Coatings World top companies report.Once again, Coatings World brings the industry The Top Companies Report--the only truly global ranking of the top manufacturers of paints, coatings, adhesives and sealants. Our editorial staff has spent long hours researching the industry to provide you with the most accurate ranking of paint and coatings manufacturers operating in the global industry. Rankings are based on annual sales in U.S. dollars. For companies based outside the U.S., sales are translated into U.S. dollars using exchange rates from the company's fiscal closing date. For privately-held companies, our staff interviews different industry sources to come up with an accurate estimate of annual sales. All told, we profiled 64 companies in this report. All have sales of $100 million annually. Consolidation continues to shape the industry. After the dust settled from last year's blockbuster deals--AkzoNobel's purchase of ICI and PPG's purchase of SigmaKalon--the revenues for these two firms have risen sharply. AkzoNobel maintains it lead role and PPG has moved into the number two slot. While I was researching this year's report I took a look back at the list of top companies from ten years ago and it was interesting to compare. Some companies are still here, some long gone. Take a look for yourself at the lists on this page. I wonder what it will look like ten years from now? Our Top Companies Report is intended to provide our readers with a snapshot of the industry's most influential players. We hope you will come away with a clearer insight into the future of this truly global and always evolving industry. 2009 Top 20 01 AkzoNobel 02 PPG 03 Henkel 04 Sherwin-Williams 05 DuPont 06 BASF 07 RPM 08 Valspar 09 Sika 10 Kansai Paint 11 Nippon Paint 12 3M 13 Jotun 14 DAW 15 Masco 16 Comex 17 HB Fuller 18 Hempel 19 Beckers 20 Asian Paints 1999 Top 20 01 AkzoNobel 02 Sherwin-Williams 03 ICI 04 PPG 05 Henkel 06 DuPont 07 BASF 08 Herberts 09 RPM 10 Nippon Paint 11 Kansai Paint 12 HB Fuller 13 Total 14 Valspar 15 Morton International 16 Sigma 17 Ferro 18 Becker Group 19 Benjamin Moore 20 Jotun TIM WRIGHT TWRIGHT@RODPUB.COM
2009 TOP COMPANIES
1. AkzoNobel N.V. (The Netherlands) $14.124 billion
2. PPG Industries (USA) $10.935 billion
3. Henkel (Germany) $9.849 billion
4. Sherwin-Williams (USA) $6.521 billion
5. DuPont (USA) $4.3 billion
6. BASF (Germany) $3.729 billion
7. RPM (USA) $3,643 billion
8. Valspar (USA) $3.168 billion
9. Sika (Switzerland) $2.356 billion
10. Kansai Paint (Japan) $2.299 billion
11. Nippon Paint (Japan) $2.276 billion
12. 3M (USA) $2.2 billion
13. Jotun (Norway) $1.87 billion
14. DAW (Germany) $1.471 billion
15. Masco (USA) $1.440 billion
16. Comex (Mexico) $1.400 billion
17. H.B. Fuller (USA) $1.391 billion
18. Hempel (Denmark) $1.347 billion
19. Beckers (Sweden) $1.316 billion
20. Asian Paints (India) $1.062 billion
21. Bredero Shaw (Canada) $1.053 billion
22. Chugoku Marine Paints (Japan) $1.036 billion
23. Tikkurila (Finland) $953 million
24. Benjamin Moore (USA) $835 million
25. Dai Nippon Toryo (Japan) $802 million
26. Brillux (Germany) $662 million
27. Forbo (Switzerland) $606 million
28. Orica (Australia) $555 million
29. Helios (Slovenia) $520 million
30. Fujikura Kasei (Japan) $500 million
31. Arch Chemicals (USA) $463 million
32. Freeworld Coatings (South Africa) $364 million
33. Wattyl (Australia) $359 million
34. Berger Paints (India) $352 million
35. Teknos Group Oy (Finland) $346 million
36. Cloverdale Paint {Canada) $340 million
37. Rohm and Haas (USA) $330 million
38. Dunn-Edwards (USA) $329 million
39. National Paints (Jordan) $328 million
40. JW Ostendorf (Germany) $320 million
41. CIN (Portugal) $319 million
42. Dyrup (Denmark) $316 million
43. Altana (Germany) $315 million
44. Kelly-Moore (USA) $281 million
45. Flugger (Denmark) $281 million
46. Tiger Coatings (Austria) $250 million
47. TOA (Thailand) $227 million
48. Industrias Titan (Spain) $223 million
49. Shinto Paint (Japan) $220 million
50. Rock Paint (Japan) $219 million
51. Korea Chemical Co. (Korea) $211 million
52. Yasar (Turkey) $200 million
53. Renner Sayerlack (Brazil) $197 million
54. FLH Group (Switzerland) $190 million
55. Yung Chi (Taiwan) $189 million
56. Boero Group (Italy) $186 million
57. Boysen Paints (Phillipines) $183 million
58. Grebe Group (Germany) $178 million
59. Tambour (Israel) $170 million
60. ICA Group (Italy) $154 million
61. Inver SpA (Italy) $153 million
62. Tohpe (Japan) $152 million
63. Diamond Vogel Paints (USA) $145 million
64. Empils (Russia) $141 million
[ILLUSTRATION OMITTED] 01 AkzoNobel N.V. Amsterdam, the Netherlands www.akzonobel.com PUBLIC COMPANY HEADCOUNT: 58,300 YEAR ESTABLISHED: 1994 COATINGS REVENUES: $14,124 billion TOTAL REVENUES: $22.658 billion SEGMENT BREAKDOWN *Decorative Paints: 34% *Performance Coatings: 29% *Specialty Chemicals: 37% KEY PEOPLE Hans Wijers, CEO and chairman of the board of management; Leif Darner, board member responsible for performance coatings; Tex Gunning, managing director of AkzoNobel decorative paints (nominated to join the board of management in May 2009). AkzoNobel is the world's leading paint and coatings manufacturer. Based in Amsterdam, the Netherlands, the largest global paint and coatings firm--s 2008 revenues totaled $14.124 billion. The key event during the year was the completion of the $17 billion (11.6 billion [euro]) acquisition of Imperial Chemical Industries (ICI) making AkzoNobel the world's largest decorative paints company. Following the ICI acquisition, the on-sale of part of the National Starch business to Henkel was completed. The $4.5 billion (2.7 billion [pounds sterling]) deal involved the divestment of the former ICI's adhesives and electronic materials activities. In line with the commitment package agreed in connection with the acquisition of ICI, Akzo announced the sale of its Para and Crown Diamond decorative paints brands in Canada to General Paint Corp. In August, the sale of its Crown Paints decorative paints business in the UK and Ireland to Endless LLP was also agreed, along with the divestment of two Belgian brands to Rieu Investissements S.A. The firm revealed an investment of approximately $70 million (50 million [euro]) in its performance coatings activities after agreeing to two acquisitions to boost the company's car refinishes and industrial finishes businesses. The two deals involved the purchase of durable paint and bright films manufacturer Soliant LLC and the global floor coatings business of Lord Corporation, both of which are based in the U.S. Akzo also strengthened its marine and protective coatings portfolio with the acquisition of the Enviroline business from Florida-based Industrial Environmental Coatings Corporation. Enviroline is a specialist supplier of high performance, corrosion-resistant linings, predominantly for the oil and gas industries, specializing in both new construction and maintenance projects. During the year AkzoNobel continued its push into China with the opening of a new $32 million (23 million [euro]) facility for the manufacture and sale of protective coatings in Suzhou, close to Shanghai. The company's industrial finishes broke ground on a new coatings manufacturing plant in India, signaling the company's ambition to become one of the country's leading industrial players. The new facility, being built near Bangalore, will produce coil and specialty plastic coatings. Early in 2008, AkzoNobel also launched a new corporate brand--Tomorrow's Answers Today--along with a new logo (seen at the top of this profile). AKZONOBEL LAUNCHES ECOSURE During the year, AkzoNobel launched Ecosure, an environmentally friendly decorative paint range for the professional market in the UK. The product was developed by Dulux Trade in conjunction with Forum for the Future, an independent group of sustainability experts. For AkzoNobel it represents a major step towards environmentally sustainable paint with reduced carbon and VOCs. Ecosure's packaging is also made from at least 25% recycled materials. Ecosure was endorsed by Marks & Spencer at the EcoBuild 2008 event and is being trialed by the retail firm at its new White City store in London. AkzoNobel's Ecosure line includes matt, gloss and undercoat varieties. [ILLUSTRATION OMITTED] Source: AkzoNobels annual report 02 PPG Industries Pittsburgh, PA/USA www.ppg.com PUBLIC COMPANY HEADCOUNT: 40,600 YEAR ESTABLISHED: 1883 COATINGS REVENUES: $10.935 billion TOTAL REVENUES: $15.849 billion SEGMENT BREAKDOWN * Performance Coatings: 30% * Industrial Coatings: 25% * Architectural Coatings EMEA: 14% * Optical & Specialty Materials: 7% * Commodity Chemicals: 12% * Glass: 12% KEY PEOPLE Charles E. Bunch, CEO and chairman; J. Rich Alexander, senior VP, performance coatings; Pierre-Marie De Leener, senior VP, architectural coatings EMEA and president, PPG Europe; William A. Wultsohn, senior VP, industrial coatings. In January 2008, PPG acquired SigmaKalon, one of the world's leading coatings producers previously based in Uithoorn, the Netherlands. SigmaKalon brought to PPG strong architectural paint, protective and marine coatings and industrial coatings businesses, as well as a solid presence in Western Europe and growing positions in emerging regions such as Eastern Europe, Asia and Africa. This acquisition greatly expanded PPG's international business, extended its participation in various end-use markets and sharply increased the proportion of sales coming from coatings, boosting coatings revenue in 2008 to $10.935 billion. In North America, PPG acquired BASF's coil and extrusion coatings (COEX) business. BASF's North American COEX business serves the construction, appliance; transportation; heating, ventilation and air conditioning (HVAC); lighting fixture; and extrusion industries. The business operates manufacturing sites in Decatur, AL, and Monterrey, Mexico, as well as a production line in Belvidere, NJ. Also in North America, PPG dedicated a new 95,000-square-foot, 22-acre architectural coatings facility in the Tahoe-Reno Industrial Center, about 