| |
Sherwin-Williams to Acquire Italian Wood Coatings Company
WPCIA Washington October 26, 2022
The Sherwin-Williams Company has announced an agreement to acquire Industria Chimica Adriatica S.p.A. (ICA), an Italian designer, manufacturer, and distributor of industrial wood coatings used for kitchen cabinets, furniture, and décor, as well as building products, flooring, and other specialty applications. The acquired business has annual sales of more than €150 million, with sales and operations globally, including production facilities in Italy and Poland, and 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 John G. Morikis, Sherwin-Williams chairman and chief executive officer. “In addition to this strong technical expertise, ICA has excellent relationships with multinational 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. The combination of our businesses provides numerous opportunities to accelerate profitable growth in the region and beyond. The outstanding leadership and talented employees of ICA have built an admirable track record of success over the last 50 years, and we look forward to welcoming them to the Sherwin-Williams family upon the close of the transaction.”
| |
|