On April 19th, Sherwin-Williams of the United States announced that it had signed an acquisition agreement with AkzoNobel, the world’s leading paint company, to divest its decorative paint business in China .
Sherwin-Williams produces and sells decorative coatings under the China Resources® brand in China, with an annual revenue of approximately US$100 million (approximately RMB 689 million) and approximately 300 employees. The acquisition target will not include China Resources Paint’s original industrial wood paint business, and the transaction is expected to be completed in the second half of 2023.
Greg Poux-Guilaume, CEO of AkzoNobel, said: “The acquisition of Xuan-Williams China’s decorative paint business will help us achieve our growth goal of expanding into third- to fifth-tier cities in China.”
“The business acquired from Sherwin-Williams and its well-known decorative paint brand China Resources Paint will join hands with AkzoNobel’s Dulux brand, which focuses on high-end product portfolios, to jointly provide customers with more powerful and diversified product choices. We I look forward to new colleagues joining the AkzoNobel China family and welcoming the broad development opportunities in the future with us.” added Guo Zhenhua, President of AkzoNobel China and North Asia and Managing Director of North Asia Decorative Paints Group.
AkzoNobel’s business involves architectural coatings, powder coatings, automotive coatings, wood coatings, marine coatings, protective coatings, packaging coatings and other fields. It has subsidiaries in Shanghai, Guangzhou, Langfang, Chengdu, Tianjin, Changzhou and Suzhou in mainland China. 15 production bases.
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