BARLOWORLD ACQUIRES
MIDAS PAINTS OF SOUTH AFRICA
Barloworld has acquired Midas Paints
Limited for approximately $6.3 million.
The company sells Earthcote, a premium
range of wall coatings through 34
franchised stores in South Africa. Midas
will be run as a separate entity within
Barloworld Coatings and existing management
and staff will be retained,
according to company officials.
“The Earthcote business, with its
high-end brand and franchised concept
stores will fit well with our Plascon
branded offerings. It will form part of
our strategy to provide consumers of
premium quality wall coatings with a
fully integrated lifestyle offering,” said
Andre Lamprecht, executive director
and CEO of Barloworld Coatings.
In addition, Barloworld will look to
the company’s Midas brand to expand
its contractor business. “We believe it
has enormous potential to expand into
the rest of the country. It could form a
powerful platform for our further
expansion into the contractor arena,”
Lamprecht added.