Nippon Paint Acquires Major Australian Paint Maker

Economy

Osaka, Aug. 21 (Jiji Press)--Nippon Paint Holdings Co. <4612> said Wednesday it has obtained a 100 pct stake in major Australian paint maker DuluxGroup Ltd. for 291.7 billion yen.

Nippon Paint hopes to boost its business operations abroad through the acquisition of DuluxGroup, which has the top share in the market for paints and coatings in Australia and New Zealand.

Following the acquisition, Melbourne-based DuluxGroup will be de listed from the Australian Securities Exchange.

Nippon Paint said the impact of the deal on its earnings will be disclosed as soon as it becomes clear.

END

[Copyright The Jiji Press, Ltd.]

Jiji Press