Global paints and coatings manufacturer AkzoNobel (Amsterdam, The Netherlands) recently acquired 100% of the shares in Colourland Paints (Ulu Tiram, Malaysia), a home-grown paints and coatings manufacturer with wide distribution across Malaysia.
“As a leading global paints and coatings company, we are proud to add the well-established brands and expertise of Colourland Paints to our business,” says CEO Thierry Vanlancker. “We are looking forward to unlocking the value it will bring as we accelerate our strategy and increase our footprint in this fast-growing region.”
The acquisition enhances the global company’s portfolio with a local brand, the manufacturer explains. It also means that the company will be able to provide an improved customer experience through an expanded product offering and distribution network. Financial details were not disclosed.
“The combination of global and local expertise is an excellent strategic fit and will accelerate our development as we further build on our strong market position in Malaysia,” says Oscar Wezenbeek, managing director of AkzoNobel’s decorative paints business in the region. “This deal marks another milestone in ensuring that we continue to deliver the best brand and customer experience.”
The transaction includes all relevant technologies, patents, trademarks, and assets.
Source: AkzoNobel, www.akzonobel.com.