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Competition Commission approves Barloworld acquisition of Midas Paints

Published on 2006-05-04. Author : SpecialChem

Diversified industrial company Barloworld Limited announced it has received unconditional approval from the South African Competition Commission for its acquisition of Midas Paints (Pty) Limited. Midas Paints trades as Midas Earthcote. The effective date of the acquisition will be from May 2006.

The deal, which was originally announced on 1 September 2005 will see Midas become part of Barloworld's South African coatings operations.

Commenting on the transaction, Barloworld Executive Director and CEO of Barloworld Coatings Andre Lamprecht said: "The Earthcote business will form part of our strategy to provide consumers of premium quality wall coatings with a fully integrated lifestyle offering".

"The Midas brand is already well established in the Western Cape contracting market, and will play an important role in our offering to clients such as local authorities who require a contracting solution with strong Black Economic Empowerment credentials".

"This we will achieve through an enterprise development strategy of partnership with contractors from previously disadvantaged communities. We intend creating a large number of painter learnerships which will benefit not only the industry and our clients, but also society at large," he said.

Mike Vadas, CEO of Midas said: "We are delighted that the business we have built is going to become part of Barloworld Coatings. As the coatings industry leaders they have the scale and resources to build on what we have created as an innovative challenger to the more traditional coatings brands and turn it into a really powerful force shaping the future of the industry."

Midas will be run as a separate entity within Barloworld Coatings, and existing management and staff, including Mike Vadas, will be retained. The business will report to Ebrahim Mohammed, Managing Director of Barloworld Coatings' Other Africa operations.

Source: Barloworld Limited


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