11.01.18
AkzoNobel acquired 100 percent of shares in Colourland Paints Sdn Bhd and Colourland Paints (Marketing) Sdn Bhd - both referred to as "Colourland Paints" - a home-grown paints and coatings manufacturer with wide distribution across Malaysia.
Financial details were not disclosed.
"As a leading global paints and coatings company, we are proud to add the well-established brands and expertise of Colourland Paints to our business," said AkzoNobel CEO Thierry Vanlancker. "We are looking forward to unlocking the value it will bring as we accelerate our Winning together: 15 by 20 strategy and increase our footprint in this fast-growing region."
"This deal marks another milestone in ensuring that we continue to deliver the best brand and customer experience. The combination of global and local expertise is also an excellent strategic fit and will accelerate our development as we further build on our strong market position in Malaysia," added Oscar Wezenbeek, managing director of AkzoNobel Decorative Paints in the region.
