Nippon Paint to buy Cromology
Cromology is the fourth-largest maker of decorative paints in Europe, and Nippon Paint expects to use the acquisition to expand its reach in France, Italy and other European countries. Nippon Paint will pay EUR 1.15 billion and purchase all Cromology shares during the first half of 2022.
The French company, established in 2006, logged EUR 628 million euros in sales in 2020. Nippon Paint has no plans to raise funds by issuing new shares; it has decided to finance the acquisition with existing cash and loans from financial institutions. The acquisition will be carried out through DuluxGroup, a major Australian paint maker under Nippon Paint.
In terms of sales, Cromology is the fourth-largest maker of decorative paints in Europe and belongs to the Top 10 paint producers headquartered in Europe.