Sherwin-Williams buys Oskar Nolte and Klumpp Coatings

The Sherwin-Williams Company announced an agreement to acquire Specialized Industrial Coatings Holding (SIC Holding), a joint venture between Peter Möhrle Holding and GP Capital UG, which also owns paint manufacturers Oskar Nolte and Klumpp Coatings.

The company's portfolio includes foil coatings as well as radiation-curable and water-based coatings for the panel, furniture and flooring industries. The company, which is represented in Europe, Asia and South America, employs around 220 people and achieves annual sales of more than EUR 91,5 million. The transaction is expected to close by early 2023, subject to customary regulatory approvals

"This acquisition provides us with an opportunity to accelerate our profitable growth in the global pulpwood market and aligns with our strategy to acquire complementary, high-quality, differentiated businesses," said John G. Morikis, Sherwin- Williams. “The company's extensive offering includes unique and innovative film coatings that give us access to another adjacent growth market not previously owned by Sherwin-Williams. We are excited about Oskar Nolte and Klumpp Coatings' strong technical and commercial teams, excellent relationships with multinational and local customers, strategically located manufacturing and key positions in specifications and approvals, which we will continue to leverage throughout Europe and beyond .”

The US paints maker invested around $2022 million in core investments primarily for growth initiatives and committed around $191 million to acquisitions in the first nine months of 630.

Source: Paint and Varnish