The Sherwin-Williams Company today announced an agreement to acquire German-based Specialized Industrial Coatings Holding (SIC Holding), a Peter Möhrle Holding and GP Capital UG venture comprised of Oskar Nolte GmbH and Klumpp Coatings GmbH. The business’ portfolio of solutions includes foil coatings as well as radiation-cured and waterbased coatings for the board, furniture, and flooring industry. With a presence in Europe, Asia, and South America, the business has approximately 220 employees and annual sales of more than €91.5 million, and will become part of the Sherwin-Williams Performance Coatings Group reportable segment. The transaction is expected to close by early 2023, pending customary regulatory approvals.
“This acquisition creates opportunities to accelerate our profitable growth in the global industrial wood market and fits our strategy of acquiring complementary, high-quality and differentiated businesses,” said John G. Morikis, chairman and CEO of Sherwin-Williams. “The company’s extensive offerings include unique and innovative foil coatings, which provide us with access to another adjacent growth market where Sherwin-Williams has not participated previously. We are excited by Oskar Nolte’s and Klumpp Coatings’ strong technical and commercial teams, excellent relationships with multi-national and local customers, strategically-located manufacturing, and key specification and approval positions, all of which we will leverage further throughout Europe and beyond. We look forward to welcoming the talented employees of these businesses to the Sherwin-Williams family upon the close of the transaction.”