Berkshire Hathaway said that it will pay close to $560 million in order to buy 10% stake in Axalta Coating Systems from subsidiaries of the Carlyle Group. This step will help the company to increase its exposure in the industrial and auto space.
Omaha, Nebraska-based Berkshire Hathaway has planned to hold the stock for at least 90 days. Axalta, a leader in the coating industry, jumped 9.8% to $31.1 at the close in New York. As per experts, Axalta had jumped 45% through Monday since going public at $19.50 a share in November.