Sherwin-Williams To Buy Italian Wood Coatings Firm Industria Chimica Adriatica

(RTTNews) - Sherwin-Williams Co (SHW), a manufacturer of paint, coatings and related products, announced Tuesday an agreement to acquire Italy's Industria Chimica Adriatica S.p.A. or ICA. The financial terms of the deal were not disclosed.

The transaction is expected to close by the end of 2022.

Following the acquisition, ICA, with its around 600 employees, will become part of the Sherwin-Williams Performance Coatings Group operating segment.

ICA is an Italian manufacturer of industrial wood coatings used for kitchen cabinets, furniture and décor, building products, flooring and other specialty applications.

The acquired business has annual sales of more than 150 million euros, with sales and operations globally. It has production facilities in Italy and Poland, and has interest in the India-based joint venture, ICA Pidilite.

Sherwin-Williams Chairman and Chief Executive Officer, John Morikis said, "... ICA has excellent relationships with multi-national and local customers, multiple product specification and approval positions, strategically located manufacturing and distribution, and an outstanding commercial team focused on delivering innovative and value-added solutions. The combination of our businesses provides numerous opportunities to accelerate profitable growth in the region and beyond."