work in the review process and for the excellent job they are doing to navigate Axalta through a global crisis. I’d also like to thank our employees for their relentless commitment and outstanding contributions to Axalta’s success.”

“Since announcing the strategic review in June, we have delivered three consecutive quarters of strong financial results, including robust operating profit and free cash flow for the full year 2019,” said Robert Bryant, Axalta’s president and CEO. “This strong outcome was followed by an unprecedented decline in global markets in the current quarter. As we announced recently, we have taken swift and decisive action to plan for and address the near-term impact on customer demand in certain areas of our business. This includes executing on adjustments to Axalta’s cost structure across the organization. We believe the actions we are taking, coupled with a strong balance sheet and ample liquidity, will enable us to emerge from this crisis in a position of strength. Our top priority is the health of our employees, customers and communities. We will continue to monitor the situation closely and take further action as appropriate.”