Hempel Group, parent company of Crown Paints, has signed an agreement to acquire a 65% stake in German paint manufacturer J.W. Ostendorf (JWO).
Operating throughout 20 European and five non-European countries, family-owned JWO is the only private label specialist in Europe. Said to invest in cutting-edge technology and environmentally friendly production, the North Rhine Westphalia manufacturer is also certified by LGA.
The deal will also bring with it the appointment of Joe Devitt, CEO of Crown Paints, as the new top executive in Hempel Decorative Europe. Joe will be responsible for bringing Crown Paints and JWO together, aligning the businesses, sharing knowledge and expertise and identifying synergies.
Both businesses will continue to trade independently, as a decorative business of the Hempel Group.
Joe commented: “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 will now become an asset for the Hempel Group and hopes to strengthen its access to the French market.
Hempel Group President & CEO, Henrik Andersen, added: “Our decorative business is relatively new and has therefore naturally been a bit overshadowed by the company’s two other strategic business areas, Marine and Protective. This is now over. With JWO now sitting alongside Crown Paints we have significantly grown our decorative business and sent a signal that we are ready to do more – in Europe and globally.
“I have great expectations for the collaboration between JWO and Crown Paints and I am confident that the companies will continue to develop and grow the Hempel family’s decorative business in Europe.”