The Sherwin-Williams Co. was founded in 1866 by Henry Sherwin and Edward Williams. The company provides coatings and related products to professional, industrial, commercial, and retail customers in paint stores in the United States, Canada, and the Caribbean. Employing approximately 64,000 people, Sherwin-Williams is organized into three segments: the Americas Group, the Consumer Brands Group, and the Performance Coatings Group.

The Americas Group operates the Sherwin-Williams branded paints, stains, supplies, equipment, and floor coverings in the United States, Canada, the Caribbean, and Latin America. Products sold through this group include paint, stains, aerosols, caulks, varnishes, protective and marine coatings, applicators, and spray equipment in the United States, Canada, the Caribbean, and Latin America; wall and floor coverings in the United States, Canada, and the Caribbean; and OEM product finishes in Latin America. Brands include Sherwin-Williams®, A-100®, Builders Solution®, Captivate®, Cashmere®, Colorgin®, Condor®, Duration®, Emerald®, Kem Tone®, Latitude®, Loxon®, Metalatex®, Novacor®, Painters Edge Plus™, ProClassic®, ProCraft®, Pro Industrial™, ProMar®, SuperDeck®, SuperPaint®, and Woodscapes®. The Americas Group operates 4,624 Sherwin-Williams paint stores in the United States, Canada, and the Caribbean, and 307 in Argentina, Brazil, Chile, Ecuador, Mexico, and Uruguay.

The Consumer Brands Group sells branded and private-label products through retailers in North America, Europe, and China. Customers include professional painting contractors, DIY painters, industrial maintenance providers, and commercial roofing and flooring contractors. Products sold in this group include paints, stains, varnishes, industrial products, wood finishing products, wood preservatives, applicators, corrosion inhibitors, aerosols, caulks and adhesives, and related products. Brands include Cabot®, Dupli-Color®, Dutch Boy®, Geocel®, HGTV HOME® by Sherwin-Williams, Huarun®, Krylon®, Minwax®, Purdy®, Ronseal®, Thompson’s® WaterSeal®, Valspar® and White Lightning®. The group serves customers in the United States, Canada, Europe, and China through over 10,000 distribution points.

The Performance Coatings Group sells coatings and finishes to customers in the general industrial, industrial wood, protective and marine, coil and extrusion, packaging, and automotive coatings markets. Brands include Sherwin-Williams®, Acrolon®, AcromaPro®, ATX®, DeBeer Refinish®, Duraspar®, EcoDex®, Envirolastic®, Excelo®, EzDex®, Fastline®, Firetex®, Fluropon®, Heat-Flex®, House of Kolor®, Huarun®, Inver®, Kem Aqua®, Lazzuril®, Macropoxy®, Martin Senour®, Matrix Edge®, ML Campbell®, Octoral®, Perma-Clad®, Polane®, Powdura®, Sayerlack®, Sher-Wood®, Sumaré®, Ultra 9K®, Ultra 7000®, ValPure®, and Valspar®. The group operates branches and facilities in the United States, Australia, Belgium, Brazil, Canada, Chile, China, Czech Republic, Denmark, Finland, France, Germany, India, Indonesia, Ireland, Italy, Lithuania, Malaysia, Mexico, Norway, Peru, Poland, Portugal, Romania, Singapore, Spain, Sweden, Thailand, Ukraine, United Kingdom, and Vietnam, with distribution in other countries.

Sherwin-Williams reported total consolidated sales for 2022 of approximately $22.15 billion. It is estimated that approximately 80% of sales, or about $17.72 billion, represents coatings sales, with the remainder being related to products such as floor coverings, application supplies, and wallcoverings. The Americas Group reported a net sales increase of 12.9% to $12.7 billion in 2022, which accounts for 57% of total 2022 sales for the company. Net sales in the Consumer Brands Group decreased 1.1% in 2022 to $2.7 billion. This accounts for 12% of 2022 total sales. The Performance Coatings Group reported a 13.2% increase in net sales in 2022 to $6.8 billion. Performance Coatings Group sales represent 31% of total sales for 2022.

Notes:
In January of 2022, The Sherwin-Williams Co. held a virtual celebration to mark the official start of construction for the company's new global headquarters. The 1,000,000-square-foot facility will be located in downtown Cleveland, Ohio, and is part of the company's comprehensive Building Our Future project, which also includes construction of the Research & Development (R&D) Center in Brecksville, Ohio, which broke ground in October 2021. Sherwin-Williams plans to invest a minimum of $600 million to build both the headquarters and R&D facility.

