Hempel Group, parent company of Crown Paints,is acquiring a 65 per cent stake in leading German paint manufacturer J.W. Ostendorf (JWO).
Operating throughout 20 European and five non-European countries, family-owned JWO is one of Germany’s leading decorative paint manufacturers and is the only private label specialist in Europe.
The deal also sees the appointment of Joe Devitt, CEO of Crown Paints, as the new top executive in Hempel Decorative Europe. Following closing of the transaction, Devitt will be responsible for bringing Crown Paints and JWO together, aligning the businesses, sharing knowledge and expertise and identifying synergies. Whilst both businesses will continue to trade independently, as a decorative business of the Hempel Group they will have a leading position in the European Market.
Devitt says: “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.”
JWO also owns French paint manufacturer Renaulac, which now becomes a key asset for the Hempel Group, strengthening access to the French market.