AkzoNobel has entered into an agreement to acquire 100% of the shares of Fabryo Corporation SRL (Fabryo), becoming the leader in the Romanian decorative paints market.
The transaction includes two production facilities and six distribution centres for decorative paints, adhesives and mortars, including one of the largest decorative paints factories in the region, with capacity for further expansion.
The business generated revenue of around €45M in 2017 and is the only player with both a leading product portfolio for consumers as well as professional segments in the Romanian market, including brands Savana, APLA and InnenWeiss.
Thierry Vanlancker, CEO of AkzoNobel, said: "This acquisition provides AkzoNobel with the number one position in a fast growing market and will contribute to delivering our Winning Together: 15 by 20 Strategy.
“Fabryo has a proven track record when it comes to growth and profitability.
“We are very happy to add top brands like Savana, APLA and InnenWeiss to our world class portfolio and look forward to welcoming our new colleagues to AkzoNobel."
Ruud Joosten, COO of AkzoNobel, added: "We are very excited about the acquisition of Fabryo; a strong market leader for decorative paints in Romania led by an excellent team.
“Savana is the number one decorative paints brand among Romanian consumers.
“The strong sales and distribution capabilities of Fabryo will help us to further improve our business in the region, leveraging our combined resources and expertise, and strengthen our position as the leading paints and coatings company in Europe."
Dragos Militaru, CEO of Fabryo, said: "We are looking forward to joining AkzoNobel.
“We both have passion for paint and we share the same values.
“Combining our efforts in Romania, building on AkzoNobel's global presence, will enable us to strengthen our leading position." The planned transaction is expected to be completed in the second half of 2018, subject to regulatory approval.