Sherwin-Williams Completes the Acquisition of Euronavy in Portugal
Leading Marine Coatings Innovator Joins S-W's Growing Global Protective & Marine Coatings Division
CLEVELAND, Dec. 12 -- The Sherwin-Williams Company (NYSE:SHW) announced it has closed a definitive agreement to acquire Euronavy-Tintas Maritimas e Industriais S.A. of Portugal.
Headquartered in Lisbon, Portugal, Euronavy is a leading innovator of marine and protective coatings applied to ships, off shore platforms, storage tanks, steel, concrete, and flooring.
Euronavy became the first company in the world to receive approval for a solvent-free epoxy coating system. Groundbreaking R&D has also produced pioneering products for underwater application.
Founded in 1981, Euronavy has 40 employees across its manufacturing and distribution platform with sales of less than US$25 million. Euronavy's best in class coatings are sold in Brazil, Singapore, China, Vietnam, Dubai, Europe, Portugal, Canada and the U.S.
Christopher M. Connor, Chairman and CEO of The Sherwin-Williams Company, said, "we are pleased to bring Euronavy, a well respected global company and its talented people into the Sherwin-Williams family. This acquisition reaffirms our commitment to growing globally through organic expansion, accelerated by appropriate acquisitions."
Peter J. Ippolito, President and General Manager of Sherwin-Williams Protective & Marine Coatings Division, stated, "the acquisition of Euronavy is a logical step in our efforts to strengthen our growing global platform to better serve customer needs around the world with outstanding R&D, products, and people."
Euronavy Chairman, Mario Paiva said, "we are excited to join the Sherwin- Williams family and to contribute to the company's success across the globe. We have been an admirer of Sherwin-Williams for years, and now we are a partner."
Sherwin-Williams Protective & Marine Coatings Division
The Sherwin-Williams Protective & Marine Coatings Division, part of the company's Global Finishes Group, manufactures and distributes a complete platform of coating systems for the world market through 14 manufacturing locations across the U.S., Mexico, Brazil, Argentina, Uruguay and China. For more information, visit sherwin-williams.com/protective and http://www.euronavy.net/.
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(R), Dutch Boy(R), Krylon(R), Minwax(R), Thompson's(R) Water Seal(R), and many more.
With global headquarters in Cleveland, Ohio, Sherwin-Williams(R) 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
12.12.08 Euronavy Portugal Protective Coatings
7.31.08 Inchem Holdings Singapore Industrial Coatings
2.18.08 Becker Powder Coatings US Columbus Industrial Coatings
12.29.07 Flex Mexico Automotive Coatings
9.27.07 Columbia Spokane 41 Paint Stores
9.21.07 VHT Paint Line Scottsdale Aerosol Coatings
8.3.07 NAPKO Mexico Protective Coatings
6.28.07 Pinturas Industriales Uruguay Architectural Coatings
6.1.07 M.A. Bruder Philadelphia 132 Paint Stores
4.26.07 Altair Nano Nevada Ti02 Joint Venture
4.4.07 NITCO India Architectural Coatings
Contacts:
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
Source: The Sherwin-Williams Company
Web site: www.sherwin.com/
http://www.sherwin-williams.com/protective
http://www.euronavy.net/
