Berger Paints buys Sherwin Williams' architectural paints operations
MUMBAI: Berger Paints IndiaBSE 0.85 % has acquired the architectural paints business of Sherwin Williams Paints India for an undisclosed amount. The acquisition will be carried out through the Kolkata-based company's wholly-owned subsidiary, Brushworks Paints, the company said in a release.
The number two player in the Indian paint industry by turnover will fund the acquisition through internal accruals, said Abhijeet Roy, managing director of Berger Paints.
"We have only acquired a part of their business and not the company. We can use the brand for some years and employees of this business will also remain with us for some years," Roy said. Sherwin Williams Paints' manufacturing unit at Taloja in Navi Mumbai has a capacity of 24,000 tonnes.
This will now be added to Berger's total capacity of 24,000 kilolitres across seven units. On Monday, shares of Berger Paints India closed at 206.8 on theBSE, up 2.7 per cent over Friday's close.