TAGS: Industrial Coatings Wood Coatings UV/EB Technology
Sherwin-Williams announces an agreement to acquire German-based Specialized Industrial Coatings Holding (SIC Holding), a Peter Möhrle Holding and GP Capital UG venture comprised of Oskar Nolte GmbH and Klumpp Coatings GmbH. The business' portfolio of solutions includes foil coatings as well as radiation-cured and water-based coatings for the board, furniture and flooring industry.
With a presence in Europe, Asia and South America, the business has approximately 220 employees and annual sales of more than €91.5 million and will become part of the Sherwin-Williams Performance Coatings Group reportable segment. The transaction is expected to close by early 2023, pending customary regulatory approvals.
Global Growth in Industrial Wood Market
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This acquisition creates opportunities to accelerate our profitable growth in the global industrial wood market and fits our strategy of acquiring complementary, high-quality and differentiated businesses," said Sherwin-Williams chairman and chief executive officer, John G. Morikis.
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The company's extensive offerings include unique and innovative foil coatings, which provide us with access to another adjacent growth market where Sherwin-Williams has not participated previously,” stated Morikis.
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We are excited by Oskar Nolte's and Klumpp Coatings' strong technical and commercial teams, excellent relationships with multi-national and local customers, strategically-located manufacturing, and key specification and approval positions, all of which we will leverage further throughout Europe and beyond,” continued Morikis.
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We look forward to welcoming the talented employees of these businesses to the Sherwin-Williams family upon the close of the transaction. Today's announcement further demonstrates our ongoing commitment to creating shareholder value through our consistent and balanced capital allocation strategy," explained Morikis.
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Through the first nine months of 2022, we have invested approximately $191 million in core capital expenditures largely aimed at growth initiatives, deployed approximately $630 million for acquisitions, and returned just over $1.2 billion to shareholders in the form of dividends and share buybacks. We expect to continue our approach supported by our strong ongoing cash generation," added Morikis.
Source: Sherwin-Williams