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DuluxGroup has announced the merger of its DGL International business in China and Hong Kong with Camelpaint of Hong Kong to create DGL Camel International Limited.
Camelpaint was established in Hong Kong in 1932 and manufactures and markets coatings products in Hong Kong and mainland China. DuluxGroup and Camelpaint have a successful history of working together, having been joint venture partners in DGL Camel Powder Coatings in mainland China since 2004.
DuluxGroup will hold 51% of DGL Camel International and the current general manager of DGL International, Alan Preston, will be the general manager of DGL Camel International. Kerwin Yan, current CEO of Camelpaint, will continue as a full-time employee and director of DGL Camel International.
The newly formed company will manufacture, market and distribute coatings and associated products, including the Opel, Levene, Selleys, AcraTex and Camel product ranges.
DuluxGroup MD and CEO Patrick Houlihan said that the merger is consistent with DuluxGroup’s strategy of making low-risk acquisitions to further grow its position in the high-growth Chinese market.
The transaction involves a payment by DuluxGroup to Camelpaint to secure board and management control of the company.