Shares of paint-coating maker and supplier Axalta Coating Systems (AXTA - Get Report) soared nearly 15% on Wednesday after the company announced that its board of directors has begun a review of its "strategic options" -- business-speak for it is considering putting itself up for sale.

Shares of Axalta were up 14.52% in early afternoon trading, gaining $3.75 to $29.57 on the New York Stock Exchange after the Philadelphia-based company said it had formed a committee to explore various options to boost value for its shareholders.

"Axalta's board is committed to maximizing value for all shareholders and has initiated a comprehensive review of strategic alternatives, including a potential sale of the company, changes in capital allocation, and ongoing execution of our strategic plan," Axalta board director Mark Garrett said in a statement.

Axalta survey reveals 20% of Mexican auto buyers prefer red cars. Red cited as being vibrant, powerful, and strong.

— Axalta (@Axalta) June 4, 2019

The company said its board has formed a committee that will be chaired by Garrett and include CEO Robert Bryant and independent director Samuel Smolik. Evercore and Barclays are acting as financial advisers, and Morrison & Foerster LLP as legal advisor.

Axalta develops and manufactures coatings for light and commercial vehicles, industrial, and refinish applications. The firm does business in 130 countries and has nearly 13,000 employees.