Akzonobel acquired 100% of Shandwick's Valspar Coatings company

On May 24, the Second Division of Anti-monopoly Enforcement of the State Administration for Market Regulation made a public announcement on the case of Akzonobel's acquisition of Valsbo Coatings Holding Co., LTD., with a publicity period of May 24, 2023 to June 2, 2023.

AkzoNobel NV plans to acquire 100% of Valspar Coatings Holding Co., Limited, it has been disclosed. Valspar Coatings is a company that produces architectural coatings mainly in China.

Prior to this transaction, Valspar (Asia) Industrial Holdings Ltd., owned 100% of Valspar Coatings and independently controlled Valspar Coatings. After the completion of the transaction, Akzonobel will hold 100% of the shares of Valsberg Coatings and control the company independently.

Akzonobel was founded in 1994 and is registered in Amsterdam, the Netherlands and listed on Euronext Amsterdam. Akzonobel produces paints and coatings for industrial customers and consumers worldwide and has no ultimate control.

Valspar Coatings was founded in 2003 and registered in Hong Kong, China. Valspar Paints mainly produces architectural coatings in China. The Sherwin-Williams Company, the ultimate controller of Valsberg Coatings, manufactures coatings and related products worldwide.

Greg Poux-Guilaume, CEO of Akzonobel, previously said of the deal: "The acquisition of Xuanwei China decorative paint business will help Akzonobel achieve growth targets in China's third to fifth tier cities."

Zhenhua Guo, President of Akzonobel China and North Asia and Group Managing Director of Decorative Paints North Asia, added: "By acquiring the Shenwei business and its renowned decorative paints brand China Resources, Akzonobel's premium portfolio of Dolux brands will be combined to provide customers with a more diverse and stronger product selection. We look forward to our new colleagues joining the Akzo Nobel China family to meet more development opportunities in the future."