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CONCORD, N.C. -- Axalta (NYSE: AXTA), a leading global supplier of liquid and powder coatings, and 12-time NASCAR Cup Series champions Hendrick Motorsports have agreed to a five-year contract extension that will take one of the most enduring sponsorships in auto racing through 2027.

As part of the new agreement, Axalta will be a primary sponsor of the No. 24 team with driver William Byron for 14 Cup Series races each year beginning in 2021. Byron is coming off a sophomore season that saw him produce personal bests in nearly every statistical category and earn his first Cup playoff berth.

Driving the No. 24 Axalta Chevrolet Camaro ZL1 1LE, Byron will make his third career start in the DAYTONA 500 on Sunday (2:30 p.m. ET on FOX). His paint scheme will feature Axalta’s 2020 Global Automotive Color of the Year, Axalta Sea Glass.

“Our partnership with Hendrick Motorsports goes beyond signatures on paper. We consider the entire Hendrick organization part of our family and the foundation of our legacy in racing,” said Wade Robinson, managing director, global motorsports at Axalta. “Knowing that our companies will continue to collaborate well into future is a remarkable feat. We’re proud of the work and accomplishments that our companies have achieved together.”

The new pact extends a multi-faceted partnership – now in its 28th full season – that began in November 1992 when Axalta first sponsored the No. 24 Chevrolet of driver Jeff Gordon, who went on to win four Cup Series titles and 93 points-paying races. Axalta also operates a 36,000-square-foot, state-of-the-art Customer Experience Center on the Hendrick Motorsports campus outside Charlotte, N.C., to enable customers to train and be part of a full racing experience.

“It’s difficult to put into words what Axalta has meant to our company,” said Rick Hendrick, owner of Hendrick Motorsports. “They took a chance on us nearly three decades ago, and it’s been an incredible relationship ever since. Axalta and the No. 24 team are synonymous, so it’s fitting to see that connection solidified for the next eight seasons. William is a tremendous talent who is going to do exciting things behind the wheel for a long, long time. We are truly fortunate to continue this great partnership far into the future.”

Byron, 22, was the 2018 NASCAR Cup Series rookie of the year. In 2019, he was paired with seven-time champion crew chief Chad Knaus, who led him to a playoff berth and personal bests in top-five finishes, top-10s, pole positions, laps led, average finish, stage wins, and final points position. The Charlotte, North Carolina, native earned the 2017 NASCAR Xfinity Series championship before moving to the Cup level.

“My relationship with Axalta has been unreal,” Byron said. “They mean so much to Hendrick Motorsports and to our sport – from producing the all-time coolest and most recognizable paint schemes to everything they do off the track to make our sponsorship so successful. I feel very lucky to have this opportunity and to help continue the winning tradition of Axalta, Hendrick Motorsports and the No. 24 team.”