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Sherwin-Williams Completes the Acquisition of Inchem Holdings in Asia
Leading Coatings Supplier to Furniture and Electronics Manufacturers
Joins S-W's Growing Global Chemical Coatings Division
CLEVELAND, OHIO, July 31, 2008 – The Sherwin-Williams Company (NYSE:SHW) announced that it has closed a definitive agreement to acquire the Liquid Coatings Subsidiaries of Inchem Holdings of Inchem Holdings International Limited (SGX:ICHM).
Headquartered in Singapore, Inchem produces coatings applied to wood and plastic products in Asia. These waterborne, solvent-based, and ultraviolet (UV) curable coatings are applied to furniture, cabinets, flooring, and electronic products that are manufactured both for export and domestic sale. The coatings are made and sold in China, Vietnam and Malaysia, and distributed to 15 other Asian countries.
Founded in 1992, Inchem has more than 400 employees across its four manufacturing plants, sales of approximately US$30 million, and a reputation for innovative technology and quality products.
Christopher M. Connor, Chairman and CEO of The Sherwin-Williams Company, said, "we are pleased to bring Inchem, a well respected company throughout Asia, its plants in China, Vietnam, and Malaysia, and most importantly its people into the Sherwin-Williams family.
This acquisition reaffirms our commitment to growing globally through organic expansion, accelerated by strategically important acquisitions."
George Heath, President and General Manager of Sherwin-Williams Chemical Coatings Division, stated, "we continue to strengthen our growing global platform to better serve the needs of manufacturers in North America and Asia. Inchem supports this mission with great plants, products, and people throughout Southeast Asia."
Inchem Chairman, Robin Lim, said, "we are excited to join the Sherwin-Williams family and to contribute to the company's success here in Asia. We have been an admirer of Sherwin-Williams for years, and now we are a partner."
Sherwin-Williams Chemical Coatings Division
The Sherwin-Williams Chemical Coatings Division, part of the company's Global Group, manufactures and distributes a complete line of advanced technology liquid and powder coating systems for the world OEM market through 13 manufacturing and 90 facility locations across the U.S., Canada, Mexico, China, Vietnam, Malaysia and the Philippines. For more information, visit www.sherwin.com/oem.
The Sherwin-Williams Company
Founded in 1866, The Sherwin-Williams Company is a global leader in the manufacture, development, distribution and sale of coatings and related products to professional, industrial, commercial, and retail customers.
The company manufactures products under well-known brands such as Sherwin-Williams®, Dutch Boy®, Krylon®, Minwax®, Thompson's® Water Seal®, and many more.
With global headquarters in Cleveland, Ohio, Sherwin-Williams® branded products are sold exclusively through a chain of more than 3,000 company-operated stores and facilities, while the company's other brands are sold through leading mass merchandisers, home centers, independent paint dealers, hardware stores, automotive retailers, and industrial distributors.
The Sherwin-Williams Global Group distributes a wide range of products in more than 30 countries around the world. For more information, visit www.sherwin.com
The Sherwin-Williams Company: M&A
Acquired
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