Sherwin-Williams Company, the largest paint retailer in the United States, has announced that it had bought the Mumbai-based Nitco Paints for an undisclosed sum.
This deal marks the entry of the $8 billion paint manufacturer into the Indian market. “We are excited at the dynamic, growing Indian market,” said Christopher M Connor, chairman and chief executive officer of Sherwin-Williams.
Last month, the company acquired the Philadelphia-based M A B Paints, adding 132 outlets and contractors to its network of more than 3,000 US stores.
Nitco is a privately owned manufacturer with sales of about Rs 80 crore and specialises in exterior paints and coatings. Sanjiv Batra, director, Nitco Paints, said the focus would be to scale up the brand presence in the rest of the country.
Read more in The Business Standard article.
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