Sherwin-Williams Announces First Acquisition in India
NITCO Paints to Join the Sherwin-Williams Global Family.
MUMBAI, INDIA & CLEVELAND, OHIO, The Sherwin-Williams Company (NYSE: SHW) announced its entry into the Indian paint market with its purchase of the business of Nitco Paints. The purchase price was undisclosed.
Headquartered in Mumbai, the privately owned company is a leading manufacturer and distributor especially in western India of exterior specialty paints and coatings used in the construction of office buildings, high rise apartments, shopping malls, hospitals and schools. Its sales are approximately INR 80 croes or US$18 million.
Founded in 1981, Nitco Paints has a long history of innovative research and development creating products tailored to the Indian market and outstanding customer service to more than 3,000 dealers. A symbiotic marketing relationship with Nitco Tiles will be retained along with the current management of Nitco Paints.
Christopher M. Connor, Chairman and Chief Executive Officer of The Sherwin-Williams Company, said “We are pleased to bring Nitco Paints, a well respected Indian company, and its employees into the Sherwin-Williams family. Nitco customers will continue to be supported by the existing organization and manufacturing facility. We are excited to be entering the dynamic growing Indian market and look forward to growth opportunities with an enhanced product range, more technologically advanced products and expanding the distribution platform to better serve existing and new Nitco customers. This acquisition is another positive step in our overall global strategy of steady growth and expansion with a quality set of products and people who provide excellent service to our customers.”
Vivek Talwar, principal owner of Nitco Paints, said “I am pleased that Sherwin-Williams, one of the leading coatings companies in the world, has purchased Nitco Paints as it will bring additional resources to further enhance the Nitco Paints participation in the growing Indian market and will provide expanded opportunities for Nitco employees. In addition, the excellent cooperation between Nitco Tiles and Nitco Paints will continue to be maintained.”
Sanjiv Batra, Director, Nitco Paints Pvt. Ltd., said “The joining of two strong companies, committed to innovative R&D, quality manufacturing that delivers the best products to market and outstanding customer service, will create a powerful positive market impact that will benefit the Indian customer. We are excited about the arrival of Sherwin-Williams in India and are pleased to be part of the Sherwin-Williams family.”
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