Global coatings specialist Hempel has expanded its business with the acquisition of Dutch coatings manufacturer Schaepman, and said it will benefit from Schaepman's proven expertise in protective coatings.
The deal follows Hempel's acquisition of U.S.-based protective coatings manufacturer Blome International Inc. in 2012 and is in line with the company's five-year growth strategy. Hempel is aiming to become one of the world's top-10 largest coatings suppliers by the end of 2015.
Schaepman is a supplier of specialized industrial, protective and decorative coatings. Its CEO, Berend ten Doeschate, believes that joining forces with Hempel will allow the business to broaden its customer, geographical and technological base.
Hempel's group president and CEO, Pierre-Yves Jullien, also welcomed the acquisition. He said: "We are focused on developing or acquiring new solutions that add real benefits to our customers. Schaepman represents what we were looking for. It has a solid position on the local market, a strong brand, innovative R&D and specialist products that will enrich our global assortment. In addition, Schaepman's expertise in the industrial coatings segment will help open new business possibilities for Hempel in this market."
Further acquisitions are planned by Hempel in the future: the company said that it expects to continue increasing its market presence through strategic acquisitions within its key segments.
Financial terms of the Schaepman transaction were not disclosed.