08:24 | 08/11/2018 Companies
AkzoNobel, a leading global paints and coatings company has today announced acquisition of (100% shares in) Colourland Paints Sdn Bhd and Colourland Paints (Marketing) Sdn Bhd (both referred to as “Colourland Paints”), a home-grown paints and coatings manufacturer widely distributed across Malaysia.
The acquisition of Colourland Paints will bring a well-loved local brand to complement AkzoNobel’s global portfolio. This purchase will also better serve the needs of customers and provide better customer experience through an expanded product portfolio and distribution network.
|Colourland paint factory in Malaysia|
“We are looking forward to unlocking the value it will bring and increasing our footprint in this fast-growing region”, said AkzoNobel CEO Thierry Vanlancker.
Commenting on the acquisition, Managing Director of AkzoNobel Decorative Paints, South East & South Asia, Middle East, Oscar Wezeenbek said, “The acquisition of Colourland Paints marks another milestone in ensuring that we continue to deliver the best brand and customer experience. The combination of global and local expertise is an excellent strategic fit and will accelerate our development and further build our strong market position in Malaysia.”
Madam Khoo Sue Khek, Managing Director of Colourland Paints Sdn. Bhd. said, “Given the positive track record that AkzoNobel has earned over the years, we are honoured to hand over the keys to our doors to one of the biggest, most established paints and coatings manufacturer in the world. With that, we also hope that our customers will benefit from the combined expertise and product offerings”.
|The transaction includes all relevant technologies, patents and trademarks and assets of Colourland Paints.|