Coatings manufacturer Hempel has completed the acquisition of Wattyl Australia and New Zealand, increasing its footprint in Australia and New Zealand.
On 18 February 2021, Hempel A/S signed an agreement to acquire leading paint and coatings manufacturer Wattyl Australia and New Zealand from The Sherwin-Williams Company, the world’s largest paint and coatings company and headquartered in the United States.
Hempel received formal customary approval from the relevant authorities in Australia and New Zealand and the acquisition was closed on 31 March. Wattyl, which has an annual turnover of EUR 150 million, is now officially a part of the Hempel Group.
“I am very happy to welcome Wattyl and 750 new colleagues to the Hempel family today. We share many similarities, which makes the acquisition a perfect strategic fit. United, we will create a strong platform for continuous growth and leverage our knowledge, expertise, and market
strengths to remain a trusted partner of our customers in Australia and New Zealand,” says Lars Petersson, CEO of Hempel.
The acquisition is part of Hempel’s ambition to double its revenue to EUR 3 billion by 2025, Hempel said.
“We have taken the first major step on our growth journey, which will see us build leadership positions in chosen geographies and segments. With Wattyl as part of the Hempel Group, we are gaining a strong footprint in Australia and New Zealand, while pursuing our strategic ambitions for
the Decorative, Infrastructure and Energy segments in our South & East Asia region,” Lars Petersson said.