In February of 2022, the company announced that it signed an agreement with the state of North Carolina, Iredell County, and the city of Statesville to significantly expand its architectural paint and coatings manufacturing capacity and establish a larger distribution facility in Statesville. Sherwin-Williams reported plans to invest a minimum of $300 million in the project and add more than 180 full-time jobs at the site over the next three years, which would essentially double the existing workforce. In October, the company held a groundbreaking ceremony to mark the start of construction of a 36,000-square-foot extension of its existing 200,000-square-foot manufacturing facility and new 800,000-square-foot distribution and fleet transportation center.

In 2022, Sherwin-Williams also announced several acquisition agreements including:
• Gross & Perthun GmbH, a Mannheim, Germany-based developer, manufacturer, and distributor of coatings primarily for the heavy equipment and transportation industries. The acquired business has approximately 100 employees and annual sales of approximately $50 million, and will become part of the Sherwin-Williams Performance Coatings Group reportable segment.
• Industria Chimica Adriatica S.p.A. (ICA), an Italian designer, manufacturer, and distributor of industrial wood coatings used for kitchen cabinets, furniture and décor, building products, flooring, and other specialty applications. The acquired business has annual sales of more than €150 million, with sales and operations globally, including production facilities in Italy and Poland, and ICA's interest in the India-based joint venture, ICA Pidilite. ICA has approximately 600 employees and will become part of the Sherwin-Williams Performance Coatings Group operating segment.
• German-based Specialized Industrial Coatings Holding (SIC Holding), a Peter Möhrle Holding and GP Capital UG venture comprised of Oskar Nolte GmbH and Klumpp Coatings GmbH. The business' portfolio of solutions includes foil coatings as well as radiation-cured and water-based coatings for the board, furniture, and flooring industries. With a presence in Europe, Asia, and South America, the business has approximately 220 employees and annual sales of more than €91.5 million, and will become part of the Sherwin-Williams Performance Coatings Group reportable segment.
• The completed acquisition of the European industrial coatings business of Sika AG, which will become part of the company's Performance Coatings Group operating segment. Approximately 115 Sika employees have joined Sherwin-Williams.

Source: Annual Report, company website, press releases

At PPG, team members work every day to develop and deliver the paints, coatings, and specialty materials that customers have trusted for 140 years. Through dedication and creativity, they solve customers’ biggest challenges, collaborating closely to find the right path forward. With headquarters in Pittsburgh, the company operates and innovates in more than 75 countries and reported record net sales of $17.65 billion in 2022, up about 5% versus the prior year. PPG serves customers in the construction, consumer products, industrial and transportation markets, and aftermarkets.

Organic sales were higher by 8%, driven by higher selling prices. Net income in 2022 decreased versus 2021 due to raw material cost inflation, lower sales volumes, unfavorable foreign-currency translation, and higher manufacturing costs related to supply and labor disruptions, partially offset by higher selling prices, restructuring cost savings and acquisition-related synergies.

In 2022, the company paid $570 million in dividends. Capital expenditures totaled about $520 million, which was higher than the prior year due to more normalized spending. The company had about $1 billion remaining on its current share repurchase authorization at the end of 2022. The higher corporate and interest expenses are projected to decrease reported and adjusted EPS by about $0.20 on a year-over-year basis.

Notes: Key 2022 PPG milestones included:
• PPG and The Home Depot, HD Supply expanded their relationship with the launch of a professional paint assortment at all U.S. locations.
• New commitments to employee diversity, equity and inclusion (DEI), and launched the first-ever PPG DEI report.
• The company opened a powder coatings research, customer application center in Milan, Italy.
• PPG acquired Arsonsisi’s powder coatings manufacturing business.
• The company strengthened its commitment to setting science-based targets to reduce GHG emissions in line with climate science through the Science Based Targets initiative (SBTi).
• Achieved industry first with launch of PPG ENVIROCRON™ LUM retroreflective powder coating.
• Launched PPG INNOVEL® PRO, an enhanced internal spray coating that uses no bisphenol-A (BPA) or bisphenol starting substances, and provides more robust application properties for infinitely recyclable aluminum beverage cans.
• Increased U.S. aerospace products manufacturing output to meet rising demand.
• Achieved 39% of sales from sustainably advantaged products.
• Achieved 16% reduction in GHG emissions from the 2017 baseline.
• Achieved 21% reduction in quantity of waste generated from the 2017 baseline.
• Achieved 16% reduction in waste disposal intensity from the 2017 baseline.

