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Home  > Markets & companies  > Coatings market  > Singapore's Wuthelam Group to buy out Nipp...

Tuesday, 29 September 2020
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Markets & companies, Coatings market

Singapore's Wuthelam Group to buy out Nippon Paint

Wednesday, 9 September 2020

Singapore's Wuthelam Group will take majority control of Nippon Paint, spending EUR 13,2 billion to raise its stake to just under 60 per cent from 39 per cent now.

Wuthelam Group will take majority control of Nippon Paint. Image source: David_Peterson - Pixabay (symbol image).

Wuthelam Group will take majority control of Nippon Paint. Image source: David_Peterson - Pixabay (symbol image).

The deal is one of Asia's largest cross-border transactions in 2020. Nippon Paint said they first began collaborating with Wuthelam Group in 1962 when it was appointed as its sales agent for the Asia region.

This was later followed by joint ventures with the Wuthelam Group in Thailand, Malaysia, China and other Asian countries.

Seeking growth outside the domestic market

Despite this close collaboration in a wide range of other business areas for almost 60 years, Nippon Paint said that more ambitious moves are necessary for it to enhance its financial base for future growth.

The 139-year-old Japanese firm is seeking growth outside its mature domestic market, and has prioritised global expansion. Last year, it acquired Australia's top paint maker DuluxGroup Ltd.

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