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Monday, 16 September 2019
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Markets & companies, Coatings market

Mergers and acquisitions: Deceleration in the coatings industry

Tuesday, 23 July 2019

After our first overview of company acquisitions and mergers in the coatings and neighboring industries, we are now able to present a much larger overview this year. However, this is not necessarily due to the fact that there were more takeovers.

The number of mergers and aquisitions in the coatings industry slowed down recently. (Source: abioberti.it – stock.adobe.com)

The number of mergers and aquisitions in the coatings industry slowed down recently. (Source: abioberti.it – stock.adobe.com)

Whereas in July 2018 we had only examined the first half of the year, this time we can present an overview of an entire year, from mid-2018 to mid-2019. The list is correspondingly longer. All in all, the transaction dynamic seems to have declined.

This is not only the case in the coatings industry, but also in the chemical industry as a whole. In the first four months of the year, 225 takeovers and mergers in the chemical industry were counted by Grace Matthews, an investment bank specializing in chemicals. In the same period of 2018 there were still 328.

Transactions of coatings manufacturers

Despite the limited comparability due to the different time periods, it is noticeable that the manufacturers of paints and varnishes have been rather hesitant to buy in. In the first two quarters of 2018, Grace Matthews counted 40 takeovers and mergers. From mid-2018 to mid-2019, it was a little more at 48, but over a much longer period.

Acquisitions of Coatings manufacturers (examples)

Buyer Country Target Country Segment
Akzo Nobel The Netherlands Swire Industrial Limited China Architectural coatings
Akzo Nobel The Netherlands Xylazel Spanien Architectural coatings
Berger Paints India Saboo Hesse Wood Coatings India Wood coatings
Epple Druckfarben Germany Pulse Printing Products UK Coatings and Adhesives
Epple Druckfarben Germany PCO Europe The Netherlands Printing chemicals
Mipa Germany Rala Lackfabrik Germany Industrial coatings
Mipa Germany Landshuter Germany Industrial coatings, Wood coatings, metal coatings
Nippon Paint Japan Betek Boya Turkey Architectural coatings
PPG Industries USA Hemmelrath Lackfabrik Germany Automotive
PPG Industries USA Hodji Coatings The Netherlands Industrial coatings
Showa Denko K.K. Japan Ilag Switzerland Industrial coatings, non-stick coatings
Teknos Finland Drywood Norge Norway Architectural coatings

Transactions of raw material suppliers

It is also notable that the raw material suppliers slowed down. Grace Matthews counted 38 transactions with binder and polymer manufacturers in the first two quarters of last year. According to preliminary figures, there were only eleven transactions in the same period in 2019. Our sample overview also includes raw material suppliers from other areas, such as additives.

Acquisitions of Raw material suppliers (examples)

Buyer Country Target Country Segment
DIC Japan Ideal Chemi Plast  India Resins
Harke Group Germany Addi-Tec UK Additives
Henkel Germany Molecule Corp USA 3-D printing
Omnova Solutions USA  Resiquímica Portugal Binders
Petronas Chemicals Group Malaysia BRB The Netherlands Raw materials

Transactions in the adhesives industry

The adhesives industry has seen 15 transactions since mid-2018 to date. In the first half of 2018 alone, the figure was 22.

Acquisitions in the adhesives industry (examples)

Buyer Country Target Country Segment
Ardex Germany Nexus New Zealand Floor adhesives
Meridian Adhesives Group USA W.F. Taylor LLC USA Floor adhesives
Meridian Adhesives Group USA  Evans Adhesive Corporation  USA Floor adhesives

Distributor transactions

Developments among distributors are similar, albeit less pronounced. In the last 12 months, 32 transactions have been recorded so far by Grace Matthews. In only six months at the beginning of 2018, 20 transactions had already taken place.

Acquisitions of distributors (examples)

Buyer Country Target Country Segment
Bodo Möller Chemie Group Germany Acanthe France Raw materials
Brenntag Germany New England Resins & Pigments Corporation USA Raw materials
Brenntag Germany Canada Colors and Chemicals  Canada Raw materials
Brenntag Germany Alphamin  Belgium Raw materials
IMCD  The Netherlands Velox Germany Raw materials

Related content

Mergers and acquisitions in the coatings industry 2018

Ranking: Top 25 coatings manufacturers

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