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Sherwin-Williams announces first acquisition in India

April 04, 2007
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The Sherwin-Williams Company announced its entry into the Indian paint market with its purchase of the business of Nitco Paints, Business Wire reports. The purchase price was undisclosed. Headquartered in Mumbai, the privately owned company is a leading manufacturer and distributor especially in western India of exterior specialty paints and coatings used in the construction of office buildings, high rise apartments, shopping malls, hospitals and schools. Its sales are approximately INR 80 crore or US$18 million. Founded in 1981, Nitco Paints has a long history of innovative research and development creating products tailored to the Indian market and outstanding customer service to more than 3,000 dealers. A symbiotic marketing relationship with Nitco Tiles will be retained along with the current management of Nitco Paints.

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