In addition, as part of its community engagement efforts, PPG and the PPG Foundation invested $16.2 million in 2022 to support more than 650 community partners and programs across the world. Since 2015, PPG has completed 473 COLORFUL COMMUNITIES® projects in 50 countries, positively impacting more than 8.2 million people. Throughout July 2022, the Colorful Communities program transformed 36 schools and learning spaces through the New Paint for a New Start campaign. More than 1,000 PPG volunteers took part in the initiative, which benefited more than 23,000 students and educators.

Source: : Company contact, Annual Report

With operations in more than 150 countries, AkzoNobel is a leader in the manufacture of paints and coatings. In 2022, the company recorded an increase in net sales of 13%, up from €9.59 billion in 2021 to €10.85 billion in 2022. The company reported 2022 revenue in each region of the world as the following: Europe, Middle East and Africa (EMEA) — 46%; North Asia — 16%; South Asia Pacific — 13%; North America — 13%; and South America — 2%. Volumes were 7% lower, mainly due to destocking in the distribution channels in Decorative Paints in Europe and in Performance Coatings, as well as the impact from COVID-19 in China. Furthermore, volumes were negatively impacted by supply constraints, especially in North America.

AkzoNobel has two business units: Decorative Paints and Performance Coatings. In 2022, revenue from third parties in the Decorative Paints segment was €4.37 billion compared to €3.98 billion in 2021, up 10%. Revenue from third parties in the Performance Coatings segment was €6.47 billion in 2022, compared to €5.6 billion in 2021, up 16%.

Notes: In April 2022, AkzoNobel completed the acquisition of Colombia-based paints and coatings company Grupo Orbis. A provisional purchase price allocation is included in the figures and will be finalized in Q1 2023. Grupo Orbis results as from the acquisition date are included in the Decorative Paints Latin America business unit, and under Other in Performance Coatings. The allocation of revenues to the Decorative Paints and Performance Coatings segments is based on the nature and products of the underlying activities. Further allocation of revenues to business unit level within the Performance Coatings segment will be available as from Q1 2023.

On December 1, 2022, AkzoNobel completed the acquisition of the wheel liquid coatings business of Lankwitzer Lackfabrik GmbH. Lankwitzer results as from the acquisition date are included in the Powder Coatings business unit in Performance Coatings.

On June 1, 2022, AkzoNobel announced the intention to acquire Kansai Paints’ activities in Africa, with an enterprise value of approximately €0.5 billion. The company expects to complete the acquisition in the second half of 2023.

Source: AkzoNobel Annual Report, press releases

In operation since 1881, Nippon Paint is one of the world’s leading automotive and decorative paint suppliers. It produces coatings for the automotive and marine markets, as well as for industrial products. It also makes paints for residential and commercial buildings as well as the DIY market. While most sales come from paint, Nippon Paint also has a small section that sells fine chemicals and surface treatment products. The Nippon Paint Group also operates the paint-related business that supplies Sealants, Adhesives and Fillers (SAF), and Construction Chemicals (CC), which are essential for construction, as well as decorative films. While mainly located in Asia, it also has facilities in Europe, the Americas, and Oceania.

Sales in 2022 for automotive coatings were approximately $1.24 billion. Decorative paints accounted for approximately $6.26 billion in sales. Sales of industrial coatings were approximately $722 million, and other paint accounted for approximately $1.68 billion.

The company has two subsidiaries in the United States under Nippon Paint Group: Nippon Paint Automotive Americas, Inc. (NPAA) — a market leader for automotive coatings — and Dunn-Edwards Corp. — manufacturer of architectural and industrial coatings.

Notes:
In January 2022, Nippon Paint Holdings Co., Ltd. (NPHD) implemented organizational changes in order to focus solely on functions as a listed company and as a pure holding company, including M&A and fund procurement activities. Other functions involving the operations of partner companies in Japan were transferred to newly established Nippon Paint Corporate Solutions Co., Ltd., a wholly owned subsidiary of NPHD.

