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Sherwin-Williams has waded deeper into China’s vast automotive market with the acquisition of Changzhou (Jiangsu) Pulanna Coating Co. Ltd., a leading maker of automotive coatings for the Chinese aftermarket.
The company also produces coating products for wind turbine blades.
The sale was announced by Business Development Asia LLC, an investment banking firm that advised Sherwin-Williams on the acquisition. A Sherwin-Williams spokesman confirmed the deal and declined to comment.
Terms were not disclosed.
Booming Car Sales
The acquisition increases Sherwin-Williams’ stake in China’s exploding automotive sector, where passenger-car sales have soared in recent years, increasing from 6.8 million in 2008 to over 16 million in 2012. The country's automotive industry has been the largest in the world for several years.
Car sales are forecast to continue rising by about 10 percent per year for the next decade, according to BDA.
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Wikimedia Commons |
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China has become the world's largest automotive producer. Sales of passenger cars more than doubled between 2008 and 2012.
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Pulanna ("Planet," in English) Coating was founded in 1998 by Mao Xiaojun as a privately owned company, engaged in the production and sales of auto refinish coating products. The company bills itself as a domestic leader in automotive refinishing paints. Since 2009, it has also produced and sold wind blade coating products.
Pulanna has 150 employees with its headquarters and main manufacturing facility in Changzhou, Jiangsu province, about 150km from Shanghai. The company said in 2010 that it was producing about 800,000 liters of product monthly.
Its automotive coating brands include Conely, DFL and Lanet. Lanet is considered a regional leader in the automotive aftermarket in the vast Yangtze River Delta area.
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