2.7 billion dollars! Japanese Coatings will Buy Australian Dorothy Group
Japan Paint (Ribon Paint) Holding Company announced on April 17 that it would buy Australian paint giant Dulux Group for about 300 billion yen ($2.7 billion) and acquire all the shares of the latter as soon as mid-August to make it a subsidiary.
Dorothy ranks first in Australia and New Zealand in the market share of coatings, and has advantages in the field of architectural coatings with considerable prospects in the future. Residential-oriented adhesives will also be sold. Fiscal year 2018 (October 2017 to September 2018) combined earnings sales of about 148 billion yen, is currently listed on the Australian Stock Exchange.
Japan Coatings Holdings plans to raise all acquisition funds by lending to financial institutions, indicating that it will not issue new shares.
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