The Sherwin-Williams Company buys Oskar Nolte and Klumpp Coatings
The Sherwin-Williams Company announced an agreement to acquire German-based Specialized Industrial Coatings Holding (SIC Holding), a Peter Möhrle Holding and GP Capital UG venture comprised of Oskar Nolte and Klumpp Coatings.
The business’ portfolio of solutions includes foil coatings as well as radiation-cured and water-based coatings for the board, furniture and flooring industry. With a presence in Europe, Asia and South America, the business has approximately 220 employees and annual sales of more than EUR 91.5 million and will become part of the Sherwin-Williams Performance Coatings Group reportable segment. The transaction is expected to close by early 2023, pending customary regulatory approvals.
“This acquisition creates opportunities to accelerate our profitable growth in the global industrial wood market and fits our strategy of acquiring complementary, high-quality and differentiated businesses,” said Sherwin-Williams Chairman and Chief Executive Officer, John G. Morikis. “The company’s extensive offerings include unique and innovative foil coatings, which provide us with access to another adjacent growth market where Sherwin-Williams has not participated previously. We are excited by Oskar Nolte’s and Klumpp Coatings’ strong technical and commercial teams, excellent relationships with multi-national and local customers, strategically-located manufacturing, and key specification and approval positions, all of which we will leverage further throughout Europe and beyond.”
The U.S.-based coatings producer has invested approximately USD 191 million in core capital expenditures largely aimed at growth initiatives and deployed approximately USD 630 million for acquisitions during the first nine months in 2022.
