AZ Capital has advised Fábricas Folch in the divestment of TITAN Powder Coatings, the powder coatings business of Industrias Titan, a Spain and Portugal-based powder coatings manufacturer with a leading position in the Iberian peninsula, to Tintas Neuce, the Portugal-based group engaged in the manufacture and marketing of paints, varnishes, thinners, coatings, products and waterproofing systems, thermal insulation and related products and the second largest player in Iberia in the coatings sector.