Cromology has announced that it has completed the sale of DuluxGroup Limited (DGL). This company is a market leader in the decorative paints and coatings market in Australia and New Zealand, which is wholly owned by the world’s fourth largest and fastest growing paint company, Nippon Paint Group.
This sale completes the announcement made last October that the former owners of Cromology, Wendel Group, had signed an exclusivity agreement with DuluxGroup to proceed with this business transaction.
In addition to being the market leader in Australia and New Zealand in decorative paints and coatings, DuluxGroup has a growing presence in Europe and is responsible for Nippon Paint Group’s ambitious growth plans for decorative paints in Europe and other Western markets.
According to Richard Stuckes, COO of DGL International, “Our goal is to acquire market-leading companies that already have a strong track record, retain them and invest in them. Cromology is world class. It has a highly skilled management team that has deep knowledge and experience in the European market, leading premium brands that are household names, excellent manufacturing facilities, broad distribution in key geographies, strong R&D credentials and, above all, many more opportunities for growth,” adds Stuckes.
Cromology’s president, Pierre Pouletty, adds that “it has been a privilege to preside over this wonderful company and I look forward to seeing its progress from here with the support of DGL and NPG.” Backed by the resources, scale and financial strength of the world’s fourth largest and fastest growing paint company, DGL plans to invest in Cromology’s future growth.