15 miles east of Reno, NV. In China, the growing number of car owners is driving sustained future growth in the automotive coatings industry there. In-line with this growth trend, PPG has continued to expand its presence in the country. In 2008, PPG acquired Bonny Coating-Made Co., Ltd., a private automotive coatings business in Guangzhou. PPG now owns all brands, the customer list, trademarks, technology and working capital of Bonny. The acquisition extends PPG's distribution network and customer base in China. PPG also opened a $10 million, 40,000-square meter automotive coatings plant in Wuhu, China. PPG Coatings (Wuhu) Co., Ltd. will primarily serve the local market and one of the major reasons to invest in the new plant in Wuhu is to better support one of its key customers, Chery Automotive. Building a plant close to Chery helps to shorten lead time and increase efficiencies as well as better support the market in Southern China. PPG produces automotive coatings in China for customers such as General Motors, Mercedes-Benz, BMW, Dongfeng Peugeot Citroen, Chery and Hainan Mazda. Furthering its global reach, PPG also announced its plans to build its first manufacturing plant in Russia to capitalize on the booming economy where automotive production is growing quickly. PPG has signed an investment agreement with the administration of the Kaluga Region, Russia, to build an automotive coatings and industrial coatings plant approximately 70 kilometers southwest of Moscow. The plant will manufacture coatings for automotive and other industrial customers. The facility, which will be fully-owned by PPG, will be located just north of the city of Kaluga in the Vorsino Industrial Park. Currently, seven new automotive assembly plants are in the planning or construction phase in Russia and are expected to come online within the next three years. PPG'S GREEN LOGIC AND ZIRCOBOND TECHNOLOGY WIN AWARDS PPG was named a 2008 Automotive News PACE Award winner for Green Logic paint detackifier. A winner in the manufacturing process and capital equipment category, Green Logic paint detackifier is used by domestic, European and Japanese automakers to denature and remove over-sprayed paint from the water wash system in automotive paint spray booths. PPG also earned two 2008 R&D 100 Awards, presented by R&D Magazine, for Green Logic paint detackitier and Zircobond pretreatment technology. Zircobond pretreatment offers environmental and cost advantages over traditional zinc-phosphate pretreatments without sacrificing product performance. 03 Henkel AG & Co. KGaA Dusseldorf, Germany www.henkel.com PUBLIC COMPANY HEADCOUNT: 55,142 YEAR ESTABLISHED: 1876 ADHESIVES/SEALANTS/COATINGS REVENUES: $9.849 billion TOTAL REVENUES: $20.791 billion SEGMENT BREAKDOWN *Adhesives Technologies: 47% *Laundry & Home Care: 30% *Cosmetics/Toiletries: 21% KEY PEOPLE Kasper Rorsted, CEO and chairman of the management board; Thomas Geitner, executive vice president, adhesive technologies. In 2008, Henkel's adhesives technologies business sector increased sales by 17.3% to $9.8 billion (6.7 billion [euro]). The rise is primarily attributable to the acquisition of National Starch. The adhesives technologies business sector serves a wide range of user groups with products comprising adhesives, sealants and surface treatment. In the adhesives for craftsmen and consumers business, Henkel posted a slight increase in sales despite the difficult conditions in major craftsmen markets within Western Europe, and despite the real estate crisis in North America. This success was due to good performance in Eastern Europe and Latin America. Bonding adhesives under the Pattex brand and the launch of a number of innovations in the Loctite instant adhesives range contributed to growth, particularly the introduction of Loctite Flex Gel. The growth of Henkel's building adhesives business continued unabated. With double-digit rates of expansion, the biggest boost came from Eastern Europe and Africa/Middle East. The market in Western Europe on the other hand, continued to decline. Aside from the adhesives, product systems for thermal insulation in buildings continued to grow. The packaging, consumer goods and construction adhesives business was significantly strengthened as a result of the National Starch acquisition. Expansion was also generated through the Liofol adhesives for flexible packaging and adhesives for consumer goods with hotmelts under the Technomelt Supra brand. The specialty adhesives and surface treatment business results came in slightly below last year's due to market conditions. There was a decline in Henkel's automotive business and in operations serving manufacturers of durable consumer goods. However, new innovations continued to roll out particularly with the launch of TecTalis, an innovative metal pretreatment product. Also products for industrial maintenance, repair and overhaul under the Loctite brand underwent expansion in 2008. As a result of the National Starch acquisition, Henkel was able to expand its market position with respect to the metals industry, with Eastern Europe and Asia Pacific exhibiting particularly strong growth. COMMERCIAL VEHICLE MANUFACTURER KOGEL REPLACES ZINC PHOSPHATING In early 2008 Kogel Fahrzeugwerke, one of the major European manufacturers of semi-trailers, switched to Henkel's new TecTalis metal pretreatment in its production process instead of traditional zinc phosphating, the former standard for industrial conversion coating. Technically, TecTalis, which recently won a PACE Award, differs from zinc phosphating in that it has fewer process steps and the baths no longer need to be heated. Instead of heating the phosphating bath to 60[degrees]C, TecTalis can run at room temperature. This cuts energy costs significantly. The TecTalis process uses a solution that contains zirconium. In chemical terms, a pickling reaction occurs in the first step, shifting the pH at the surface of the metal substrate into the alkaline range. As a consequence, the metal ions that will form the coating settle on the surface and bond with it. A conversion layer is created, the components of which include zirconium oxide, a nanoceramic material used in modern dentures. [ILLUSTRATION OMITTED] Source: Henkel's annual report 04 The Sherwin-Williams Company Cleveland, OH/USA www.sherwin-williams.com PUBLIC COMPANY HEADCOUNT: 30,700 YEAR ESTABLISHED: 1866 COATINGS REVENUES: $6.521 billion TOTAL REVENUES: $7.979 billion (sales of painting tools and equipment in the Paint Stores Group are not reported as part of coatings revenues) SEGMENT BREAKDOWN *Paint Stores Group: 61% *Consumer Group: 16% *Global Finishes Group: 23% KEY PEOPLE Christopher M. Connor, chairman and CEO; John G. Morikis, president and CO0; Sean R Hennessy, senior vice president and CFO. Net sales for Sherwin-Williams' paint stores group decreased 2.4% to $4.83 billion in 2008 due to declines in domestic new home construction and existing home turnover. While 2008 didn't get off to a bad start, by the fourth quarter, architectural and industrial coatings demand was down in virtually every market segment compared to 2007. Sherwin-Williams closed 79 store locations and consolidated sales territories. The paint store group also implemented price increases. While some store locations closed, the company was still active opening 100 new paint stores, finishing the year with 3,346 stores in the U.S., Canada and the Caribbean compared to 3,325 at the end of 2007. The paint stores group also launched Resilience exterior latex paint with MoistureGuard and cures in half the time of conventional latex paints so contractors and homeowners can paint without worrying about dew or impending rain. The consumer group supplies branded and private label products to retailers throughout North America and supports the paint stores group with new product research and development, manufacturing, distribution and logistics. It operates 30 manufacturing plants and 11 distribution centers in North America. Sales for the consumer group decreased three percent to $1.27 billion for the year, primarily as a result of weakening sales to DIY customers. Lastly, sales for the global finishes group increased $139 million, or 7.8%, to $1.87 billion in 2008. The group manufactures and sells OEM finishes, automotive finishes, protective and marine coatings and architectural coatings to a growing customer base around the world. In addition to well-established operations in Brazil, Argentina, Chile, Mexico, England and Ireland, Sherwin-Williams continues to expand its presence in many emerging markets around the world. In 2008, the group opened 22 new branches including its first company-operated locations in India. The group has a total of 541 company-operated branches. On the acquisition front in 2008, Sherwin-Williams completed three deals that bolstered its global manufacturing capacity and product offering in the OEM finishes and protective and marine coatings markets. In February, it acquired Becker Powder Coatings, a U.S.