Teknos has entered into an agreement to acquire Dutch Drywood Coatings BV. The transaction is expected to be materialized by the end of September.
Acquisition to Help in Teknos’ Growth Strategy
| Teknos to Acquire Drywood Coatings,
a Water-Based Coatings Supplier for Wooden Substrates
Drywood is a Dutch privately held company that develops, produces and sells water-based coatings
for wooden substrates. Drywood has its production unit in Enschede, Holland near the German border. Drywood maintains one of the leading market positions in the Industrial Wood Coatings
market in Holland, and has established strong position during recent years also in the Industrial Wood market in the UK and in the Architectural Coatings
market in Norway. The net sales for 2015 were approximately EUR 9 million and it has 33 employees.
Createing Access to a New Market Area for Teknos
The acquisition of Drywood is an important part of Teknos’ growth strategy. The acquisition creates access to a new market area for Teknos and it will further strengthen Teknos’ position in the European industrial wood coating market.
“Teknos’ vision is to be one of the leading suppliers of technically advanced coating solutions close to customers. Through the Drywood acquisition Teknos gains access to the coating markets in Holland, an extensive dealer network in Norway and a product assortment that complements our current range
,” says Paula Salastie, CEO of Teknos Group.
The parties have agreed that the value of the transaction will remain undisclosed.
About Drywood Coatings
Drywood Coatings produces and develops water based coatings for wooden substrates such as windows, sashes, doors, sidings, interior doors, furniture, etc for industrial and brush applications.
Teknos offers a wide range of high-quality paints and coatings for the manufacturing industry, building professionals and consumers. It focuses sharply on the quality and performance of its products, invest heavily in research and development, and have a strong focus on environmental issues to ensure people meet, and even exceed, today’s versatile needs.