Following the Sale of Architectural Coatings Business, Sherwin-Williams Sells Assets in China Again

Following the sale of China's Huarun architectural coatings business not long ago this year, international coatings giant Sherwin Williams once again sold its assets in China. Sherwin-Williams (Nantong) Paint Co., Ltd. made an external investment in Jiangsu Pulanna Coating Co., Ltd. on December 15, 2023.

It is reported that Pulanna’s successor is Foshan Shunde District Liwei Enterprise Management Co., Ltd. At present, Pulanna's business scope includes the import and export of goods; import and export agency; technology import and export; technical services, technology development, technical consultation, technology exchange, technology transfer, technology promotion; chemical product sales (excluding licensed chemical products); Procurement agency services.

At present, Liwei Company has six wholly-owned subsidiaries: Foshan Shunde District Herun Yueda Painting Service Co., Ltd., Valspar Yueda Paint (Foshan) Co., Ltd., Foshan Shunde District Yueda Chemical Trading Co., Ltd., Foshan Shunde District China Resources Engineering Coatings Trading Co., Ltd., Sherwin-Williams (Qingdao) Paint Co., Ltd., Sherwin-Williams (Qingdao) Paint Co., Ltd.

Sherwin-Williams fully acquired Jiangsu Pulanna Paint Co., Ltd. in 2013. The original intention was to strengthen Sherwin-Williams' performance in the fields of automotive refinishing paint and wind turbine blade coatings.

Pulanna's main products include car repair paint, original car paint, plastic paint, wind turbine blade coating and other industrial coatings. Its brands include "Pulanna LANET", "Lanli RUNNING", "CONELY", "Dongfanglong DFL" etc. The company has an annual production capacity of 7,000 tons of automotive coatings and 3,000 tons of wind turbine blade coatings.

Founded in 1866 and headquartered in Cleveland, Ohio, Sherwin-Williams is one of the world's oldest professional coating companies. For more than 150 years since its birth, Sherwin-Williams has grown steadily and developed into the world's largest coating company.

At present, the Group has three business units: Americas Group, Consumer Brands Group and High Performance Coatings Group, with operations in more than 120 countries and regions around the world.

The company's business scope covers North America, South America, Europe and the Asia-Pacific region, and its products include architectural coatings, wood coatings, packaging coatings, industrial heavy-duty anti-corrosion and protective coatings, automotive coatings, coil coatings, ship coatings, powder coatings, etc. It owns well-known brands such as Sherwin-Williams, Valspar, Berger Roman, and Aquaspar.

Sherwin-williams entered the Asian market in 1930, and since the establishment of a representative office in Shanghai in 2010, Sherwin-Williams has successfully expanded its business to most provinces and cities in China, covering architectural coatings, industrial wood coatings, automotive coatings, coil and profile coatings, general industrial coatings, packaging coatings, industrial heavy corrosion protection and Marine coatings.  

At present, Sherwin-Williams has multiple production bases in mainland China, located in Guangdong, Shanghai, Tianjin, Nantong and other places; in addition, Sherwin-Williams Paint (Hong Kong) Co., Ltd. and Valspar (Asia) Co., Ltd. have also been established in Hong Kong.

Sherwin-Williams' sales revenue in China increased from 1.671 billion yuan in 2014 to 6.2054 billion yuan in 2022, an increase of 271.36% in nine years. The ranking climbed from 18th in 2014 to 5th in 2022, an increase of 13 places in nine years.

In order to continue to deepen the Chinese market and strengthen its position in China and even the Asia-Pacific market, Sherwin-Williams sold its architectural coatings business in China to AkzoNobel. The company produces and sells decorative coatings under the China Huarun® brand in China. The business has annual sales revenue of 100 million euros. It is reported that Sherwin-Williams said it will continue to be committed to developing their industrial coatings business in China.