Sherwin-Williams has agreed to buy Nitco Paints to enter the Indian market. A privately-owned manufacturer based in Mumbai with sales of approximately $18 million, Nitco Paints makes exterior specialty paints and coatings used in the construction of office buildings, high rise apartments, shopping malls, hospitals and schools.The terms of the purchase were not disclosed.
"We are excited to be entering the dynamic, growing Indian market," said Christopher M. Connor, chairman and CEO of Sherwin-Williams. "This acquisition is another positive step in our overall global strategy of steady growth and expansion."
Nitco Paints customers will continue to be supported by the existing organization and manufacturing facility.
Nitco Paints said that the acquisition by Sherwin-Williams would give the company additional resources, which would further enhance the company's participation in the growing Indian market.