J.W. Ostendorf becomes part of the Hempel Group
Hempel has signed an agreement to acquire 65 percent of one of Germany’s leading manufacturers of decorative paint, J.W. Ostendorf (JWO). Following closing of the transaction, JWO becomes part of the worldwide Hempel family.
The investment in JWO is a significant reinforcement in Hempel’s third strategic business area – the decorative business. Hempel Group President & CEO Henrik Andersen says: ”Our decorative business is relatively new and has therefore naturally been a bit overshadowed by the company’s two other strategic business areas, Marine and Protective. This is now over. With the investment in JWO, one of the world’s leading manufacturers of decorative paint, we have grown our decorative business significantly and sent a signal that we are ready to do more – in Europe and globally.” Hempel’s acquisition of a 65 percent stake in JWO is contingent on obtaining relevant competition clearances by the German and UK competition authorities. The clearances are expected to be obtained within four weeks.
Expansion in the European decorative market
JWO has approximately 750 employees and is located in Coesfeld, North Rhine Westphalia, Germany, and in Cestas, France. ”I have great expectations of JWO and I have great expectations about JWO joining forces with another leading European decorative company, UK-based Crown Paints – also part of the Hempel Group. In close collaboration, both companies will develop and grow the Hempel family’s decorative business in Europe,” says Henrik Andersen. JWO is a family-owned, tradition bound company where the former CEO and majority shareholder Michael Ostendorf and his sons Jan and Jens Ostendorf will continue to be involved in the business as shareholders.
Going forward, JWO will be managed on a daily basis by Jan and Jens Ostendorf, continuing the entrepreneurial tradition, the values and the relationships that have shaped the company. Jan and Jens Ostendorf will be responsible for the North and South European markets respectively. Michael Ostendorf says: ”It is with great pride and joy that we now become part of the Hempel Group. I particularly look forward to the close collaboration we are forming with Crown Paints. By joining forces, we create a strong platform for continued expansion in the European decorative market.”
Hempel’s investment in JWO is one of many made during recent years. Besides Crown Paints, Hempel has acquired and integrated companies such as Schaepman (The Netherlands) and Jones Blair (US) into the Hempel family.
