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Sherwin-Williams to sell Wattyl to Hempel

February 24/2021

MOSCOW (MRC) -- The Sherwin-Williams Company announced it has signed a purchase agreement with global coatings company Hempel A/S to divest Wattyl, an Australian and New Zealand manufacturer and seller of architectural and protective paint and coatings with annual revenue of approximately USD200 million USD and 750 employees, said Chemweek.

The transaction is expected to close during the first quarter of 2021, subject to customary closing conditions. "Today's announcement of our intent to divest Wattyl aligns with our ongoing process to evaluate all aspects of our portfolio, including brands, product lines, customer programs and businesses, for their ability to meet our performance criteria and for their long-term strategic fit," said John G. Morikis, Sherwin-Williams Chairman and Chief Executive Officer. "While we've driven significant improvement in the Wattyl business, we believe Company resources can be better deployed to other opportunities offering greater growth, more meaningful scale, and higher returns and cash flow. We thank the employees of Wattyl for their contributions to Sherwin-Williams."  

The Wattyl business became part of Sherwin-Williams through the 2017 acquisition of The Valspar Corporation. The business was previously reported in Sherwin-Williams Consumer Brands Group.

As per MRC, Tennant Company announced it has completed the sale of its coatings business, Tennant Coatings, to The Sherwin-Williams Company.

We remind that Russia's output of chemical products rose in November 2020 by 9.5% year on year. At the same time, production of basic chemicals increased in the first eleven months of 2020 by 6.6% year on year, according to Rosstat's data. According to the Federal State Statistics Service of the Russian Federation, polymers in primary form accounted for the greatest increase in the January-November 2020 output. November production of polymers in primary form rose to 896,000 tonnes from 852,000 tonnes in October. Overall output of polymers in primary form totalled 9,240,000 tonnes over the stated period, up by 17.1%  year on year.


mrcplast.com
Author:Anna Larionova
Tags:petroleum products, PP, PE, neftegaz, petrochemistry.
Category:General News
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