AkzoNobel has acquired the Colourand coatings business of Malaysian paint and coatings manufacturer, which has enhanced its business in Asia. The financial terms have not been disclosed.
The transaction includes all of Coolland's related technologies, patents, trademarks and assets. Colourland is headquartered in Johor Bahru, Malaysia, with an annual turnover of more than 80 million Malaysian Ringgit (MYR) ($19 million).
Speaking of the acquisition, Akzo Nobel's CEO, Thierry Vanlancker, said: 'We are honored to be able to integrate the famous brands and expertise of Colourland Coatings into our business. We look forward to accelerating our win-win situation. The process of releasing it brings the value: 15 to 20 strategies, and increases our footprint in this fast-growing region.'
Akzo Nobel's 'Win-Win: 15 to 20' strategy was launched in March this year to create a company focused on paints and coatings and achieve a 15% return on sales by 2020.
In addition, AkzoNobel announced on October 1 that it has completed the acquisition of the Romanian decorative coatings group Fabryo. The acquisition includes the transaction consisting of two production facilities and six decorative coatings, adhesives and mortar distribution centers. This includes one of the largest decorative paint factories in the region and has the ability to expand further.
The decorative paint company generated revenues of approximately 45 million euros in 2017, and its well-known brands include Savana, APLA and InnenWeiss.