21. Oct 2022 | Markets & Companies
Sherwin-Williams to acquire Italian wood coatings company
According to company information, the acquired business has annual sales of more than EUR 150 million, with sales and operations globally, including production facilities in Italy and Poland, and ICA's interest in the India-based joint venture, ICA Pidilite. ICA has approximately 600 employees and will become part of the Sherwin-Williams Performance Coatings Group operating segment. The transaction is expected to close by the end of 2022.
"This wonderful company brings us innovative waterborne and solvent liquid coatings technology, including an award-winning range of ultra-matt protective coatings and a growing portfolio of bio water-based coatings products, which are made with recycled raw materials," said Sherwin-Williams Chairman and Chief Executive Officer, John G. Morikis. "In addition to this strong technical expertise, ICA has excellent relationships with multi-national and local customers, multiple product specification and approval positions, strategically located manufacturing and distribution, and an outstanding commercial team focused on delivering innovative and value-added solutions."
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