After record sales, Sherwin-Williams continues acquisition spree

Bobby Dalheim //Senior Editor of Case Goods and Global Sourcing//November 11, 2022

Sherwin-Williams has acquired three companies in the past month

Bobby Dalheim //Senior Editor of Case Goods and Global Sourcing//November 11, 2022

Sherwin-Williams has acquired German-based Specialized Industrial Coatings Holding (SIC Holding), which includes Nolte GmbH and Klumpp Coatings GmbH.

The acquisition comes just a month after the paint and finishings giant acquired ICA, an Italian manufacturer and distributor of wood coatings.

Terms of the recent SIC Holding acquisition were not disclosed. SIC’s portfolio includes foil coatings as well as radiation-cured and water-based 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 $94 million.

“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 Sherwin-Williams CEO John G. Morikis. “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.”

The acquisition also comes off of Sherwin-Williams’ strong third quarter performance, which saw a record $6.05 billion in sales, a 17.5% increase over last year. The sales boost was largely attributed to a 10% price increase the company implemented on Sept. 6.

“Our margins improved as a result of pricing actions across all businesses and volume increases in all architectural paint end markets in The Americas Group,” said Morikis. We generated strong cash flow in the quarter, which enabled us to continue making strategic long-term investments across the business.”

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