Akzo Nobel has strengthened its business in Asia by acquiring (100% 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.
The acquisition enhances Akzo Nobel's global portfolio with a much-loved local brand. It also means the company will be able to provide an improved customer experience through an expanded product offering and distribution network. 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 Akzo Nobel 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."
Added Oscar Wezenbeek, managing director of Akzo Nobel decorative paints in the 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."
The transaction includes all relevant technologies, patents, trademarks and assets of Colourland.