-based subsidiary of AB Wilh. Becker based in Sweden. Becker produces powder coatings used in the manufacture of household appliances, metal furniture, fixtures and electronics. In July, the company acquired the liquid coatings subsidiaries of Inchem Holdings, a supplier of coatings to furniture, cabinet, flooring and electronics manufacturers throughout Asia. Headquartered in Singapore, Inchem operates plants in China, Vietnam and Malaysia. In December, Sherwin closed on the acquisition of Euronavy-Tintas Maritimas e Industriais S.A. of Portugal. Euronavy is a supplier of marine and protective coatings applied to ships, off-shore platforms, storage tanks, steel, concrete and flooring. CONSUMER GROUP LAUNCHES DUTCH BOY REFRESH In 2008, Sherwin-Williams' consumer group introduced Dutch Boy Refresh interior latex paint, a new wall paint that is designed to remove from the air common household odors caused by pets, food, smoke, mold and mildew. It also has zero VOCs and is Greenguard Indoor Air Quality Certified. [ILLUSTRATION OMITTED] Source: Sherwin-Williams' annual report 05 DuPont Wilmington, DE/USA www.dupont.com PUBLIC COMPANY HEADCOUNT: 60,000 YEAR ESTABLISHED: 1802 COATINGS REVENUES: $4.3 billion TOTAL REVENUES: $30.7 billion (sales of titanium dioxide in the Coatings & Color Tech. unit are not reported as part of coatings revenues) SEGMENT BREAKDOWN *DuPent Coatings & Color Technologies: 22% *DuPont Agriculture & Nutrition: 26% *DuPont Electronic & Communication Technologies: 13% *DuPont Performance Materials: 21% *DuPont Safety & Protection: 18% KEY PEOPLE Chad Holliday, chairman of the board; Ellen Kullman, CEO; Terry Caloghiris, group VP, DuPont Coatings & Color Technologies; BC Chong, VP and general manager, automotive OEM systems; John G. McCool, VP and general manager, refinish systems; Ferdinand Bauerdick, VP and general manager, advanced coatings systems and performance coatings Europe. DuPont's coatings and color technologies business unit his one of the world's leading motor vehicle coatings suppliers and the world's largest manufacturer of titanium dioxide products (titanium dioxide operations are not included in this report). Coatings revenue in 2008 amounted to approximately $4.3 billion. Products offered include high performance liquid and powder coatings for motor vehicle OEMs the motor vehicle aftermarket, and general industrial applications, such as coatings for heavy equipment, pipes and appliances and electrical insulation. The key markets in which the coatings and color technologies unit operates continued to grow for most of the year, with growth in the emerging regions, offset by significant decline in demand across the segment during the last four months of 2008 as the industry supply chains destocked worldwide in response to the global economic recession. During the year DuPont continued its push into emerging markets. DuPont Performance Coatings held an opening ceremony in the Jiading District of Shanghai to mark the start-up of production of a 20,000-ton-per-year paint plant in the district. Products from the $80 million plant mainly serve the Chinese automotive-refinishing market, and its products include industrial paint, refinishing paint and automotive OEM paint. DuPont Russian Coatings LLC opened the largest technical center in Russia dedicated to the development of high-performance automotive coatings. The $3 million facility is located at the Yaroslav headquarters of DuPont Russian Coatings, a joint venture established in 2006 by DuPont and Russkie-Kraski to supply coatings to manufacturers of automobiles and commercial vehicles in Russia and the Commonwealth of Independent States (CIS). The new research and development center's primary focus is adapting the technical properties of new coatings materials to the line conditions at new car manufacturers' plants and at the operations of plastic parts makers. Because of the lab's close proximity, the DuPont Russian Coatings scientists staffing the new center will be better able to anticipate and respond to the needs of the fast-growing Russian auto industry. DuPont also announced the opening of its first office in Sofia, Bulgaria. The Sofia office represents DuPont's growing market reach in Central Europe, following openings in Poland, the Czech Republic, Hungary, Romania, the Baltic countries and Serbia. The office will provide access to customers in Bulgaria, Macedonia and Albania. Next year, Bulgarian paint and coatings company, Megachim, and DuPont will launch a new product based on a know-how exchange under a trademark license agreement signed in June 2007. As a result of this agreement, DuPont Titanium Technologies (DTT) and Megachim announced a five-year partnership to launch a paint portfolio of architectural coatings that will be marketed under the DuPont Teflon brand. GERMAN PAINT MAKER SELECTS DUPONT ECOCONCEPT Bollig & Kemper, a German manufacturer of coatings for the European auto industry, has signed a license agreement for DuPont EcoConcept, a patented coatings technology that eliminates one complete coating layer, the primer-surfacer, and combines it into a single environmentally compliant water-based basecoat. As a result, a spray booth and curing oven are eliminated from the auto production line. Under the license agreement, the Cologne-based paint maker will manufacture and sell water-based basecoats for use in the EcoConcept process at automotive manufacturing plants in Germany and elsewhere in Europe. EcoConcept technology was recognized in 2007 when Automotive News presented DuPont with a PACE Award. [ILLUSTRATION OMITTED] Source: DuPont's annual report 06 BASF Group Ludwigshafen, Germany www.basf.com PUBLIC COMPANY HEADCOUNT: 96,924 YEAR ESTABLISHED: 1865 COATINGS REVENUES: $3.729 billion TOTAL REVENUES: $91.670 billion (BASF Coatings AG /s part of the Functional Solutions unit) SEGMENT BREAKDOWN * Chemicals: 17% * Plastics: 16% * Performance Products: 14% * Functional Solutions: 15% * Agricultural Solutions: 5% * Oil & Gas: 23% KEY PEOPLE Raimar Jahn, CEO of BASF Coatings AG; Dr. Helmut Rodder, member of the board of BASF Coatings AG; Udo Reiter, head of global technology, coatings; Dr. Klaus Plitzko, head of global applied research and technology, coatings; Juan Ximenez-Carrillo Gerber, automotive OEM coatings; Christoph Hansen, automotive refinish coatings; Peter Alexander Fischer, industrial coatings; Rui Artur Goerck, decorative paints. BASF Coatings AG, the coatings division of the BASF Group, develops, produces and markets a high-quality range of innovative automotive OEM coatings, automotive refinishes and industrial coatings as well as decorative paints. BASF has significant market positions in the coatings sector in Europe, North America, South America and the Asia-Pacific region. In 2008 BASF Coatings achieved global sales of $3.729 billion (2.5 billion [euro]). Automotive OEM coatings makes up 44% of coatings revenues; automotive refinish coatings 23%; industrial coatings 15%; and decorative paints 18%. State of the coatings industry and how BASF Coatings is facing the global financial crisis BY RAIMAR JAHN CEO. BASF COATINGS AG The automotive and steel industries are important customers for BASF Coatings. This means that the economic crisis is also impacting our business with automotive and industrial coatings. In both areas, demand has substantially dropped since the fourth quarter of 2008. With regard to automotive refinish products and architectural coatings, the situation is still currently stable. However, the decreasing number of new cars and the overall unfavorable economic conditions will have a delayed impact here as well. We will face these challenges with our all-around competence and our close relationship to our customers. We have a strong network of research, development. production and services that are close to the customer and we pursue a long-term strategy. In difficult times in particular, we support our customers with new processes and product developments. In our automotive OEM coatings business, our integrated processes serve to shorten the application process. This allows customers to cut costs considerably while maintaining high quality. We supply innovative coatings, such as particularly scratch-resistant clearcoats, to carmakers and bodyshops. With regard to automotive refinish paints, we are developing future-oriented strategies. We tailor our branding policy with our two premium brands, Glasurit and R-M. to the needs of our customers. Our color competence makes us especially well equipped to handle the current situation in the automotive refinishing sector as well. In the area of industrial coatings, we have developed innovative products that have already been used successfully on the market, for instance, the next generation of our chromate-free primer for coil coatings and foil coatings for floors. When it comes to architectural coatings, we are developing products based on nanotechnology, whose water- and dirt-resistant properties provide considerable advantages. Our biggest challenges are the extent and speed of the decline in demand and the planning uncertainties arising from it. We will be confronting this situation together with our customers. Our global presence helps us to set the right priorities for the respective regions. [ILLUSTRATION OMITTED] In economically challenging times in particular, our customers expect innovative products and processes from us. To do this, we are using the knowledge of the entire BASF Group. For instance, we are also carrying out eco-efficiency analyses together with our customers. In the areas of automotive OEM coatings, automotive refinishing, industrial coatings and architectural coatings, we are helping by providing targeted services and new products. All in all, we are confident that we will be able to master the huge challenges together. 