Cromology today announced that its sale to DuluxGroup Limited (DGL) – the market leading decorative paints and coatings company in Australia and New Zealand which is wholly owned by world’s fourth largest and fastest growing paint company Nippon Paint Group (NPG) – is now officially complete.
The sale follows the announcement in October last year that Cromology’s former owners Wendel Group had entered into an exclusivity agreement with DuluxGroup to complete the sale. This process, inclusive of regulatory approvals and transfer of shares is now complete.
In addition to being Australia and New Zealand’s market leader in decorative paints and coatings, DuluxGroup has a growing presence in Europe and is responsible for Nippon Paint Group’s ambitious growth plans in decorative paints in Europe and other western markets. It has no association or connection with the owner of the DULUX brand in other parts of the world including Europe.
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 and sees excellent opportunities to further expand on its market leading positions.
DGL International Chief Operating Officer Richard Stuckes says they have acquired Cromology with a firm eye on growth.
“We’re about acquiring market leading businesses who already have a strong track record, retaining them and investing in them. Cromology is world class. It has a highly capable management team who have deep European market knowledge and experience, leading premium brands that are household names, excellent manufacturing facilities, broad distribution across key geographies, strong R&D credentials and – above all – plenty of more opportunities for growth,” said Mr Stuckes.
“For us, this is about acquiring a sizeable European platform as the base for ongoing growth. We see opportunities in adjacent geographic and related product markets, including through DGL’s broader product range and technology as well as its retail DIY channel expertise.
“Cromology’s Leadership Team has done a tremendous job building the enterprise and we’re really excited about the potential for Cromology from here as part of DGL, backed by the scale and resources of the world’s number four in NPG,” he said.
Cromology Chairman Pierre Pouletty said: “I’m really proud of everything we have achieved for Cromology. It’s been a privilege to chair this wonderful company, and I look forward to seeing it progress from here with the support of DGL and NPG. “
Cromology CEO Loïc Derrien said: “Cromology associates are looking forward joining the DGL-Nippon Paint family. Today, we are opening a new chapter of Cromology’s transformation with a strong focus on growth. Being part of the fourth largest paint company in the world will bring tremendous opportunities to all of us. We will leverage DLG-NPG’ technologies and know-how to the benefit of our customers while offering new opportunity for growth to our suppliers. Cromology associates will be exposed to new professional and personal development opportunities.”
As part of DGL, Cromology will be empowered to grow autonomously while benefiting from access to the Nippon Paint Group’s global scale, technologies, capabilities and extensive capital resources. In particular:
– Cromology will become DGL’s Western European hub for decorative paints and coatings and ETICs as well as DGL’s platform for its further expansion to adjacent markets. – Cromology’s well recognised and market leading brands will be retained and further developed with product offering expanded to take advantage of DGL/NPG product range and technology. – Existing Cromology management and staff will be retained to lead the company’s growth and transformation. – Cromology, with its impressive innovation capability, will become a valuable part of NPG’s 3,000 strong global R&D community enabling Cromology to benefit from shared technical expertise & insights while retaining complete R&D autonomy. – Cromology’s manufacturing and supply chain footprint will be retained and expanded over time.
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