CLEVELAND, April 19,
2023 /PRNewswire/ -- The Sherwin-Williams Company
(NYSE: SHW) today announced it has signed a purchase agreement with
global coatings company Akzo Nobel N.V. (AKZO.AS) to divest its
China architectural paint
business. The business manufactures and sells decorative paints
under the Huarun® brand name in China, has annual revenue of
approximately $100 million USD and
employs approximately 300 people. The transaction is expected to
close in the second half of 2023, pending customary regulatory
approvals.
"The divestiture of our China
architectural paint business aligns with our ongoing strategy to
optimize our portfolio, brands and customer programs to drive
continued value for our shareholders," said Sherwin-Williams
Chairman and Chief Executive Officer, John
G. Morikis. "We are confident our resources can be
better prioritized to other areas of our Company to offer greater
growth and higher returns and cash flow. We remain committed
to growing our industrial coatings business in the region, and we
thank the employees of the architectural paint business for their
contributions to Sherwin-Williams."
The architectural paint business being divested became part of
Sherwin-Williams through the 2017 acquisition of The Valspar
Corporation and was previously reported in the Sherwin-Williams
Consumer Brands Group.
ABOUT THE SHERWIN-WILLIAMS COMPANY
Founded in 1866, The Sherwin-Williams Company is a global leader
in the manufacture, development, distribution, and sale of paint,
coatings and related products to professional, industrial,
commercial, and retail customers. The Company manufactures products
under well-known brands such as Sherwin-Williams®,
Valspar®, HGTV HOME® by Sherwin-Williams,
Dutch Boy®, Krylon®, Minwax®,
Thompson's®
WaterSeal®, Cabot® and many more. With global
headquarters in Cleveland, Ohio,
Sherwin-Williams® branded products are sold exclusively
through a chain of more than 5,000 Company-operated stores and
branches, while the Company's other brands are sold through leading
mass merchandisers, home centers, independent paint dealers,
hardware stores, automotive retailers, and industrial distributors.
The Sherwin-Williams Performance Coatings Group supplies a broad
range of highly-engineered solutions for the construction,
industrial, packaging and transportation markets in more than 120
countries around the world. Sherwin-Williams shares are traded on
the New York Stock Exchange (symbol: SHW). For more information,
visit www.sherwin.com.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING
INFORMATION
This press release contains certain "forward-looking
statements," as defined under U.S. federal securities laws. These
statements can be identified by the use of forward-looking
terminology such as "believe," "expect," "may," "can," "will,"
"should," "project," "could," "plan," "goal," "target,"
"potential," "seek," "intend," "aspire," "strive" or "anticipate"
or the negative thereof or comparable terminology. These
forward-looking statements are based upon management's current
expectations, predictions, estimates, assumptions and beliefs
concerning future events and conditions. Readers are cautioned not
to place undue reliance on any forward-looking statements.
Forward-looking statements are necessarily subject to risks,
uncertainties and other factors, many of which are outside the
control of the Company that could cause actual results to differ
materially from such statements and from the Company's historical
performance, results and experience. These risks, uncertainties and
other factors include such things as: general business conditions,
strengths of retail and manufacturing economies and growth in the
coatings industry; changes in general economic conditions; changes
in raw material and energy supplies and pricing; disruptions in the
supply chain; adverse weather conditions or natural disasters,
including those that may be related to climate change or otherwise;
losses of or changes in the Company's relationships with customers
and suppliers; competitive factors; the Company's ability to
successfully integrate past and future acquisitions into its
existing operations, as well as the performance of the businesses
acquired; the Company's ability to achieve expected benefits of
restructuring and productivity initiatives; public health crises;
damages to our business, reputation, image or brands due to
negative publicity; and other risks, uncertainties and factors
described from time to time in the Company's reports filed with the
Securities and Exchange Commission. Since it is not possible to
predict or identify all of the risks, uncertainties and other
factors that may affect future results, the above list should not
be considered a complete list. Any forward-looking statement speaks
only as of the date on which such statement is made, and the
Company undertakes no obligation to update or revise any
forward-looking statement, whether as a result of new information,
future events or otherwise.
INVESTOR RELATIONS CONTACTS:
Jim
Jaye
Senior Vice President, Investor Relations & Corporate
Communications
Direct: 216.515.8682
investor.relations@sherwin.com
Eric Swanson
Vice President, Investor Relations
Direct:
216.566.2766
investor.relations@sherwin.com
MEDIA CONTACT:
Julie Young
Vice President, Global Corporate Communications
Direct: 216.515.8849
corporatemedia@sherwin.com
View original content to download
multimedia:https://www.prnewswire.com/news-releases/sherwin-williams-signs-agreement-to-divest-china-architectural-paint-business-301801077.html
SOURCE The Sherwin-Williams Company