07 RPM International Inc. Medina, OH/USA www.rpminc.com PUBLIC COMPANY HEADCOUNT: 10,360 YEAR ESTABLISHED: 1947 COATINGS/ADHESIVES/SEALANTS REVENUES: $3.643 billion TOTAL REVENUES: $3.643 billion SEGMENT BREAKDOWN * industrial Segment: 63% * Consumer Segment: 37% KEY PEOPLE Frank C. Sullivan, chairman and CEO; Ronald A. Rice, president and COO; P Kelly Tompkins, executive VP-administration and CFO; Key managers: John J. McLaughlin, DAP; Thomas E. Reed, Rust-Oleum; Charles G. Pauli, RPM II; Randall J. Korach, Tremco; David R Reif, StonCor. RPM International Inc. is a multinational holding company with subsidiaries that manufacture and market various specialty chemical product lines including paints, protective coatings, roofing systems, sealants and adhesives for the maintenance and improvement of industrial and consumer markets. Globally, these markets generate approximately $200 billion in annual sales, with RPM capturing $3.6 billion in fiscal 2008. Sixty-five percent of sales were generated from industrial product sales worldwide and the remaining 35% from consumer product sales, mainly in North America. Including sales of both industrial and consumer products North America makes up 74% of sales; Europe 21%; South America 2%; Africa/Middle East 2%; and Asia/New Zealand/Austria 1%. Through its subsidiaries, RPM holds leading positions in many of the markets it serves. In the industrial segment Tremco is No. 1 in the North American high-end institutional roofing market and No. 2 in the North American sealants market. Stonhard is the No. 1 global supplier of industrial, high-performance polymer flooring systems. Carboline is the No. 1 U.S. supplier and leading global supplier of industrial high-performance corrosion control coatings. Day-Glo is No. 1 globally in the market for fluorescent colorants. Dryvit is the No. 1 North American supplier of exterior insulating finishing systems. Lastly, illbruck is the leading European supplier of high performance sealants and window and door installations systems for the construction industry. In the consumer segment, Rust-Oleum holds the No. 1 brand recognition and market share position in the U.S. and Canada in the rust preventative, decorative, specialty and professional segments of the small project paint category. DAP holds No. 1 brand recognition and market share position in North America for home improvement latex caulks and sealants and patch and repair products. Varathane hold the No. 1 position in the Canadian clear wood finishes market, with strong and growing brand positioning in the U.S. market. Lastly, Zinsser is a leader in brand recognition and market share position in the U.S. market for specialty primers and sealers. During fiscal 2008, RPM acquired nine companies generating $200 million in combined sales. Six were of businesses outside North America, which will further expand RPM's global footprint. As the domestic economy cools, this is an important strategic move that will help sustain the company's consistent growth. Key acquisitions include Increte Systems in the U.S. with sales of $15 million; Flowcrete Group in the UK with sales of $85 million; Star Maling Group in Norway with sales of $30 million; Productos Cave S.A. in Chile with sales of $6 million; Finnaren & Haley in the U.S. with sales of $10 million; and lastly, Prosytec SAS in France with sales of $39 million. New products launched in fiscal 2008 include Zinsser Ceiling Paint; Zinsser Bulls Eye Zero Primer; Zinsser Clear BIN Sealer; Rust-Oleum Auto paints and undercoatings; Rust-Oleum Semi-Transparent Concrete Stain; Tremco ICE (instant cure emulsion) Roofing System; TREMstop IA intumescent acrylic firestop sealants; Stonhard Green Concrete Primer; and Dryvit Mojave E Finish. RUST-OLEUM REVOLUTIONIZES SPRAY PAINT CATEGORY Rust-Oleum has proven once again why it is the number one brand of small project paints with the introduction of Universal all-surface paint, "the best spray paint in the universe." Universal is the first all-surface spray paint specially formulated to work on diverse surfaces, including wood, plastic, metal, concrete, glass, vinyl and more. Plus, its advanced delivery system can spray from any angle--even upside down. [ILLUSTRATION OMITTED] Source: RPM's annual report 08 The Valspar Corporation Minneapolis, MN/USA www.valsparglobal.com PUBLIC COMPANY HEADCOUNT: 9,400 YEAR ESTABLISHED: 1806 COATINGS REVENUES: $3.168 billion TOTAL REVENUES: $3.482 billion SEGMENT BREAKDOWN * Coatings Segment: 59% * Paints Segment: 32% * Other Segment: 9% KEY PEOPLE William L. Mansfield, chairman and CEO; Gary E. Hendrickson, president and COO; Lori A. Walker, senior VP and CFO; Rolf Engh, executive VP, general counsel and secretary; Steven L. Erdahl, executive VP; Paul C. Reyelts, executive VP; Kenneth H. Arthur, group VP; Brian J. Falline, group VP; Bernard J. Ouimette group VP Through its coatings segment, which generates 59% of revenue, Valspar is a leading global supplier of coatings for metal packaging, coil, general industrial and wood applications. Valspar coatings are at work in a diverse range of packaging and industrial applications including commercial buildings, appliances, lawn and garden equipment, agricultural and construction machinery, and wood furniture and cabinets. Over the past few years Valspar's acquisitions have expanded its worldwide presence. Its acquisition of Aries Coil Coatings, a leading Mexican coil and packaging coatings manufacturer, improved its capability to serve markets in the Americas, for example. For the transportation industry, Valspar introduced new waterborne coatings technologies that protect rail cars. For commercial construction applications, Valspar offers enhanced solar reflective paint for aluminum extrusion and wall panels: Flurospar SR coatings, which can help lower energy costs. The company also extended its Zenith family of waterborne wood coatings, offering more choice to eco-conscious homebuilders and furniture makers. Through its paints segment, which generates 32% of company revenue, Valspar's diverse portfolio includes interior and exterior paints, stains, primers, varnishes, floor paints and specialty products like enamels and aerosols for DIYers and painting professionals. Valspar continues to gain share in the consumer paint market particularly in North America where it successfully partnered with Lowe's to drive growth of Valspar and Cabot premium brands. In China, the Huarun brand is No.3 in the domestic market for consumer paints. On the new product front, Valspar introduced ZAP stain-blocking primers to help battle stains and odors before applying paint. ZAP offers superior surface coverage, along with the ability to block the stains and odors common in new and existing residential and commercial buildings. This new line introduces two options for professional painters and contractors--ZAP Interior/Exterior Latex Primer and ZAP Interior Oil-Based Primer. During the year Valspar Flooring introduced new Valsport WP-4.1 Sealer and WP-8.1 Finish--two eco-friendly durable oil modified urethanes (OMU) for use on gymnasium and athletic wood floors. One major personnel announcement was made during the year when Valspar named Howard Heckes senior vice president, global architectural. In his role, Heckes has leadership responsibility for Valspar's architectural business. VALSPAR'S NEW DURAMAX SEMI-GLOSS During the year Valspar introduced Valspar Duramax in semi-gloss. Valspar Duramax Semi-Gloss joins Duramax Flat and Duramax Satin paints. Valspar Duramax paint is infused with crosslinking Ti3 technology for maximum adhesion, UV protection and durability. Drying quickly, Valspar Duramax creates a thicker fmish to help hide minor surface defects and small cracks. Water-based and 100% acrylic, Valspar Duramax cleans up easily with soap and water and is low odor. Workers can apply the paint on various exterior surfaces, including wood siding and trim, hardboard siding, primed metal, shakes, brick, cement, cinder block, stucco, concrete, stone, asbestos shingles and aluminum and vinyl siding. Valspar Duramax Semi-Gloss is available at Lowe's nationwide. [ILLUSTRATION OMITTED] Source: Valspar's annual report 09 Sika AG Baar, Switzerland www.sika.com PUBLIC COMPANY HEADCOUNT: 12,900 YEAR ESTABLISHED: 1910 ADHESIVES/SEALANTS/COATINGS REVENUES: $2.356 billion TOTAL REVENUES: $4.284 billion SEGMENT BREAKDOWN * Construction Segment: 80% * Industry Segment: 20% KEY PEOPLE Walter Gruebler, chairman of the board; Ernst Bartschi, CEO; Construction segment: Alexander Bleibler, contractors; Christoph Ganz, distribution; Ernesto Schumperli, concrete; Industry segment: Bruno Fritsche, industry. Sika's product line includes concrete admixtures, sealants, adhesives, corrosion inhibitors, specialty mortars, epoxy resins, structural strengthening systems, grouts, anchoring adhesives, overlays, and protective coatings. The sale of adhesives, sealants and coatings amounted to approximately $2.356 billion in 2008. These products are spread out across the construction segment, which is reponsbile for about 60% of revenue, and the industry segment, which makes up the remaining 20%. It was an active year for Sika in terms of acquisitions. In January 2008 Sika purchased the business of the German Tricosal GmbH & Co. KG in Illertissen. Tricosal is one of the leading enterprises in the area of sealing and waterproofing of buildings and civil engineering structures in Germany. The production and distribution activities of Tricosal BBZ AG in Hauptwil in Switzerland were also acquired. With this purchase Sika expanded its product palette and know-how for the sealing of structures, and with Tricosal's area-wide distribution encompassing four branch offices as well as on-site services, has strengthened its project business in the German market. Along with sealing and waterproofing activities, Sika also took over the product area plaster. [ILLUSTRATION OMITTED] Sika Corporation, the U.S. subsidiary of Sika AG, acquired the commercial and industrial polymer flooring business of The Valspar Corporation. The transaction closed on January 9, 2008 and revenues for this business totaled approximately $17 million in 2007. Already a market leader in construction chemicals including adhesives and sealants, concrete admixtures, repair and strengthening products, Sika expects that this acquisition will further strengthen its North American position in the polymer flooring market. Valspar's polymer flooring business, with its strong portfolio of epoxy and polyurethane technology products, is an excellent fit for Sika's focused growth strategy for North America. With an established, well-respected range of products, people, applicators and distributors, the Valspar polymer flooring business greatly enhances and complements Sika's current position in this key market. The acquisition also creates for Sika the most comprehensive range of epoxy, polyurethane and other key polymer flooring products and technologies in the industry. Three months later Sika added another respected player to its portfolio in the business field of industrial flooring in the USA: the IC S Garland, Inc. business for polymer-based commercial and industrial flooring. This business also comprises