Hempel A/S has reached an agreement to acquire all shares of Hempel-Hai Hong in China, with completion of the deal expected to take place January 5, 2009, according to a November 17 announcement from the Lyngby, Denmark-based coatings manufacturer.
Increasing its share in Hempel-Hai Hong from 36% to 100% will give Hempel A/S full control of its activities in China. Hempel A/S is part of the Hempel Group. The acquisition is an important step in the Group’s global growth strategy, according to Pierre-Yves Jullien Hempel Group president and CEO
Hempel-Hai Hong started in 1991 as a joint venture between the Hempel Group and China Merchants Holdings (International) Co. Ltd. With Hempel A/S’s full ownership, both companies will focus on their respective core businesses—ports and port-related activities for China Merchants Holdings (International) Co. Ltd., and worldwide marine, protective and decorative coatings for Hempel A/S.
The Hempel Group manufactures marine, protective, container, yacht, and decorative coatings. It has 20 factories, 47 sales offices, three research and development centers, and more than 130 stock points located strategically around the world.
Headquartered in Hong Kong, Hempel-Hai Hong has three factories, 10 major offices, 13 strategically located stock points in China, and more than 1,000 employees.