Also in 2022, NPHD completed the acquisition of Cromology, a manufacturer of decorative paints and other paint-related products in Europe. It also acquired JUB, a manufacturer of decorative paints, external thermal insulation composite systems (ETICS), and other paint-related products in Central and Eastern Europe.

Source: Financial results, Annual Report, Integrated Report, press releases, and company contact

RPM owns subsidiaries that are world leaders in specialty coatings, sealants, building materials, and related services across four segments.

RPM’s Construction Products Group is comprised of businesses that manufacture construction sealants and adhesives, coatings and chemicals, roofing systems, concrete admixture and repair products, building envelope solutions, insulated cladding and concrete forms, flooring systems, and waterproofing solutions. They are used for construction, maintenance, and restoration of various industrial, commercial, and infrastructure applications. Leading brands include Tremco, Flowcrete, Euclid Chemical, Nudura, and Dryvit. The group’s products are sold to distributors, contractors, and end users over a large geographic footprint that spans approximately 130 countries and territories. The Construction Products Group generates about 37% of RPM’s net sales.

RPM’s Performance Coatings Group provides construction, maintenance, and restoration products, including high-performance flooring solutions, corrosion control and fireproofing coatings, fiberglass-reinforced plastic grating, drainage systems, and infrastructure repair systems for industrial and commercial use. Leading brands include Stonhard, Carboline, Fibergrate, and USL. Its products are sold worldwide to contractors and distributors, as well as directly to end users with a unique supply-and-apply model serving manufacturers, public institutions, and other commercial customers. The Performance Coatings Group generates approximately 18% of RPM’s total sales.

RPM’s Consumer Group includes businesses that make small-project paints and coatings, primers, caulks and sealants, hobby and craft products, wood stains and finishes, wall and wood repair products, and household cleaners and stain removers that are used by professionals and do-it-yourselfers for home maintenance and improvement. Leading brands include Rust-Oleum, DAP, Zinsser, and Varathane. Its products are marketed primarily in North America, with an increasing presence in Europe, Australia, South Africa, and South America. Sold through home improvement centers, hardware and paint stores, mass merchants, and craft shops, these brands can be found on nearly every garage or basement shelf throughout the United States and Canada. The Consumer Group generates approximately 33% of RPM’s net sales.

RPM’s Specialty Products Group is comprised of businesses that produce fluorescent pigments, wood stains, finishes and treatments, powder coatings, marine coatings, restoration and cleaning solutions, edible coatings, and other specialty OEM coatings. Leading brands include DayGlo, Legend Brands, Mohawk, and Pettit. Its products are marketed primarily in the United States, with a growing presence throughout Europe. They are sold to contractors and distributors, as well as directly to end users such as manufacturers, public institutions, and other commercial customers. The Specialty Products Group generates about 12% of RPM’s total sales.

Parent Company: RPM International Inc.

Notes: Recent acquisitions include TnD, J.W. Brett Inc., Wood Repair Products Inc., The Lutz Company’s panelization division, and Chryso North America’s cement grinding aids and additives.

In July 2022, RPM announced its MAP 2025 (Margin Achievement Plan) operational improvement initiative with the goals to achieve $8.5 billion in annual revenue, 42 percent gross margin and 16 percent adjusted EBIT margin on a run-rate basis by May 31, 2025.

Source: Company contact, Annual Report, press releases

With more than 150 years of experience in the coatings industry, Axalta Coating Systems serves more than 100,000 customers in over 140 countries with mobility and performance coatings. In 2022, the company reported 41% of its sales were in North America, 33% in EMEA, 15% in Asia-Pacific and 11% in Latin America. Axalta operates in two business segments: Performance Coatings and Mobility Coatings. In 2022, Performance Coatings accounted for $3,326.7 million in sales (68.1% of overall sales). This segment includes refinish coatings, which recorded $1,943.4 million in sales, and industrial, which recorded $1,383.3 million in sales. Brands include Cromax®, Standox®, Spies Hecker®, and Syrox™. Axalta’s Mobility Coatings segment recorded sales of $1,557.7 million (31.9% of overall sales). Within this segment, light vehicle coatings accounted for $1,181.1 million in sales, while commercial vehicle coatings accounted for $376.6 million in sales. In terms of end markets, refinish coatings accounted for 40% of net sales in 2022, while industrial coatings accounted for 28% of sales. The light vehicle end market accounted for 24% of 2022 total sales, and commercial vehicles accounted for 8%.