products based on epoxy and polyurethane. Sika also purchased Cappar Ltd., located in Ontario, Canada. On one hand Sika expanded its presence in Canada in the areas of polymer flooring, sealing and waterproofing, and coatings. In terms of infrastructure investment, during 2008 Sika commenced operation of its new roughly $40 million technology center in Zurich. Also in Switzerland, Sika brought a new 40,000 square meter factory for Sikaflex polyurethane adhesives. More than roughly $100 million was invested in this major project in Dudingen in Canton Fribourg. From Dudingen the entire European market will be supplied with polyurethane adhesives. Source: Sika's annual report 10 Kansai Paint Co., Ltd. Osaka, Japan www.kansai.co.jp PUBLIC COMPANY HEADCOUNT: 7,000 YEAR ESTABLISHED: 1918 COATINGS REVENUES: $2.299 billion TOTAL REVENUES: $2.299 billion SEGMENT BREAKDOWN * Paint Segment: 100% KEY PEOPLE Shoju Kobayashi, president and representative director; Masanobu Ohta, chief director of general paint, president of a subsidiary, director; Shinichi Hamamatsu, senior managing director, representative director; Yuzo Kawamori, senior managing director, deputy cheif director of paint business, chief firector of industrial coating material. Kansai Paint Co., Ltd. offers automotive coatings for new cars, including automotive parts, as well as refinishes; industrial coatings, which comprise pre-coated metal coatings and electrodeposition coatings for aluminum sashes, as well as coatings for beverage cans, home electric appliances, and construction and industrial machinery; decorative coatings for housing, commercial buildings, and public facilities, primarily coatings for new buildings, and coatings for repair and maintenance; and coatings for ships, marine containers, marine structures, bridges, and chemical plants. Kansai's business is divided into automotive (46%), industrial (21%), decorative (19%), and marine and protective (4%) segments. Coatings revenues for 2008 amounted to nearly $2.3 billion. The firm operates in Japan, Europe, the U.S., southeast Asia, India and China. [ILLUSTRATION OMITTED] The company reported favorable growth in the sales of automotive coatings for new cars in Japan due to increases in production brought about by favorable exporting conditions. In the area of automotive refinish, although the market in Japan was sluggish, Kansai was able to develop new demand through the expanded sales of its environmentally-friendly products. The company also entered into an exclusive contract for selling PPG Japan paint products in Japan, which helped drive growth. As for industrial coatings, Kansai reported an increase in sales of industrial machinery coatings due to growth in the production of large-scale construction vehicles. Kansai reported a slowdown in the demand for decorative coatings but has expanded sales with eco-friendly products, through for example, the introduction of products with high added value, such as exterior coatings that provide dirt and stain resistance, eco-friendly interior coatings and water-based heat barrier coatings for roofs, balconies and outer walls. In North America and Europe, Kansai has established a solid supply system for automotive coatings through PPG Kansai Automotive Finishes (PKAF), a joint venture company with PPG Industries. Kansai expanded this alliance during the year to include the sale of automotive coatings to Japanese-owned or operated OEMs in Hungary. The business was transferred from a previous venture between AkzoNobel and Kansai Paint. As India continues to undergoe economic growth, demand continues to grow for products related to residential housing and automobiles. Favorable results in the areas of decorative coatings, automotive coatings and industrial coatings have resulted in a large increase in revenue, the company reported. The company has also changed the name of its subsidiary in India from Goodlass Nerolac Paints Ltd. to Kansai Nerolac Paints Ltd. The company also formed a merger with Polycoat Powder Ltd., a 100%-owned subsidiary of Kansai Paint working in the area of powder coatings. In China, Kansai has constructed an automotive coatings plant in Guangzhou, and has created a system to respond to the expanding automobile market in China for the area ranging from Shenyang and Tianjin in the north to the Guangzhou region in the south. The company reported favorable results in other Asian regions as well. In Thailand, it completed its second plant in the country. In Indonesia an increase in automobile manufacturing is expected to continue and in Malaysia, while auto manufacturing is down, Kansai Coatings Malaysia Sdn. Bhd., which was purchased last year, reported increased sales for both decorative and industrial coatings. 11 Nippon Paint Co., Ltd. Osaka, Japan www.nipponpaint.com PUBLIC COMPANY HEADCOUNT: 6,000 YEAR ESTABLISHED: 1881 COATINGS REVENUES: $2.276 billion TOTAL REVENUES: $2.396 billion SEGMENT BREAKDOWN * Coatings Materials: 95% * Fine Chemicals: 5% KEY PEOPLE Kenji Sakai, president, representative director; Yoshio Ando, senior managing executive officer, chief director of generic paint business; Yoshiki Yamane, managing executive officer, chief director of automobile paint business, director; Masao Ohishi, executive officer, director of auto refinish business. Nippon Paint expanded its presence in the growth markets of India and China in 2008. In the Indian market, Nippon decided to make an investment of approximately $100 million and acquired 31 acres of land in Gurgaon to establish its flagship plant in India to make industrial as well as decorative paint. The company has also invested in its greenfield manufacturing plant at Sriperumbudur, near Chennai, which went online in October 2008, and has an annual capacity to make 20,000 kilo liters of decorative paints. Nippon also launched its Odour-less Ultra paint, which contains near zero VOCs and gives a matt finish. The paint will be promoted via Nippon's 90 exclusive stores and 60 multi-brand outlets in the Southern part of the country. Nippon announced plans to double these outlets this year. During the year, Nippon unveiled plans for a new plant in China in 2009 as part of a restructuring of its industrial paint production locations in that country to increase efficiency and output capacity. The company will spend about $30 million on the facility, for which it has acquired a 140,000 square meter plot in Tianjin. It will first build a production wing for powdered paints used on home appliances and furniture, aiming to begin operations there in June. Production facilities for related liquid paints and resins will be built on the same site before year's end. [ILLUSTRATION OMITTED] //// 12 3M St. Paul, MN www.3M.com PUBLIC COMPANY HEADCOUNT: 80,000 YEAR ESTABLISHED: 1902 COATINGS REVENUES: $2.2 billion TOTAL REVENUES: $25.3 billion SEGMENT BREAKDOWN * Industrial & Transportation * Health Care * Safety, Security & Protection * Consumer & Office * Display & Graphics * Electro & Communications KEY PEOPLE George Buckley, chairman, CEO and president; Joe Harlan, executive VP, electro and communications; Michael Kelly, executive VP, display and graphics; Jean Lobey, executive VP, safety, security and protection services; Moe Nozarri, executive VP, consumer and office; Brad Sauer, executive VP, health care; Hak Cheol Shin, executive VIE, industrial and transportation. As one of the most diverse companies in this report, 3M manufacturers adhesives and sealants, and also produces an array of coatings, grouts and concrete sealing products spread across seven business units, which posted sales of $25.3 billion in sales in 2007. Coatings World estimates 3M's sales of coatings at approximately $2.2 billion. 3M does over $800 million globally in pipe coatings alone. This is mainly powder coatings. The remaining $1.4 of revenue is made up of captive ($1 billion) and merchant coatings ($400 million) used for highway signage, traffic markings and textile coatings. 3M expanded its operations in Singapore in 2008 when it announced its intent to build a new facility there to produce coatings for film-based products used in commercial, electronic and automotive applications. The facility is due to be completed this year. The company also formed a partnership with Milwaukee-based Prime Leather Finishes to manufacture and market protective coatings for a variety of leather products. These new products, designed to protect shoes, furniture and other leather goods from oil, water and other liquid stains will feature the Scotchgard Protector brand and be made available to both the leather goods manufacturer and retail markets. During the year 3M also acquired Meguiars Inc., which manufactures the Meguiars brand of car care products for cleaning and protecting automotive surfaces. These products include waxes, polishes, cleaners, conditioners and protectants. 3M's automotive aftermarket division provides products for auto body repair professionals and auto enthusiasts. Products include general adhesives coatings and sealers, paint finishing polishes and compounds, and paint applications systems. 