Akzo Nobel plans to acquire Xuanwei China's decorative paint business

On April 19th, Akzo Nobel announced an agreement with Sherwin Williams to acquire the decorative paint business of Sherwin Williams in China, in order to further strengthen its layout and influence in the Chinese market.

The financial details of this acquisition have not been disclosed and are expected to be completed in the second half of 2023. The annual sales revenue of the related acquisition business is expected to be about 100 million euros, and it has about 300 related employees. The acquisition intention includes the China Resources Paint brand under Xuanwei.

Greg Poux Guilaume, CEO of Akzo Nobel, stated that the acquisition of Xuanwei's decorative paint business in China will help Akzo Nobel achieve its growth goal of expanding into third to fifth tier cities in China.

According to data, China Resources Coatings was established in 1991 and was acquired by Vesper in the United States in 2006. It later changed ownership again after the acquisition of Vesper by Xuan Wei in the United States in 2017.

It is reported that prior to this acquisition intention, Akzo Nobel had completed a series of acquisitions in the paint and coatings field, including Titan Paints located in Spain and Portugal, New Nautical Coatings in the United States, Grupo Orbis in Latin America, and Lankwitzer Lackfabrik in Germany.

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