Notes: In April of 2022, Axalta Coating Systems announced that it was the recipient of two prestigious 2022 Edison Awards. Axalta's Spies Hecker full-waterborne repair system and its digital paint coating technology earned Bronze in the Sustainability and Engineering and Materials Science categories, respectively. Named after Thomas Edison, the Edison Awards have recognized and honored some of the most innovative new products, services, and business leaders in the world since 1987.

In August of 2022, Axalta announced the launch of its next-generation basecoat technology, Cromax® Gen, for the automotive refinish industry in Latin America. The new product aims to increase productivity and optimize costs for body shops. Also in August, the company announced its Abcite® 2060 thermoplastic flame spray powder coating was named a 2022 R&D 100 Award winner for providing best-in-class protection against corrosion and driving productivity. In addition, Imron® industrial high-performance urethane primer was named a finalist. Both technologies support the company’s 2030 sustainability goals and were recognized in the Mechanical and Materials category, which includes technologies of significance in coatings and paint solutions.

In December of 2022, Axalta announced it signed a multiyear agreement with Steer Automotive Group, the UK’s largest independently owned vehicle repair organization. Under the terms of the agreement, Axalta is the single preferred paint partner, supplying its premium refinish brand, Standox, to Steer Automotive Group’s 57 U.K. sites.

Source: Annual Report, press releases

BASFs Coatings, a division of BASF SE, develops, produces, and markets automotive OEM and refinish coatings, decorative paints, and applied surface treatments for metal, plastic, and glass substrates for a wide range of industries. The division employs around 11,400 people at more than 70 sites. BASF operates a collaborative network of sites in Europe, North America, South America and Asia-Pacific. The company’s site in Münster, Germany, is the headquarters of the Coatings division and reportedly the largest integrated paint-manufacturing site in the world. Part of BASF’s Functional Materials & Solutions segment, BASF Coatings achieved sales of approximately $4.58 billion (€4.22 billion) in 2022, representing 22.7% of sales for the segment.

Parent Company: BASF SE

Notes: In March of 2022, BASF opened a new laboratory building for the development of automotive refinish coatings and innovations beyond paint at its site in Münster, Germany. The new laboratories are supplied with thermal energy by using the residual heat from the company's waste incinerator, which is released via underfloor heating. In that same month, BASF’s Coatings division signed a new multiyear Global Industry Partnership with WorldSkills International. The agreement continues BASF’s long-standing commitment to developing new talent in the automotive refinish industry and solidifies BASF’s support of the next global WorldSkills Competition, which was held in Shanghai, in October 2022.

In May of 2022, BASF India’s Coatings division expanded its Automotive Coatings Application Center in order to boost its customer service capability.

In July of 2022, BASF Coatings Co., Ltd. expanded the production capacity of automotive refinish coatings at its coatings site in Jiangmen, Guangdong Province in South China to reach 30,000 metric tons per year.

In September 2022, Energiekontor AG, international maintenance company Omega-Tools GmbH, and BASF’s Coatings division partnered to gradually equip Energiekontor’s wind turbines with Novaflex BladeUp, thus making them more efficient. In that same month, BASF Coatings invested 15 million euros in a new research center for electrophoretic dip coating at its headquarters in Münster-Hiltrup, Germany.

In October 2022, BASF announced that it will invest in a new, world-scale neopentyl glycol (NPG) plant with an annual production capacity of 80,000 metric tons at its new Zhanjiang Verbund site, China. In that same month, The Surface Treatment global business unit of BASF’s Coatings division, operating under the Chemetall brand, opened its first regional innovation and technology center for applied surface treatment technology in Shanghai, China.

In December of 2022, BASF’s ColorBrite® Airspace Blue ReSource basecoat, certified by REDcert according to a biomass balance approach, made its debut in China. This is the first time BASF’s biomass balance automotive OEM coatings were introduced to Asia since the official launch in Europe in May of this year.