13 Jotun AS Sandefjord, Norway www.jotun.com PRIVATE COMPANY HEADCOUNT: 7,108 YEAR ESTABLISHED: 1926 COATINGS REVENUES: $1.87 billion TOTAL REVENUES: $1.87 billion SEGMENT BREAKDOWN * Jotun Dekorativ : 14% * Jotun Paints: 28% * Jotun Coatings: 47% * Jotun Powder Coatings: 11% KEY PEOPLE Morton Fon, president and CEO; Bard Tonning, group executive VP, Jotun Dekorativ; Erik Aaberg, group executive VP, Jotun Paints; Esben Hersve, group executive VE Jotun Coatings; Martin Chew, group executive VP, Jotun Powder Coatings. Jotun's coatings revenues in 2008 totalled $1.87 billion. In March 2008, Jotun opened a new $25 million manufacturing facility in Pune, India. The plant has a capacity to produce 50 million liters of paint annually and 5,000 tons of powder coatings. MultiColor, which was the world's first electronically controlled paint mixing machine, is one of Jotun's strong brand names. It was first launched in the mid seventies and is now finding new markets as Jotun continues to expand into new countries and continents such as South East Asia and the Middle East. A new standardized MultiColor Centre Concept was developed, to be first launched in the Middle East. By the end of 2009 there will be as many as 5,000 tinting machines all over the world. Jotun also launched a new decorative paint named Sens, which is a healthier alternative to traditional paint and has been a significant market success since the launch in September 2008. Lastly, Jotun's hydrolyzing silyl acrylate antifouling product SeaMate was launched in 2008. It provides excellent technical advantages like rapid drying after application, reducing both application and material costs. SeaMate also provides a hard finish offering protection against mechanical damage and uses second generation copper biocides, giving the product an environmentally sustainable profile. [ILLUSTRATION OMITTED] 14 DAW Ober-Rarnstadt, Germany www.caparol.de PRIVATE COMPANY HEADCOUNT: 4,500 YEAR ESTABLISHED: 1895 COATINGS REVENUES: $1.471 billion TOTAL REVENUES: $1.471 billion SEGMENT BREAKDOWN * Architectural/Decorative: 100% KEY PEOPLE Dr. Klaus Murjahn, CEO. The parent company of the Caparol Group is the Deutsche Amphibolin-Werke von Robert Murjahn Stiftung & Co KG (DAW). DAW was founded in 1895 and today carries out the central functions such as purchasing, production and finances. DAW is the leading German decorative paint manufacturer. The Caparol brand is the leading brand within the DAW Group. The marketing activities are subdivided into six strategic business units. In the professional business unit high quality paints, enamels, glazes, chemical building products and materials for facades and insulation technology are marketed under the brands Caparol, Alligator and Alsecco for professional users. The product range of the brand Alpina, which is active in the DIY business unit, is mainly composed of environmentally friendly, non-noxious, easily worked and high quality decorative paints, enamels and glazes and is aimed at the end-user. The wholesale business unit comprises an extensive range of services for the professional paint wholesalers provided by the company Caparol Marketing Service (CMS). The industrial business unit is supported by the company Caparol Industrial Solutions whose products and services are exclusively orientated to the requirements of industrial customers. Lastly, the Nerchau decorating and artist's paints is located in Saxony and produces high quality paints for educational, hobby and artistic requirements. [ILLUSTRATION OMITTED] 15 Masco Corporation Taylor, MI/USA www.masgo.gom PUBLIC COMPANY HEADCOUNT: 39,000 YEAR ESTABLISHED: 1929 COATINGS REVENUES: $1.440 billion TOTAL REVENUES: $9.600 billion SEGMENT BREAKDOWN * Cabinets & Related Products: 24% * Plumbing Products: 32% * Installation and Other Services: 20% * Decorative Architectural Products: 17% * Other Specialty Products: 7% KEY PEOPLE Richard A. Manoogian, executive chairman; Timothy Wadhams, president and CEO. Masco Corp.'s decorative architectural products business unit includes its paints and stains business, which posted sales of $1.440 billion in 2008. The products are sold in the U.S. and Canada under the brand names BEHR, KILZ and Expressions to the DIY and professional markets through home centers, paint stores and other retailers. BEHR products were also recently introduced in China. The KILZ brand is sold in North America through home center retailers and discount retailers, and through hardware stores, paint stores and dealers. Spearheaded by the high-profile BEHR brand, which is sold through The Home Depot, the segment's and the company's largest customer, the company claims that it is the largest supplier of architectural coatings to the North American DIY market. The paint departments at The Home Depot stores include the BEHR color center and computer kiosk with the Color Smart by BEHR computerized color-matching system that enables consumers to select and coordinate their paint color selection. The loss of The Home Depot as a customer would significantly impact the segment's business and that of the company as a whole. [ILLUSTRATION OMITTED] 16 The Comex Group Mexico City, Mexico www.thecomexgroup.com PRIVATE COMPANY COATINGS REVENUES: $1,400 billion TOTAL REVENUES: $1.440 billion SEGMENT BREAKDOWN * Architectural: 75% * Industrial 15% * OEM: 5% * Auto refinish: 5% KEY PEOPLE Marcos Achar, CEO, Comex Group; Leon Cohen, president, Comex Mexico; Marcos Achar Meyohas, vice president treasurer; Elias Achar, vice president operations; Kent Child, president, U.S. and Canada. Comex Group is the leading paint producer in Central and South America and the fourth largest architectural paint manufacturer in North America. Comex serves professional and DIY customers through more than 3,300 locations from Canada to Panama. Comex Group's wide range of products are manufactured and marketed through a group of regional companies. Comex Group's companies in the U.S. and Canada were formerly part of Professional Paint, Inc. (PPI). PPI was brought into the Comex Group in 2004. PPI's network of regional paint formulators sell under different brands in the U.S. including Color Wheel in Florida, Frazee in California, Kwal Paint in Colorado, Parker Paint in the U.S. Pacific Northwest and General Paint in Canada. Comex's industrial line of paint, coatings and building products complement PPI's residential and commercial paint lines. Comex Group also operates Comex Mexico and Comex Central America. Comex Group's, sales are estimated to be $1.4 billion in 2008. Broken down, approximately 75% of sales came from the architectural segment, 15% from industrial, 5% from OEM (excluding automotive) and 5% from auto refinish. Recently, Comex introduced its UltraTech Commercial Coatings, an interior and exterior commercial architectural-coatings product line. UltraTech Commercial Coatings cover more than 26 MPI categories, including a wide variety of primers and finishes especially designed to meet and exceed architects', designers', contractors' and planners' MPI requirements. Each product has endured independent tests, meeting new quality and performance standards for coatings used in commercial projects. The UltraTech zero VOC product category is also environmentally friendly, low-odor, fast-drying and complies with LEED and MPI specifications. 17 H.B. Fuller Company St. Paul, MN/USA www.hbfuller.com PUBLIC COMPANY HEADCOUNT: 3,100 YEAR ESTABLISHED: 1887 ADHESIVES/SEALANTS/COATINGS REVENUES: $1.391 bil. TOTAL REVENUES: $1.391 billion SEGMENT BREAKDOWN * North America: 45% * Europe: 30% * Latin America: 16% * Asia Pacific: 8% KEY PEOPLE Michele Volpi, president and CEO; James Giertz, senior VP and CFO; James Owens, senior VP, North America; Kevin Gilligan, VP, Asia Pacific; ,Jan Muller, VP, Europe; Ramen Tico, VP, Latin America; Barry Snyder, VP and chief technology officer. H.B. Fuller Company is a global manufacturer and marketer of adhesives and other specialty chemical products. The company is managed through four regional operating segments--North America, Europe, Latin America and Asia Pacific. The largest business component in each of the regional segments is adhesives. H.B. Fuller posted sales of $1.391 billion in 2008. During 2008 H.B. Fuller completed the acquisition of Egymelt, a manufacturer and marketer of hot melt and specialty water-based adhesives headquartered in Cairo, Egypt. Egymelt had net revenue in 2007 of approximately $4 million. The principle assets acquired include a manufacturing facility, equipment and inventory. The results of this business will be included in the company's European operating segment. The acquisition of Egymelt establishes H.B. Fuller's geographic presence in one of the fastest growing regions in the world. The company also announced during the year that it will invest further in its Asia Pacific region operations through the building of a new hot melt moisture cure (HMMC) and polyisobutylene (PIB) manufacturing facility in China. Construction on the new facility commenced in early 2009 with production expected to begin in early 2010. The new facility, together with the company's new Asia Pacific technology center, will enable H.B. Fuller to more fully serve the needs of its customers in the region. The facility will produce specialty adhesives for textile and performance wood applications, which include insulating glass, textile lamination and footwear. 18 Hempel A/S Kgs. Lyngby, Denmark www.hempel.com PRIVATE COMPANY HEADCOUNT: 3,879 YEAR ESTABLISHED: 1915 COATINGS REVENUES: $1.347 billion TOTAL REVENUES: $1.347 billion SEGMENT BREAKDOWN * Marine * Protective * Container * Yacht * Decorative KEY PEOPLE Pierre Yves Jullien, group president and CEO; Kim Junge Andersen, group executive VP and CFO; Key managers: Jannik Allentott, marine; Sueno Johnsen, protective; Lars Hermansen, container; Christian Ottosen, yacht; Soren Nyburg Rasmussen, technical director. Last year was the biggest year of investment in Hempel's history, and results show that the company's strategy, One Hempel--Everywhere, is paying off despite the economic slow down. Hempel had a decent year in 2008, despite the downturn in the global economy that affected much of the coatings industry. Still, revenues and profits were down on 2007, mainly due to lower sales in the container segment, which accounted for $117 million (80 million [euro]) in lost revenue for the group. In 2008 a total of 273 million liters of paint were sold, compared to 289 million liters in 2007. Group revenues fell by one percent to $1.347 billion (916 million [euro]). The biggest event for Hempel in 2008 was the $220 million (C150 million) acquisition of Hempel-Hai Hong from joint venture partners China Merchants Holdings (International) Co. Ltd. The acquisition, which went through on January 5, 2009, gives Hempel full control of its operation in China. Hempel also acquired overall control of its operations in Croatia and Morocco in 2008 and committed to new factories in Poland and China (both should come online in 2010). Most business segments grow during 2008, the company said, with the business divided into two sections for Hempel, especially its container segment, which was strong at the beginning of 2008, before sales declined considerably in the latter part of the year. However, net sales for all Hempel's other segments increased. Largely driven by the Asia-Pacific region, protective experienced the largest increase in volume at 12%, demonstrating faster growth than the market. Marine also performed well, despite a slowdown in the second half of the year. Decorative grew, mainly driven by the construction industries of China and the Middle East. The yacht segment remained steady. 