Sherwin-Williams acquires Italian wood coatings company
The Sherwin-Williams Company has announced an agreement to acquire Industria Chimica Adriatica (ICA). ICA is an Italian developer, manufacturer and distributor of industrial wood coatings for kitchen cabinets, furniture and decoration, building products, flooring and other special applications.
According to the company, the acquired company has annual sales of more than EUR 150 million and operates worldwide, including manufacturing facilities in Italy and Poland, as well as ICA's participation in the India-based joint venture ICA Pidilite. ICA employs approximately 600 people and becomes part of the operating segment of Sherwin-Williams Performance Coatings Group. The transaction is expected to be completed by the end of 2022.
"This wonderful company brings us innovative technologies in waterborne and solventborne liquid coatings, including an award-winning line of ultra-matt conformal coatings and a growing portfolio of biological waterborne coatings products made from 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 multinational and local customers, multiple product specification and regulatory positions, strategically located manufacturing and distribution locations, and a superb commercial team focused on delivering innovative and value-added solutions."
Source: Paint + Varnish