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Sherwin-Williams Announces First Acquisition in India
NITCO Paints to Join the Sherwin-Williams Global Family
MUMBAI, INDIA & CLEVELAND, OHIO, April 4, 2007 – 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 crore 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."
Founded in 1866, The Sherwin-Williams Company is a world leader in the manufacture, distribution and sale of coatings and related products to professional, industrial, commercial and retail customers. The Company manufactures products under well-known brand names such as Sherwin-Williams, Dutch Boy, Krylon, Minwax, Thompson's Water Seal and many more. Sherwin-Williams branded products are sold exclusively through a chain of more than 3,000 company-operated stores, while the company's other brands are sold through leading mass merchandisers, home centers, independent paint dealers, hardware stores, automotive retailers and industrial distributors throughout North America. Through its International Coatings Division, Sherwin-Williams distributes products in more than 20 countries around the world.
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Contact:
Robert Wells
Vice President-Corporate Communications and Public Affairs
Sherwin-Williams
Direct: 216.566.2244
rjwells@sherwin.com
Mike Conway
Director Corporate Communications and Investor Relations
Sherwin-Williams
Direct: 216.515.4393
Pager: 216.422.3751
mike.conway@sherwin.com
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