19 Beckers Hoganas, Sweden www.becker.se PRIVATE COMPANY HEADCOUNT: 4,382 COATINGS REVENUES: $1.316 billion TOTAL REVENUES: $1.316 billion SEGMENT BREAKDOWN * Industrial Coatings: 81% * Art Materials: 19% KEY PEOPLE Jenny Linden Urnes, chairman; Erik Urnes, CEO; Mats Hansson, CFO; Ralph Kabalo, business area manager, Becker Industriar Coatings; Kaj Brandt; business area manager, Becker Acroma; Thomas Brautigam, business area manager, ColArt. Beckers is wholly owned by Lindengruppen AB and develops, produces and markets customized, environmentally adapted solutions for pre-coated coil and industrial equipment, special design finishes for consumer electronic devices, and wood finishes for the wood industry. Beckers' ColArt division develops, produces and markets art materials. Operations are divided into three business areas, each of which is a profit center. The group has overall responsibility for accounting, finance and reporting, while the business areas operate with a considerable degree of autonomy. Group revenue in 2008 amounted to $1.316 billion. Becker Industrial Coatings is the European market leader in coil coating, used to precoat steel and aluminium for subsequent forming without damage to the finish. It is also a major supplier of industrial finishing systems for metals and plastics. Becker Acroma develops, produces and markets customized, environmentally adapted solutions for the global wood finishing industry. ColArt produces and markets many of the world's top brands of fine art materials; and helps artists, school children, hobbyists and all others interested in arts and crafts around the world give color to their creativity. The largest markets for the Beckers Group are France, North America, UK and Italy, representing 44% of sales. The markets which have been providing the most rapid growth in recent years have been Eastern Europe and Asia. The group has more than 40 production facilities located in 17 countries. In 2008 Beckers' Powder Coatings division was divested. The operation in North America was divested to Sherwin Williams and in the same transaction Beckers took over Sherwin Williams' U.S. coil coatings volumes. Operations in Europe were divested to Inver S.p.A. 20 Asian Paints Limited Mumbai, India www.asianpaints.com PUBLIC COMPANY HEADCOUNT: 5,200 YEAR ESTABLISHED: 1942 COATINGS REVENUES: $1.062 billion TOTAL REVENUES: $1.062 billion SEGMENT BREAKDOWN * Architectural/Decorative: 90% * Industrial & Automotive: 10% KEY PEOPLE Ashwin Choksi, chairman; Ashwin Dani, vice chairman and managing director; PM Murty, CEO; KBS Anand, president, architectural, India; Vivek Subramanian, vice president, industrial, India; Jalaj Dani, president, international operations. As India's leading paint company, Asian Paints reported 1.062 billion in revenue in 2008. Sales came largely from the company's architectural and decorative operations (90%) while its automotive and industrial coatings sales (10%) made up the remaining. Asian Paints recently launched Royale Shine in its premium decorative category. The product has a high level of sheen, which has been the demand from Indian consumers. In April 2008, 'Colour with Asian Paints,' the company's new signature store was opened in Mumbai. Inside the store, consumers embark on a journey into the world of colors where they can find out how colors affect mood, transform spaces and change with different lighting effects. More importantly it showcases to the consumer how colors can bring home to life. [ILLUSTRATION OMITTED] 21 Shawcor Toronto, Ontario, Canada www.shawcor.com PUBLIC COMPANY HEADCOUNT: 5,800 COATINGS REVENUES: $1.053 billion TOTAL REVENUES: $1.301 billion SEGMENT BREAKDOWN * Pipeline & Pipe Services * Petrochemical & Industrial KEY PEOPLE V.L. Shaw, chair of the board; W.P. Buckley, president and CEO; J.D. Tikkanen, president, Bredero Shaw. Bredero Shaw is the world's largest pipe coating manufacturer. The business accounts for roughly 90% of Shawcor's $1.132 billion pipeline and pipe services segment. Estimated sales for Bredero Shaw in 2008 are $1.053 billion. With pipe projects stretching across the globe, the company offers coatings for anticorrosion, flow assurance, weight/protective and internal flow efficiency applications. In 2008, Bredero Shaw mobilized concrete weight coating plants based on the company's proprietary compression coat mobile coating technology for projects including the Deep Panuke gas export pipeline in Sheet Harbour, Nova Scotia; projects for the National Gas Company of Trinidad & Tobago in La Brea, Trinidad; the Balearic Project in Spain and the Hasdrubal Project in Tunisia. 22 Chugoku Marine Paints Tokyo, Japan www.cmp.com.jp PUBLIC COMPANY HEADCOUNT: 2,356 YEAR ESTABLISHED: 1917 COATINGS REVENUES: $1.036 billion TOTAL REVENUES: $1.036 billion SEGMENT BREAKDOWN * Marine Paints * Industrial Paints * Container Paints * Adhesives KEY PEOPLE Tetsuo Yamazumi, president; Chugoku Marine Paints, Ltd. is a Japan-based company engaged in the manufacture and sale of paints, as well as the provision of contract painting services. The company has two business segments. The paint-related segment manufactures and sells paints for ship, industrial and container uses, as well as adhesives. This segment is also engaged in the sale of paint-related equipment, the management of painting, as well as the inspection of surface processing and painting works. The others segment is engaged in the management of real estate, the operation of golf ranges, the transportation business, the development of computer software and the provision of business support services, among others. The company has 27 subsidiaries. 23 Kemira Oyj (Tikkurila) Helsinki, Finland www.tikkurila.com PUBLIC COMPANY HEADCOUNT: 8,947 COATINGS REVENUES: $953 million TOTAL REVENUES: $4.166 billion SEGMENT BREAKDOWN * Kemira Pulp & Paper: 37% * Kemira Water: 27% * Kemira Coatings: 23% * Kemira Specialty: 13% KEY PEOPLE Erkki Jarvinen, Tikkurila's president and CEO; Harri Kerminen, Kemira Oyj's president and CEO, chairman of Tikkurila's board. Tikkurila's operations are divided into two business areas. Tikkurila Deco, which accounts for 81% of revenues, sells decorative paints to consumers and professionals in more than 5,000 retail sales outlets in more than 40 countries, while Tikkurila Industrial Coatings, which accounts for 19% of revenues, provides coating solutions to customers in the wood and metal industries. Tikkurila is the leading regional paints and coatings company in Finland, Sweden and Russia. In July 2008, the sales company Tikkurila JUB Romania began operating and in August it set up a sales company in Belarus. In December 2008, Tikkurila acquired a flagship store for the Alcro brand in Stockholm and acquired the sales company Finncolor Slovakia s.r.o. During the beginning of 2009, a new logistics and service center was completed near Moscow. 24 Benjamin Moore Montvale, NJ/USA www.benjaminmoore.com PRIVATE COMPANY HEADCOUNT: 2,000 YEAR ESTABLISHED: 1883 COATINGS REVENUES: $835 million TOTAL REVENUES: $835 million SEGMENT BREAKDOWN * Architectural Paint KEY PEOPLE Denis Abrams, president and CEO; Jim Megin, VP finance, CIO and treasurer; Barry Cladwick, VP market development and product; Ken Marino, VP supply chain. With an eye to expanding its share of the North American coatings market, Benjamin Moore purchased select assets and brands of Insl-x Products Corporation, a coatings manufacturer based in Stony Point, NY. The acquisition provides Benjamin Moore with several strong brands and a breadth of coatings products, including Insl-x, Coronado, Bruning, Trinity Lacquers and Lenmar. Benjamin Moore also recently launched Natura, a zero-VOC premium interior paint. It is available in thousands of hues and a wide range of sheens, according to the company. The VOC level of Natura is unaffected by the addition of colorant because the paint is based on Benjamin Moore's patented waterborne colorant system. In fact, Natura is available in all of Benjamin Moore's nearly 3,500 colors. The Natura range includes a primer plus three sheens--flat, eggshell and semi-gloss. 25 Dai Nippon Toryo Osaka, Japan www.dnt.co.jp PUBLIC COMPANY HEADCOUNT: 1,900 YEAR ESTABLISHED: 1929 COATINGS REVENUES: $802 million SEGMENT BREAKDOWN * Industrial * Automotive DEM * Auto refinish * Marine * Decorative/architectural KEY PEOPLE Yamashita Fumitaka, president; Yoshinori Hirotani, executive officer, manager of general paint division, president of subsidiary. Dai Nippon Toryo Co., Ltd. operates in the paint industry primarily in Japan. It offers various coating products, which include heavy duty, industrial, automobile, refinishing, marine, home use paints, plastics and powder. The company also provides machines and equipment for paints manufacturing and coating applications. In addition, it offers its products in various fields, including electrical home appliances, housing, automobiles and information-related equipment, as well as for infrastructures, including high-rise buildings and large-scale bridge construction. On August 29, 2008, Dai Nippon Toryo acquired a 67% state in Tokyo-based Daia Keiko Co., Ltd. 26 Brillux GmbH and Co. KG Muenster, Germany www.brillux.de PRIVATE COMPANY HEADCOUNT: 2,500 YEAR ESTABLISHED: 1889 COATINGS REVENUES: $662 million SEGMENT BREAKDOWN * Paints * Lacquers * Varnishes * Adhesives KEY PEOPLE Peter Konig, Franz Wilhelm KOnig, Julius Schroder and Michael Thompson. Originally known as Hobrecker & Konig back in the 1880s, Brillux is now in its fourth generation of independent ownership by the Konig family. Based in Munster, the company has four plants in Germany--Munster, (its main plant for paint, lacquers and varnishes), Herford (plaster and adhesives), Malsch (water-based products) and Unna (industrial lacquers). Brillux offers an extensive portfolio of products including a wide range of interior and exterior paints, varnishes, woodstains and dispersion coatings. Plasters, wall coatings and floor coverings are also available. There are special systems for external wall insulation, concrete protection and concrete repairs. 