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AkzoNobel to Acquire Sherwin-Williams’ Chinese Decorative Paints Business
2023-04-24 11:16:25 来源:www.bvrcn.com Brand Value Network
AkzoNobel has reached an agreement with Sherwin-Williams to acquire its decorative paints business in China, which will further strengthen AkzoNobel's position in China. The acquisition, which is subject to regulatory approval, is expected to be completed in the second half of 2023.
The acquired business has annual revenues of approximately €100 million and employs approximately 300 people. The transaction includes the acquisition of the Huarun brand, which has a long history and is well recognised in China.
Greg Poux-Guillaume, CEO of AkzoNobel, said, "The acquisition of the Chinese decorative paints business from Sherwin-Williams will help us to deliver our growth targets in Tier 3 to Tier 5 cities in China. This intended acquisition is a strong strategic fit and will help our current business to further unlock its potential, thus providing new opportunities for our employees and customers".
Commenting on the deal, Mark Kwok, Director of Decorative Paints in North Asia Region, said, "The acquisition of this business from Sherwin-Williams, in particular their renowned decorative paint brand 'Huarun', will strongly complement our existing Dulux portfolio focusing on the premium segment. This will give our customers access to a more diverse and robust product offering. We are very much looking forward to these employees joining the AkzoNobel China family and embracing more opportunities for future growth together.”
The acquisition follows a series of acquisitions AkzoNobel has made over the past few years in the paints and coatings sector, including Titan Paints in Spain and Portugal, New Nautical Coatings in the US, Grupo Orbis in Latin America and the recent acquisition of Lankwitzer Lackfabrik in Germany.
About AkzoNobel
The company provides sustainable, innovative paints and coatings that customers, communities and the environment increasingly rely on. A portfolio of best-in-class brands, including Dulux, International, Sikkens and Interpon, is trusted by customers around the world. The company operates in more than 150 countries and has its sights set on becoming a global industry leader. This is the vision of a pioneering coatings company, committed to achieving science-based goals and taking real action to address globally relevant challenges as well as to protect future generations.
According to Brand Value Network, AkzoNobel's acquisition of Sherwin-Williams' decorative paints business in China also further strengthens its presence and market position in China, a move that is in line with the secondary indicator of innovation investment under the primary indicator of innovation capability in the comprehensive index system of China Brand Value Evaluation Standard, which will help boost its ranking in the "(Daguan·Keweiwei) The World Brand Value Top 900". In the list of "(Daguan·Keweiwei) The 3rd World Brand Value Top 900" officially released on March 18, 2023, AkzoNobel's brand value is 28.71 billion CNY, ranking the 780th and Sherwin-Williams’ brand value is 73.806 billion CNY, ranking the 386th.
www.bvrcn.com Brand Value Network
作者:Trina Yao
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