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. |
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| "This acquisition is a positive step in our global strategy of steady growth and expansion." |
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| 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. |
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| 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. |
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| "While we are present in the north and south, we have a significant presence in the west. Our priority now is to have a pan-India presence," he said. |
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| Conway Ivy, senior vice"�president (corporate planning and strategy), Sherwin-Williams, said the company would be retaining the Indian management of Nitco. |
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| "We have paid a certain sum towards the use of the Nitco brand," said Ivy. |
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| He said retaining the Indian management would enable the company to have a better understanding of the local market. Later, the company would explore the products and technologies to be introduced in India. |
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| "Initially, the focus will be on exterior paints and we will look at other products later," said Ivy. |
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| Besides, Sherwin-Williams has also paid an undisclosed sum towards maintaining ties with Nitco Tiles, another group concern. |
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| "Paints and tiles are a complementary business and so a symbiotic marketing relationship with Nitco Tiles will be maintained," said Vivek Talwar, principal owner, Nitco Paints. |
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