On February 18, Hempel A/S signed an agreement to acquire Wattyl, a leading paint manufacturer for the decorative and protective segments in Australia and New Zealand, with the aim to create a strong synergy for continuous growth.
The Sherwin-Williams Company sold Wattyl to Hempel, a global company that provides coating solutions for the protective, decorative, and marine segment. The transaction is now pending approval by the authorities and is scheduled for the first quarter of 2021. The company will continue to be managed by current CEO Matt Crossingham, who is proud to join the Group Hempel and is committed to the continued success of the South and East Asian region.
“We are now taking the first large, visible step in our ambition of doubling Hempel by 2025, and the acquisition will have a major, positive impact on our footprint and development in our South & East Asia region,” Hempel Group President & CEO Lars Petersson says.
“The acquisition is in line with our Double Impact strategy and the growth ambitions for our decorative and protective segments. Furthermore, the acquisition of Wattyl clearly highlights key points of the Hempel strategy: we are going for leadership positions in selected segments and geographies, and we aim to double our revenue within five years to EUR 3 billion. Doubling our revenue will allow us to double our positive impact by investing in more sustainable coating solutions, in-novation and digitalisation.”
The ambitious goal of the synergy between the two companies is to consolidate their presence in the Decorative, Infrastructure and Energy segments, thanks to the combination of experience, knowledge of the sector and quality products. Additionally, companies will be focused on being the trusted partner of all our current and future customers in Australia and New Zealand and ensuring a better end-to-end solution for their customers.