The Sherwin-Williams Company announced an agreement to acquire Industria Chimica Adriatica S.p.A. (ICA), an Italian designer, manufacturer and distributor of industrial wood coatings used for kitchen cabinets, furniture and decor, building products, flooring and other specialty applications, said the company.
The acquired business has annual sales of more than €150 million, with sales and operations globally, including production facilities in Italy and Poland, and ICA's interest in the India-based joint venture, ICA Pidilite. ICA has approximately 600 employees and will become part of the Sherwin-Williams Performance Coatings Group operating segment. The transaction is expected to close by the end of 2022.
"This wonderful company brings us innovative waterborne and solvent liquid coatings technology, including an award-winning range of ultra-matt protective coatings and a growing portfolio of BIO water-based coatings products, which are made with recycled raw materials," said Sherwin-Williams Chairman and Chief Executive Officer, John G. Morikis.
"In addition to this strong technical expertise, ICA has excellent relationships with multi-national and local customers, multiple product specification and approval positions, strategically located manufacturing and distribution, and an outstanding commercial team focused on delivering innovative and value-added solutions. The combination of our businesses provides numerous opportunities to accelerate profitable growth in the region and beyond. The outstanding leadership and talented employees of ICA have built an admirable track record of success over the last 50 years, and we look forward to welcoming them to the Sherwin-Williams family upon the close of the transaction."
As per MRC, Sherwin-Williams Company (SHW) lowered its net sales guidance for the third quarter of 2021, while keeping its full-year net sales and net income per share view unchanged. The company lowered its third-quarter consolidated net sales guidance to be up or down by a low-single digit percentage over third-quarter 2020 from its prior view of up mid-to-high single digit percentage. The full-year 2021 consolidated net sales guidance remains unchanged at up a high-single to low-double digit percentage over 2020 levels.
mrchub.com