Global coatings manufacturer AkzoNobel (Amsterdam) announced Monday (Oct. 1) the completion of its acquisition of Romanian paint and plaster manufacturer Fabryo Corporation. The deal includes two production facilities and six distribution centers for decorative paints, adhesives and mortars.
As part of the deal, first announced in June, AkzoNobel also acquired one of the largest decorative paints factories in the region, with capacity for further expansion.
According to the Dutch coatings manufacturer, Fabryo generated roughly 45 million euros ($51.9 million) in revenue in 2017, with the company accounting for key brands including Savana, APLA and InnenWeiss.
Fabryo was founded as Guzu Chim in 1994 and rebranded in 2006.
"This acquisition provides AkzoNobel with the number one position in a fast growing market and will contribute to delivering our Winning Together: 15 by 20 Strategy,” said AkzoNobel CEO Thierry Vanlancker back in June. “Fabryo has a proven track record when it comes to growth and profitability. We are very happy to add top brands like Savana, APLA and InnenWeiss to our world class portfolio and look forward to welcoming our new colleagues to AkzoNobel."
Fabryo-Atlas Corporation owns a production platform for paints, mortars and adhesives in Popesti-Leordeni, Romania. The financial terms of the deal were not disclosed.
Helped by a higher-than-industry growth thanks to its multi-pronged strategy, Gulf Oil Lubricants is eyeing the number 2 position among private players in the domestic lubricants market.
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