MOSCOW (MRC) -- AkzoNobel has reached an agreement with US-based Sherwin-Williams to acquire its Chinese decorative paints business for an undisclosed fee, the Dutch paints and coatings major said.
The deal is expected to be completed in the second half of 2023 and includes the Huarun brand, it said in a statement.
The business has an annual revenue of about €100m and employs around 300 people. "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,” said AkzoNobel CEO, Greg Poux-Guillaume.
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.
We remind, AkzoNobel has completed the acquisition of the wheel liquid coatings business of Lankwitzer Lackfabrik GmbH, a deal which strengthens the company’s performance coatings portfolio. The acquired business will complement AkzoNobel’s existing powder coatings offering and expand the range of innovative products the company supplies.