ICI Paints Adds Further Latin Beat
The acquisition reinforces the position of ICI Paints as the leading paints and coatings company in South America and strengthens its leading market position in Argentina.
The acquisition expands the available outlets for ICI Paints' successful and growing Argentinian subsidiary S.A.ALBA by adding an additional 102 stores (64 franchised and 38 directly owned) to ALBA's existing loyalty programme network of 296 stores. They will complement the geographical spread and the architectural and protective coatings market coverage of ALBA throughout Argentina.
Grandes Pinturerias del Centro is based in Buenos Aires, has an annual turnover of £17 million and employs 190 people who transferred to Alba.
The value of the transaction represents less than one per cent of ICI Group net assets.
ICI's coatings business is an international paints enterprise with a particularly wide geographic spread. The business is headquartered in the UK and operates 60 manufacturing sites in 25 countries, selling in more than 120.
ICI Paints holds leading positions in many countries in which it operates, with well known brand names such as'ALBA','Coral', 'Color Your World', 'Dulux', 'Glidden', and 'Valentine'. ICI Paints became the leading paints and coatings company in South America in 1996 with the purchase of Bunge Paints which had significant market positions in Argentina, Brazil, Uruguay and Bolivia.
The principal focus of ICI's South American paints business is on the decorative market, with strong brand positions in each territory.
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