Hempel Group, parent company of Crown Paints, has signed an agreement to acquire German paint manufacturer J.W. Ostendorf.
JWO owns French paint manufacturer Renaulac, which now becomes a key asset for the Hempel Group, strengthening access to the French market.
The deal also brings with it the appointment of Joe Devitt, CEO of Crown Paints, as the new top executive in Hempel Decorative Europe. Devitt will be responsible for bringing Crown Paints and JWO together, aligning the businesses, sharing knowledge and expertise.
Devitt said: “Both businesses are passionate about paint and about serving our customers. We share many business values and our market coverage, know-how and production facilities are extremely complementary. The joint venture is well placed to drive consolidation in the highly competitive market of decorative paints and I am looking forward to working with JWO to further enhance our product offering throughout Europe.”
Henrik Andersen, Hempel Group President and CEO, said: “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 JWO now sitting alongside Crown Paints we have significantly grown our decorative business and sent a signal that we are ready to do more – in Europe and globally.
“I have great expectations for the collaboration between JWO and Crown Paints and I am confident that the companies will continue to develop and grow the Hempel family’s decorative business in Europe.”