Tokyo, Oct. 5 (Jiji Press)–Japan’s Nippon Paint Holdings Co. said Monday it will acquire Dutch rival Akzo Nobel NV’s decorative paints business in Southeast Asia and Oceania for about 1.35 billion dollars. The acquisition, covering Vietnam, Malaysia, Singapore, Indonesia, Thailand, Australia and Papua New Guinea, is expected to further strengthen Nippon Paint’s business foundations across the Asia-Pacific region. The company, which already holds the largest architectural paints market share in Asia, will continue to use Akzo’s Dulux global brand in those countries. Nippon Paint will use cash on hand and loans from financial institutions for the acquisition. The deal is expected to be completed in mid-2027. In April, Nippon Paint and U.S. paint maker Sherwin-Williams Co. jointly bid to buy all Akzo shares. After Akzo rejected the proposal, Nippon Paint made an independent offer in July to acquire the Dutch company’s architectural paints operations. END [Copyright The Jiji Press, Ltd.]
