Sherwin-Williams Buys Asia Coating Unit
Monday February 11, 9:52 am ET
Sherwin-Williams to Acquire Coatings Division of Singapore-Based Inchem Holdings
CLEVELAND (AP) -- Sherwin-Williams Co. said Monday it will buy the liquid coating division of Inchem Holdings International Ltd., expanding the paint producer's reach in Southeast Asia.
Terms of the deal were not disclosed.
Inchem's coating operation is based in Singapore and makes products applied to wood and plastic. The coatings are produced in China, Vietnam and Malaysia and are sold in those countries and 15 others in Asia.
Inchem was founded in 1992, has 400 employees at four factories and generates annual sales of about $30 million.
In a statement, Sherwin-Williams Chairman and Chief Executive Christopher M. Connor said the deal "reaffirms our commitment to growing globally through organic growth accelerated by strategically important acquisitions."
In the past year, Sherwin-Williams has acquired paint and coatings companies in India, Uruguay and Mexico.
Sherwin-Williams shares fell 49 cents to $54.46 after the opening bell.
Source: Associated Press
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