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Sherwin-Williams Enters Indian Paint Market

1:44 PM MDT | April 18, 2007 | Kerri Walsh

Sherwin-Williams (SW) says it has acquired privately held Nitco Paints (Mumbai), a maker and distributor of specialty paints and coatings primarily in western India. Financial terms of the deal were not disclosed. The deal marks SW’s entry into the Indian paints and coatings sector, the company says. Nitco has sales of Rs800 million/year ($18 million). It produces exterior specialty paints and coatings used on office buildings, high rise apartments, shopping malls, and hospitals. The acquisition is a “positive step” in SW’s expansion...

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