Wednesday, April 19, 2023
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AkzoNobel is all set to acquire Chinese Decorative Paints business from Sherwin-Williams. With this acquisition AkzoNobel will further strengthen its position in China. And this agreement will come to fruition by the second half of 2023. The business has annual revenue of about €100 million and employs around 300 people. The transaction includes the Huarun brand, which has a long history and is well recognised in China.
“Acquiring the Chinese Decorative Paints business from Sherwin-Williams will help us to deliver our growth ambitions in tier three to tier five geographical areas in China. This intended acquisition is a strong strategic fit and our current business is best placed to unlock the full potential, thereby offering new opportunities for employees and customers,” says AkzoNobel CEO, Greg Poux-Guillaume.
Commenting on the deal, Mark Kwok, Director Decorative Paints North Asia, says: “Acquiring this business from Sherwin-Williams, and especially their renowned decorative paints brand ‘Huarun’ will strongly complement our existing premium-focused Dulux product portfolio. This will give our customers access to a more diverse and stronger offering. We look forward to welcoming these employees to the AkzoNobel China family and are excited about the opportunities we can achieve together.”
The intended acquisition follows on from a series of recent acquisitions by AkzoNobel across paints and coatings over the last years, including Titan Paints in Spain and Portugal, New Nautical Coatings in the US, Grupo Orbis in Latin America and, most recently, Lankwitzer Lackfabrik in Germany.
The Chinese Decorative Paints business is known within Sherwin-Williams as the Chinese Architectural Paint business.
AkzoNobel supplies the sustainable and innovative paints and coatings to customers, communities – and the environment – are increasingly relying on. Their world class portfolio of brands – including Dulux, International, Sikkens and Interpon – is trusted by customers around the globe.
Tags: AkzoNobel, china, colour, paints, Sherwin-Williams, wood, woodworking, woodworking and manufacturing, woodworking and processing, woodworking industry
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