AkzoNobel (Amsterdam, Netherlands) announced that it has entered into an agreement to acquire 100% of the shares of decorative paints and coatings company Mauvilac Industries Limited (Les Pailles, Mauritius). Under the terms of the agreement, which is expected to be finalized in the first half of 2020, AkzoNobel will acquire a local production facility, four concept stores, and access to a strong distribution network in sub-Saharan Africa.
Located in Republic of Mauritius, an African island nation in the Indian Ocean, Mauvilac generated approximately £20 million ($26,261,700 million) in 2018. The company’s portfolio consists of 85% decorative paints and 15% coatings, including a wide range of professional and consumer products.
“We are happy to announce the acquisition of Mauvilac as it strengthens our footprint in Sub-Saharan Africa and supports our leading position in the African decorative paints market,” says AkzoNobel CEO Thierry Vanlancker. “Mauvilac is a leading company in Mauritius and the proud owner of the best-known paint brand on the island. We look forward to adding such a strong brand to our world class portfolio and welcoming the employees from Mauvilac to the AkzoNobel family.”
“We’re looking forward to joining AkzoNobel,” says Mauvilac CEO Laurent Roussel. “Both our companies have a strong passion for quality, innovation and sustainability. Bringing the energy of the two companies together, will create a promising future for all.”
Source: AkzoNobel, www.akzonobel.com.