AkzoNobel – the Dutch multinational paints and coatings company has announced its intention to acquire the decorative paints business of Sherwin Williams in China. The move is part of AkzoNobel’s ongoing growth strategy and will strengthen its presence in the Chinese market. Sherwin Williams is one of the largest manufacturers of paints and coatings in the world and its decorative paints business in China has a significant market share. The acquisition will give AkzoNobel access to a wider customer base in China and enable it to expand its decorative paints business in the region.
“This acquisition is an important step for AkzoNobel as we continue to strengthen our position in China,” said AkzoNobel CEO Thierry Vanlancker. “China is a key market for us and we see significant opportunities for growth in the decorative paints segment.”
The acquisition is subject to regulatory approvals and is expected to be completed in the second half of 2023. Financial details of the deal have not been disclosed.
AkzoNobel has been expanding its presence in the Chinese market in recent years. In 2019, the company opened a new €20 million research and development facility in Shanghai focused on developing coatings for the automotive, aerospace, and consumer electronics industries.
The acquisition of Sherwin Williams’ decorative paints business in China is part of AkzoNobel’s broader growth strategy. The company aims to be a leader in the paints and coatings industry and has been investing in research and development to develop innovative products and technologies.
The Chinese market is a key focus for AkzoNobel as it is one of the largest and fastest-growing markets for paints and coatings in the world. The company has a strong presence in the region with a network of manufacturing facilities and sales offices across China.
“We are excited about the opportunities this acquisition presents for AkzoNobel in China,” said Vanlancker. “We are committed to investing in the region and delivering innovative products and solutions that meet the needs of our customers.”
The acquisition of Sherwin Williams’ decorative paints business in China is a significant move for AkzoNobel and reinforces the company’s commitment to growth in the Chinese market. With its strong brand and reputation for quality, AkzoNobel is well-positioned to capitalize on the opportunities presented by the growing demand for paints and coatings in China.