Axalta Coating Systems Ltd. (NYSE:AXTA) will seek M&A. Carl Anderson Chief Financial Officer said during the Third Quarter 2023 Earnings Conference Call, "Just on the M&A pipeline, obviously, Chris talked a lot, what we just accomplished here with André Koch here in October. But as we look forward here, at least in the near term from a capital allocation perspective, we are really focused on our net leverage ratio. As you saw in the slide deck, we have an opportunity where we set new targets, especially on net debt leverage to 2x to 2.5x.

The company has done a really great job in delevering this year. And we think that we have a lot more that we can do, and potentially even achieve maybe the top end of our objective as we finish out 2024 on a net leverage ratio. But having said that, as we look at the overall pipeline and M&A, we will continue to evaluate those opportunities.

But at this point, I think the primary focus will be a little bit more inward looking as we continue to delever and also reinvest back in the business".