LOS ANGELES, Dec. 22, 2016 /PRNewswire/ -- Dunn-Edwards Corporation, one of the nation's largest independent manufacturers of architectural, industrial and high performance paints, announced it has entered into a merger agreement with Nippon Paint Holdings Co., Ltd. (TYO 4612), the world's fourth largest paint company with $4.8 billion in sales, and certain of its subsidiaries. Osaka, Japan-based Nippon Paint will maintain the Dunn-Edwards brand and its range of quality paints. The merger with Dunn-Edwards provides Nippon Paint with a platform for growth throughout the U.S.
"This is an extraordinary opportunity for both companies," said Karl Altergott, CEO of the Los Angeles-based Dunn-Edwards. "We will continue business as usual as Dunn-Edwards, producing our superior paint and maintaining our culture that we've embraced for 91 years. Plus, we'll have an influx of resources, new coatings technology and an opportunity to grow with a financially strong global leader."
Nippon Paint's President and CEO Tetsushi Tado agrees. "We've wanted to expand our architectural paints in the U.S. and have been searching for the right partner," he explained. "It is important to us that Dunn-Edwards is the most environmentally responsible paint manufacturer, which fits with our mission. They are respected by both painting contractors and designers as a top choice. We enjoy the same reputation throughout Asia, so it's an ideal fit."
The 135-year-old Nippon Paint Holdings is a pioneer in coatings technology in Japan and operates more than 30 manufacturing plants throughout Asia, producing over one million tons of paint and coatings annually. It is known globally for architectural paints, and premium automotive, industrial and marine coatings.
Founded in Los Angeles, Dunn-Edwards has its roots in the Southwest, operating 130 stores along with 80+ authorized dealers. Dedicated to preserving and protecting the environment, Dunn-Edwards produces its coatings in a LEED® Gold-certified manufacturing plant.
Houlihan Lokey acted as Dunn-Edwards' financial adviser, and Potter Anderson & Corroon acted as Dunn-Edwards' legal counsel for the transaction. Mitsubishi UFJ Financial Group (MUFG) and Mitsubishi UFJ Morgan Stanley Co., Ltd. (MUMSS) acted as Nippon Paint's financial adviser, and Alston & Bird acted as Nippon Paint's legal counsel.
About Dunn-Edwards Corporation
Dunn-Edwards Paints® has produced and sold premium paint products for more than 91 years. With 130 company stores in California, Arizona, Nevada, New Mexico and Texas, and more than 80 authorized dealers throughout the Southwest, Dunn-Edwards is one of the nation's largest independent manufacturers and distributors of architectural, industrial and high performance paints and paint supplies. The company is dedicated to preserving and protecting the environment, and produces its coatings in a LEED® Gold-certified manufacturing plant. Based in Southern California, the company has approximately 1,700 employees. For more information, visit www.dunnedwards.com.
About Nippon Paint Holdings Co., Ltd.
Nippon Paint Holdings, founded in 1881, is a global leader in the paint and coatings industry. Its 14,500 employees worldwide provide customers with advanced, innovative products and value-added services. Headquartered in Osaka, Japan, Nippon Paint operates in more than 25 countries, and generated reported net sales of $4.8 billion in 2015. Nippon Paint offers a comprehensive portfolio of paint and coatings products for architectural, automotive, industrial, and marine applications, as well as an array of surface treatment agents. For more information, please visit www.nipponpaint-holdings.com.
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SOURCE Dunn-Edwards Corporation