The transaction is now awaiting customary approval from the authorities, which is expected to occur in the first quarter of 2021.
“We are now taking the first major step seen in our ambition to double Hempel by 2025, and the acquisition will have a profound and positive impact on our footprint and development in our South & East Asia region,” said Hempel Group President & CEO Lars Petersson.
“This acquisition is in line with our Double Impact strategy and growth ambitions for our decorative and protective segments. In addition, the Wattyl acquisition clearly highlights the key points of Hempel’s strategy: We will occupy leadership positions in certain segments and geographies, and we aim to double our revenue in five years to € 3 billion. Doubling our revenue will allow us to double our positive impact by investing in more sustainable coating solutions, innovation and digitization. ”
Wattyl’s business model is similar to that of Hempel Crown Paints in the UK, with a portfolio of branded products and nearly 100 company-owned stores throughout Australia and New Zealand, as well as strategic distribution partnerships serving DIY and trading consumers.
“Hempel and Wattyl’s collaboration, not only in decorative paints but also in protective coating solutions, will put us in a great position to realize our strategic ambitions, especially in the Decoration, Infrastructure and Energy segments, through a combination of industry expertise, knowledge and quality. product, “said Petersson.” As a result, our hopes for Wattyl as part of our family are high, and together, Wattyl and Hempel will create a strong platform for sustainable growth for our entire South & East Asia region. “
Going forward, Wattyl will still be managed by the current Managing Director, Matt Crossingham.
“The whole team and I are delighted to join the Hempel family, and we look forward to contributing to Hempel’s growth and development – not just in Australia and New Zealand – but throughout the South & East Asia region. We will get access to increased knowledge, experience and innovation as well as a wider product portfolio, which will benefit our customers, “he said. With Hempel’s ownership, I’m sure Wattyl will go to the next level. ”
From a branding perspective, Hempel intends to use the “A part of Hempel” endorsement in branding and communications.