Sherwin-Williams, the second biggest paint maker in the U.S. and the third largest in the world, has bolstered its global business portfolio, announcing as we went to press the acquisition of Sweden’s Becker Acroma Industrial Wood Coatings for an undisclosed sum.
This marks the third acquisition in the past two years for Sherwin’s global finishes group, which performed strongly in the first quarter amid weakness in other parts of Sherwin’s businesses.
As a whole, the paint firm posted a one percent first-quarter increase to $1.57 billion over last year. While its retail stores saw sales fall 5.3 percent in the quarter, its the global finishes group posted a 16.2 percent increase, a positive sign indeed.
Becker, which has 900 employees, is also among the world’s largest makers of wood coatings, with $300 million in U.S. sales.
With this acquisition, which is expected to close in the third quarter, Sherwin plans to bolster its presence in the furniture, flooring, kitchen cabinet and joinery industries—all markets that have been hurt by the recession. However, it seems that as the economy claws its way out of the basement, Sherwin is aggressively charging ahead.
“This is another positive step in our strategy of steady growth and expansion through quality products and people who provide excellent customer service. This acquisition reaffirms our commitment to growing globally through organic expansion, accelerated by appropriate acquisitions,” said Christopher M. Connor, Sherwin CEO, in a statement.
Sherwin currently operates 15 manufacturing plants and 79 facilities in the U.S., Canada, Mexico, Europe and China for its liquid and powder finishes. Becker Acroma brings to the table a wider global footprint, particularly in Asia, with its nine manufacturing plants and 32 other facilities.
To find out more about Sherwin-Williams and the other major players in the paint, coatings, adhesives and sealants industries, be sure to tune in next month to Coatings World’s Top Companies Report for side by side comparisons of today’s leading companies.