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Danish-based Hempel, has announced the acquisition of UK-based decorative coatings manufacturer, Crown Paints Ltd. The move comes as part of the company’s One Hempel – One Ambition growth strategy.
Hempel’s CEO Pierre-Yves Jullien commented that Crown Paints represents everything Hempel was looking for – a solid position in the market, a sound financial situation, as well as innovative R&D and marketing. The acquisition will not change Crown Paints’ brands’ identities and the daily management and decision power will also remain local.
The 230 year-old paint business, once part of Imperial Chemical Industries, attracted interest from several potential bidders, Crown Paints’ CEO, Brian Davidson said in an interview last month. Akzo sold the business following European antitrust rulings over its US$15.9bn ICI purchase.