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Nippon Paint Becomes Subsidiary of Wuthelam

Tuesday, September 15, 2020

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Nippon Paint Holdings Co. announced late last month that it will become a subsidiary of Singapore-based paint manufacturer Wuthelam Group, which was already the top shareholder of the company.

According to Reuters, Nippon inked the deal for 1.285 trillion yen ($12.2 billion) as Wuthelam’s stake rises to just under 60% from 39%.

tokumeigakarinoaoshima, CC-Zero, via Wikimedia Commons

Nippon Paint Holdings Co. announced late last month that it will become a subsidiary of Singapore-based paint manufacturer Wuthelam Group, which was already the top shareholder of the company.

As part of the deal, Nippon will sell 1.185 trillion worth of shares to Wuthelam, then use the funds, as well as an additional 10 billion yen, to buy out Wuthelam from its joint ventures in countries including China, Malaysia and Thailand, as well as acquire Wuthelam’s wholly owned business in Indonesia.

The 139-year-old company is expected to remain listed on the Tokyo Stock Exchange and the deal is reportedly a play for growth outside the domestic market toward global expansion.

“Asia is becoming a key region for the company’s sustainable growth in terms of both market size and growth rate due to its projected demographic and economic growth leading to increasing demand,” Nippon Paint said in a statement.

The deal is slated to be finalized in January.

   

Tagged categories: Acquisitions; AS; Asia Pacific; Business matters; Good Technical Practice; Mergers; Nippon Paint

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