Spencer Coatings has become the U.K.’s largest independent coatings manufacturer after it acquired Stokes Paints in a deal worth £5million. Employing more than 100 people, the enlarged Spencer Coatings will have a turnover of more than £16million per annum and support the company’s continuing growth in global markets. The Aberdeen-based company will maintain its corporate headquarters.
Following the acquisition, the company is investing a new Distribution Center in Aberdeen, which will carry out color finishing and will stock products for Spencer customers in Scotland including customers operating in the North Sea oil and gas industry.
It will also establish a new technical center in Aberdeen to continue to develop new products for its customers across Scotland and Offshore. Spencer’s main Research and Development unit will be merged with the Stokes Laboratories and relocated to a new facility at Huthwaite.
Spencer Coatings, which is a member of U.K. energy sector business development organization, NOF Energy, will also retain the Stokes Paints’ manufacturing facility in Huthwaite, Nottinghamshire, which will become the company’s primary production hub.
As well as supplying the important oil and gas sector, the new company has strong positions in other markets. Stokes Paints is the largest supplier of products to protect the country’s vast array of electricity pylons from corrosion, which is a crucial activity to ensure efficient distribution of electricity around the U.K.
Spencer Coatings Acquires Stokes Paints
Published January 10, 2013
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