Source: Annual Report, press releases, company website

Established in 1918, Kansai Paint Co. Ltd. is one of the largest coatings manufacturers in Japan and Africa. The company also holds leading market positions in China, India, and Southeast Asia, and has operations in Europe, the Americas, and the Middle East. The company supports customers in a range of markets, including automotive, industrial, building, and marine. Kansai Paint specializes in the manufacture and sale of many types of coatings, as well as the design, manufacture, and sale of coating equipment. It employs approximately 15,908 people.

Kansai Paint Co. Ltd.’s core business areas are automotive coatings, industrial coatings, decorative coatings, and marine and protective coatings. For the fiscal year ended March 31, 2023, the company reported net income of ￥509,070 million, up 21.4% compared to the fiscal year that ended March 31, 2022. Operating income for the same time period was ￥32,077 million, up 6.6% compared to the prior-year period.

In Japan, the automotive coatings sector sales increased 10%, as sales in the industrial, decorative, automotive refinishing, and protective coatings sectors increased 17.3%. In India, although decorative coatings saw a decline in demand, it and automotive coatings saw sales increases of 31.3% and 41.9%, respectively. In Turkey, net sales in automotive coatings were up 32.9%, while sales in industrial and decorative coatings were down 72.1%, mainly attributed to increases in raw material and energy costs. China sales decreased year on year, while sales in Indonesia, Thailand, and Malaysia increased. Overall, Asia saw an 18.1% increase in automotive coatings and 3.3% increase in decorative coatings. In Africa, the receipt of temporary COVID-related insurance money assisted in a 15.8% increase in automotive coatings sales, and 55% in industrial and decorative coatings sales. In North America, automotive coatings sales were up 31.6%, but decorative and industrial coatings sales were down 55%, mainly attributed to rising raw material costs and the absence of the previous year’s COVID relief funds.

Notes: As noted earlier in this article, Kansai Paint agreed in June 2022 to sell its Africa business to AkzoNobel, subject to approvals by relevant authorities.

In December 2022, KANSAI HELIOS Coatings GmbH, a European consolidated subsidiary of Kansai Paint Co., Ltd., agreed with Becker Industrie SAS, a subsidiary of Beckers Group, to acquire its global Railway Coatings business assets. After its completion of closing conditions, KANSAI HELIOS will acquire all business assets of Beckers in the Railway Coatings segment, such as formulas and railway homologations, and the customer database (excluding customers from India and China). As a part of this transaction, KANSAI HELIOS will establish its first subsidiary in France, KANSAI HELIOS France SAS.

In February 2022, KANSAI HELIOS Coatings GmbH completed its acquisition of CWS Lackfabrik GmbH (“CWS"). KANSAI HELIOS acquired all shares of CWS and has become its new owner.

Source: Annual Report, press releases

Founded in 1942, Asian Paints is now India’s leading paint company. Asian Paints produces a range of decorative and industrial coatings. The company recorded coatings sales for the period ending March 31, 2023, of ₹29,953.1 Crores. Asian Paints operates in four segments: Decorative, International, Industrial, and Kitchen and Bath. For the period ending March 31, 2022, the Decorative business accounted for 84.2% of revenue, while the International business accounted for a 9% share. In the Industrial business, the company operates through PPG Asian Paints Pvt. Ltd. (a 50:50 joint venture with PPG), which serves the Indian automotive, marine and packaging coatings markets, and Asian Paints PPG Pvt. Ltd., another joint venture with PPG that serves the industrial protective coatings, powder coatings, floor coatings, and road marking coatings markets in India. This segment accounted for 2.8% of the revenue for the period – PPG Asian Paints PVT Ltd. revenues not included). The company’s Kitchen and Bath business accounted for 4% of revenue for the period. Revenue from the Kitchen and Bath business is not included in the coatings sales numbers. The company and its subsidiaries have operations in 15 countries across the world with 26 paint manufacturing facilities. The company serves consumers in over 60 countries through Asian Paints, Apco Coatings, Asian Paints Berger, Asian Paints Causeway, SCIB Paints, Taubmans, and Kadisco Asian Paints.

Notes: In October 2022, Asian Paints entered into a binding term sheet for the setting up of a joint venture in Fujairah, United Arab Emirates (UAE), with Riddhi Siddhi Crusher & Land Transport, Fujairah, UAE, Associated Soap Stone Distributing Company Private Limited (ASD), India, and others. The proposed joint venture would be set up with 60:40 partnership between the company and the parties, and would carry out the business of manufacturing and exporting white cement and white cement clinker. Riddhi Siddhi holds mining permits for high-quality limestone mines in Fujairah, UAE, and is a supplier of limestone. ASD (Golcha Group) is one of the trusted suppliers of certain raw materials to Asian Paints.

