Business Development Asia LLC has announced that its client, The Sherwin-Williams Company, has acquired 100 percent of Changzhou Pulanna Coating Co., Ltd. Pulanna is a leading manufacturer of automotive coatings for sale in the Chinese aftermarket. BDA acted as exclusive financial advisor to Sherwin-Williams from identification of the opportunity through to its execution. The acquisition increases Sherwin-Williams' presence in China's automotive sector where passenger car sales have grown strongly in recent years, increasing from 6.8 million in 2008 to more than 16 million in 2012. Car sales are forecast to continue rising at an annual rate of approximately 10 percent for the next decade.
"This transaction shows how BDA's focus on cross-border M&A with in-country expertise helps its clients realize their Asian growth plans. We wish Sherwin-Williams all future success as the new owners of Pulanna," said Mark Webster, Managing Director of BDA.
Terms of the transaction were not disclosed.