Hempel Buys Sherwin Asset to Gain Foothold in Australian Market
- Looking to use asset as a platform for Asian expansion
- Danish company missed out on a deal involving Tikkurila
Inside a Hempel A/S coatings manufacturing facility.
Photographer: Bartek Sadowski/Bloomberg
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After seeing a deal in its backyard fall through, Denmark’s Hempel A/S is traveling about 9,000 miles for its next target.
The coatings group agreed to buy Wattyl from Sherwin-Williams Co. to expand in Australia and New Zealand, and further into southern and eastern Asia, Chief Executive Officer Lars Petersson said in an interview Friday.