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April 3, 2024

Mergers And Acquisitions In The Paint And Coatings Industry

The paint and coatings industry has seen a lot of merger and acquiition activity, most notably AkzoNobel acquiring Sherwin-Williams’ Chinese Architectural Paint business and Kansai Helios purchasing Beckers Group Railway Coatings business, as well as Kelly-Moore Paints ceasing operations in January 2024. On the supplier side, ALTANA’s planned purchase of Silberline is among the major moves.

Here are some of the key moves we are watching, beginning with the most recent; we will add to the list as new acquisitions are reported:

Acquiring Company: KANSAI HELIOS

Acquired Company: WEILBURGER Coatings

Date of Acquisition: February 2024


Comments: On Feb. 9, 2024, KANSAI HELIOS signed a share purchase agreement with GREBE Holding in Weilburg, Germany to acquire its entire industrial coatings business (WEILBURGER Coatings), an industrial coatings producer, especially in the fields of non-stick, high temperature, railway and other industrial specialty coatingsWEILBURGER had a turnover of approximately €150 million. Terms were not disclosed.


Link to More Information:


Acquiring Company: MIPA

Acquired Company: Industrial Division of HAERING GmbH

Date of Acquisition: January 2024


Comments: MIPA SE has taken over the industrial coatings division of HAERING GmbH from Unterheinriet (near Heilbronn) with retroactive effect from Jan. 1, 2024. Production of the acquired products will be relocated to Mipa Group sites during the first quarter and customer support will be gradually taken over by MIPA SE. The HAERING GmbH sites and the HAERING brand and its product names are not part of the takeover. Terms were not disclosed.


Link to More Information:

MIPA Takes Over Industrial Division of HAERING GmbH

Company Ceasing Operations: Kelly-Moore Paint Compay

Date of Closure: January 2024


Comments: Kelly-Moore Paint Company, the 37th largest worldwide paint company according to our 2023 Top Companies Report, immediately ceased operations in January 2024. The decision to close was driven largely cash drains caused by asbestos legal settlements, which have totaled approximately $600 million with more liabilities expected.


Link to More Information:

Kelly-Moore Paint Company Ceases Operations

Acquiring Company: ALTANA
Acquired Company: Silberline
Date of Acquisition: January 2024
Comments: ALTANA has entered into an agreement to acquire the Silberline Group, a specialist in effect pigments that had sales of $80 million in 2022. This move, once completed, will expand ALTANA’s ECKART Division, most notably in North America and Asia. Terms were not disclosed.
Link to More Information:
ALTANA to Acquire Silberline, Expands Global Presence in Effect Pigments

Acquiring Company: Rodda Paint

Acquired Company: Valley Paint

Date of Acquisition: November 2023


Comments: Rodda Paint acquired Valley Paint Manufacturing, Woods Cross, Utah. Valley Paint will continue to operate independently in the Salt Lake City area with the support of Rodda Paint Co. Terms were not disclosed.


Link to More Information:

Rodda Paint Acquires Valley Paint


Acquiring Company: Geveko Markings
Acquired Company: PPG’s Traffic Solutions Operations in Australia and New Zealand
Date of Acquisition: October 2023
Comments: PPG divested all Traffic Solutions operations in Australia and New Zealand to Geveko Markings, a pavement markings specialist headquartered in Sweden. 
Link to More Information:
PPG Divests Traffic Solutions Operations in Australia and New Zealand

Acquiring Company: AkzoNobel 

Acquired Company: Sherwin-Williams’ Chinese Architectural Paint business

Date of Acquisition: August 2023


Comments: AkzoNobel added to its position in China by acquiring Sherwin-Williams’ Chinese Architectural Paints business. The business has an annual revenue of approximately €100 million and employs around 300 people, and includes the Huarun brand, which is well recognized in China.


Link to more information:

AkzoNobel Acquires Chinese Decorative Paints Business from Sherwin-Williams

Acquiring Company: Briolf 

Acquired Company: Intec

Date of Acquisition: July 2023

Comments: INTEC is a leader in the automotive refinishing paint sector and has successfully developed a line of putties, pastes and adhesives focused on the composite materials sector. The acquisition adds to the value proposition in the bodywork market with a brand and clientele complementary to Briolf subsidiary Roberlo’s business.


Link to more information:

Briolf Acquires INTEC

Acquiring Company: Kansai Helios

Acquired Company: Beckers Group Railway Coatings business

Date of Acquisition: May 2023

Comments: The asset purchase agreement for the sale of the railway coatings business of Beckers´ company Becker Industrie SAS, Montbrison (France) was signed on Dec. 9, 2022. The transaction is an outcome of Beckers’ strategic review and part of the transformation of Beckers into a focused sustainable innovation-based leader.As a part of this transaction, Kansai Helios will establish its first subsidiary in France, Kansai Helios France SAS. With this acquisition Kansai Helios will further strengthen its competitive position in the railway coatings sector in Europe and worldwide. Terms were not disclosed.


Link to More Information:

Beckers Announces Sale of Railway Coatings Business to Kansai Helios

Acquiring Company: Diamond Vogel

Acquired Company: N92 Menomonee Falls, LLC, a subsidiary of The Sherwin-Williams Company

Date of Acquisition: April 2023


Comments: N92 Menomonee Falls, LLC, a subsidiary of The Sherwin-Williams Companybased in Menomonee Falls, WI, produces color-match touch-up paint, custom aerosol, and other specialty coatings. Adding the facility allows Diamond Vogel to accelerate its aerosol growth strategy.


Link to More Information:

Diamond Vogel Acquires Aerosol Manufacturing Facility in Menomonee Falls, WI

Acquiring Company: Stahl

Acquired Company: ICP Industrial Solutions Group (ISG)

Date of Acquisition: March 2023


Comments: A leader in specialty coatings for flexible substratesStahl added ISG, a division of Innovative Chemical Products (the ICP Group), which manufactures high-performance coatings used primarily in packaging and labeling applications. ISG had estimated sales of approximately $140 million in 2022. Terms were not disclosed.


Link to More Information:

Stahl Completes Acquisition of ICP Industrial Solutions Group

Acquiring Company: Mipa Group

Acquired Company: Warnecke & Böhm

Date of Acquisition: January 2023


Comments: MIPA acquired the business of Warnecke & Böhm GmbH, an industrial coatings specialist, while maintaining the WB Coatings brand, on Jan. 1, 2023. The product range and customer relations of Warnecke & Böhm will be organized primarily by Feycolor GmbH in Regensburg, Germany, which belongs to MIPA.Terms were not disclosed.


Link to More Information:

Mipa Group Acquires Warnecke & Böhm

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