The Sherwin-Williams Company (NYSE: SHW) announced it has closed a definitive agreement to acquire Euronavy-Tintas Maritimas e Industriais S.A. of Portugal.
Headquartered in Lisbon, Portugal, Euronavy is an producer of marine and protective coatings applied to ships, off shore platforms, storage tanks, steel, concrete, and flooring. Euronavy became the first company in the world to receive approval for a solvent-free epoxy coating system. Groundbreaking R&D has also produced pioneering products for underwater application.
Founded in 1981, Euronavy has 40 employees across its manufacturing and distribution platform with sales of less than $25m. Euronavy's best in class coatings are sold in Brazil, Singapore, China, Vietnam, Dubai, Europe, Portugal, Canada and the U.S.
Peter J. Ippolito, President and General Manager of Sherwin-Williams Protective & Marine Coatings Division, stated, "The acquisition of Euronavy is a logical step in our efforts to strengthen our growing global platform to better serve customer needs around the world with outstanding R&D, products, and people."
The Sherwin-Williams Protective & Marine Coatings Division, part of the company's Global Finishes Group, manufactures and distributes coating systems for the world market through 14 manufacturing locations across the U.S., Mexico, Brazil, Argentina, Uruguay and China.