The initial capacity of the manufacturing facility would be 265,000 tons-per-annum. In addition, clinker grinding units would be set up in India as well. The overall investment would be approximately Rs. 550 crores, to be invested over the next two years. White cement is the key raw material for some of the powder products and undercoats, like putty, which is a leveling powder product for various substrates. At present, the company purchases white cement for manufacturing powder products and undercoats in India. The manufacturing facility proposal is a move towards fulfilling internal white cement consumption, and towards providing white cement as a finished product. This would ensure new opportunities for Asian Paints, as well as both a sustainable cost advantage and an assured supply of good quality raw materials.

Also in October 2022, Asian Paints entered into agreements to acquire a 51% stake in Harind Chemicals and Pharmaceuticals Private Limited from Aapex Power and Industries Private Limited, Swapan Ghosh, Ph.D., and other existing shareholders, subject to completion of the conditions precedent set in the definitive documents.

Asian Paints has also agreed to acquire a further 39% stake in Harind from the existing shareholders, in a staggered manner, over the next five years, subject to fulfillment of certain conditions precedent and achievement of financial targets.

Founded by Ghosh, Harind is a specialty chemicals company built with nanotechnology at its core, primarily in the area of surface coating and care. Harind has been researching, developing, and manufacturing several nanotechnology-based products over the past few years, finding applications across a wide array of industries. Ghosh will continue to lead Harind as the chief executive officer.

In April of 2022 Asian Paints entered into definitive agreements to acquire a 49% stake in Obgenix Software Private Limited (popularly known by the brand name “White Teak”). The company also agreed to acquire the remaining 51% stake in White Teak in a phased manner, wherein 11% stake would be acquired in FY 2023-24 for a consideration based on achievement of certain financial milestones.

Also in April of 2022, Asian Paints entered into definitive agreements with the promoters of Weatherseal Fenestration Private Limited. The agreement is for a 51% stake by subscription to equity share capital of Weatherseal Fenestration, subject to customary closing adjustments and conditions precedent. It is also agreed to acquire an additional 23.9% stake in Weatherseal Fenestration from its promoters, in a staggered manner, over the next three years.

Source: Annual Report, company website, press releases

Jotun specializes in sales of decorative, marine, protective, and powder coatings. The company reported sales for 2022 of NOK 27,858 million, an increase of 22% compared to sales for 2021. The company operates in four business segments: Marine Coatings, Protective Coatings, Powder Coatings and Decorative Paints. The Marine Coatings segment accounted for 27% of sales in 2022. The Protective Coatings segment accounted for 27% of sales in 2022. The Powder Coatings segment accounted for 8% of sales in 2022, and the Decorative Paints segment accounted for 38% of sales. Jotun Decorative supplies coatings for commercial buildings, public buildings, and homes, and serves both the professional and DIY customer directly and through a network of Jotun Multicolor Centers. A leader in marine coatings for the new-build, dry-dock, tank and cargo holds, and sea-stock markets, the Marine Coatings business also provides coatings for mega-yachts and leisure yachts. The Protective Coatings business sells coatings to industries in the offshore and onshore oil and gas industries, the power generation industry, the renewable energy industry, and infrastructure industries. Products include intumescent coatings, metallic finishes, high-temperature coatings, and anticorrosive protective coatings. Jotun Powder Coatings supplies coatings to manufacturers of appliances, furniture, building components, pipelines, and general industries. Jotun has 40 production facilities in 23 countries.

Notes: In May 2022, Jotun Group announced a partnership agreement with Med Investment Holding Spa in Algeria for the production of Jotun paint and coatings in Algeria through a joint venture with Technover P. The joint venture will produce Jotun decorative paints and protective coatings to international standards in a newly built factory in the district of Tizi-Ouzou, east of Algiers.

In August of 2022, following the closure of its factory in Russia on March 3, Jotun divested its shares in its wholly owned subsidiary company “Jotun Paints” LLC. As of August 2, the Russian industrial company Atomstroykomplex took over the operation, employees, and assets.

Source: Annual Report, press releases