27 Forbo Baar, Switzerland www.forbo.com PUBLIC COMPANY HEADCOUNT: 6,563 YEAR ESTABLISHED: 1928 ADHESIVES REVENUES: $606 million TOTAL REVENUES: $1.777 billion SEGMENT BREAKDOWN * Flooring Systems: 46.5% * Bonding Systems: 34.1% * Movement Systems: 19.4% KEY PEOPLE Dr. Albert Gnagi, chairman of the board of directors; Michel Riva, executive VP, bonding systems. Bonding Systems is among the world's leading suppliers of industrial adhesives. Sales dropped 14% versus the previous year, due primarily to volatility in the U.S. market, which accounts for about one-third of the division's sales. In the industrial adhesives area, investments were made primarily in fast-growing markets such as Russia, Vietnam and India. In the building and construction adhesives business, the sales network in Eastern Europe was expanded in order to ensure maximum capacity utilization of Forbo's new production plant in Russia. In France and Greece, capacity for the production of thermoplastic hotmelts was expanded in order to meet the growing demand in the packaging industry. In China, capacity for the production of thermoplastic hotmelts was increased for applications in the wood-processing industry. * 28 Orica Melbourne, Australia www.orica.com PUBLIC COMPANY HEADCOUNT: 2,000 COATINGS REVENUES: $555 million TOTAL REVENUES: $5.581 billion SEGMENT BREAKDOWN * Orica Mining Services * Minova * Orica Chemicals * Orica Consumer Products KEY PEOPLE Patrick Houlihan, general manager, Orica Consumer Products. Coatings sales in Orica's Consumer Products business totalled $555 million in 2008. During the year the company opened a new Dulux powder and industrial coatings manufacturing facility in Dandenong, Victoria, Australia. Orica has made steady progress in developing a business platform in China with the acquisition in November 2008 of Sopel, a complementary small decorative coatings business located in Shanghai. During the year Dulux AcraTex developed an innovative solution to address the problem of rising input costs and a labor shortage across the Australian building industry. It developed the PowerBase-PowerFinish cladding and coating system that can be installed by a single trades team at an overall lower cost than installing a traditional brick facade. The two-coat system requires no primer or paint and does not become hard or brittle with age. 29 Helios Domzale, Slovenia www.helios.si PUBLIC COMPANY HEADCOUNT: 2,825 YEAR ESTABLISHED: 1924 COATINGS REVENUES: $520 million SEGMENT BREAKDOWN * Decorative coatings: 27% * Synthetic resins: 22% * Car refinishes: 14% * Metal coatings: 13% KEY PEOPLE Uros Slavinec, president; Marko Vresk, vice president; Branko Pas, vice president. Helios manufactures and markets wood finishes, decorative paints, road-marking paints, adhesives, automotive finishes, refinishing coatings, masterbach, powder, ship coatings and special coatings for the protection of metal. During the year Helios acquired Ukrainian paint maker Avrora. As a result, Helios gained a new production location to add to its current sites in Slovenia, Croatia, Serbia and Russia. According to Helios, Arora's sales are approximately $7 million. This acquisition raises Helios' total sales in Ukrain to approximately $15 million. Avrora, which is located 160 km from the capital Kiev employs 100 people. It specializes in the production of coatings for the metal industry. As a result of the acquisition, Helios has gained a distribution and logistics center in Ukraine. Helios also said it will be a supplier of automotive coatings to a large car factory opening in the vicinity. 30 Fujikura Kasei Co. Ltd. Tokyo, Japan www.fkkasei.co.jp PUBLIC COMPANY HEADCOUNT: 325 YEAR ESTABLISHED: 1938 COATINGS REVENUES: $500 million SEGMENT BREAKDOWN * Coatings for plastics * Architectural coatings * Electronic materials * Polymers and resins KEY PEOPLE Yoshiaki Hasegawa, chairman and CEO; Joji Washing, president and COO; Yuzo Saisu, senior managing director; Satoshi Yamashita, senior VP; Shigeru Takahashi, senior VE Fujikura Kasei offers coatings for plastics, which include automotive interior and exterior, automotive lightings, cosmetic containers and enclosures, electronic appliances, plastic hobby items and plastic sheets; architectural coatings, such as exterior and interior building materials, decorative items and housing equipment; and electronic materials. In 2008, Fujikura Kasei's U.S.-based operation, Fujichem, Inc., purchased 100% of Evansville, IN-based Red Spot Paint & Varnish Co., Inc. With sales of approximately $100 million last year, Red Spot is primarily active in the automotive coatings sector. Red Spots joint venture partners in Korea and the UK, as well as Red Spot's licensees and customers in South America, Australia, Europe, Singapore and China, further broaden Fujikura's global footprint to serve the global coatings for plastics market. 31 Arch Chemicals, Inc. Norwalk, CT www.archchemicals.com PUBLIC COMPANY COATINGS REVENUES: $463 million TOTAL REVENUES: $1.492 billion SEGMENT BREAKDOWN * Industrial Biocides: 21% * Water Products: 34% * Wood Protection/Industrial Coatings: 31% * Performance Products: 14% KEY PEOPLE Michael Campbell, chairman, president and CEO; Louis Massimo, COO; Steven Giuliano, CFO. Under its wood protection and industrial coatings business unit, Arch Chemicals recorded sales of $463 million in 2008. It produces wood preservatives and fire retardants sold under the brand names Wolman, Dricon, Tanalith, Vacsol and Resistol in markets around the world. Principal customers are sawmills and treaters of softwoods that require chemical treatment. Arch also manufactures and sells a wide range of industrial coatings for a variety of applications for wood and other materials in markets primarily located in Europe. These finishes are primarily industrial-applied or consumer-applied products for the surface decoration and protection of wood, including stains, polyester-based and polyurethane-based coatings, and water-based coatings and UV systems. These coatings products are sold primarily under the brand names Sayerlack and LineaBlu. 32 Freeworld Coatings Johannesburg, South Africa www.freeworldcoatings.com PUBLIC COMPANY YEAR ESTABLISHED: 1891 COATINGS REVENUES: $364 million SEGMENT BREAKDOWN * Decorative Coatings * Performance Coatings KEY PEOPLE Bobby Godsell, chairman; Andre Lamprecht, CEO. With its origin dating back 118 years, Freeworld Coatings is today a leading manufacturer and marketer of decorative and performance coatings in southern Africa. The company markets its products internationally. Previously Barloworld Coatings and reestablished as Freeworld Coatings Limited, the company was listed on the JSE Limited on December 3, 2007. In the five years to 2007, under the current management team, the company almost doubled its turnover, comfortably doubled its operating margin and quadrupled operating profit. These achievements were built on in 2008. 33 The Wattyl Group North Ryde, Australia www.wattyl.com.au PUBLIC COMPANY HEADCOUNT: 2,000 COATINGS REVENUES: $359 million SEGMENT BREAKDOWN * Industrial * Marine * Decorative/architectural KEY PEOPLE John Ingram, chairman; John Notan, managing director; John Foyle, CEO of Wattyl New Zealand; David Marginson, general manager, Wattyl Australia Pty. Wattyl, which currently ranks as Australia's second largest paint manufacturer, is a paint and surface coatings company with manufacturing, sales and distribution facilities in Australia and New Zealand. The company produces a broad range of paints, varnishes, lacquers and special purpose protective coatings. Wattyl's products are used by individuals, contract painters and industrial customers. During the year, Wattyl developed a new point of sale Wattyl Colour Designer, a color selection system. It enhanced its range of interior and preparatory products to strengthen its position in the interior sector and launched a new range of Wattyl industrial protective and marine coatings to strengthen its position in the industrial sector. Wattyl also introduced a new computerized point of sale system for its Wattyl and Solver stores in both Australia and New Zealand. 34 Berger Paints India Ltd. Kolkata, India www.bergerpaints.com PUBLIC COMPANY HEADCOUNT: 1,410 YEAR ESTABLISHED: 1923 COATINGS REVENUES: $352 million SEGMENT BREAKDOWN * Decorative * Automotive * Industrial KEY PEOPLE Subir Bose, managing director, executive director; Kuldip Singh Dhingra, chairman of the board; Anirudha Sen, vice president Berger Paints was founded in 1923 and is active in a wide variety of decorative and industrial paint sectors and continues to gain an increasing share of the highly competitive Indian paint market. As India's second largest paint manufacturer, with its headquarters in Kolkata, Berger controls a distribution network comprising 66 stock points and approximately 10,000 dealers, spread across the vast country. During 2008, Berger Paints India invested $38.6 million to acquire Polish firm Bolix SA. The acquisition was made through Berger's wholly-owned subsidiary Cyprus. 35 Teknos Group Oy Hetsinki, Finland www.teknos.com PRIVATE COMPANY HEADCOUNT: 920 YEAR ESTABLISHED: 1948 COATINGS REVENUES: $346 million SEGMENT BREAKDOWN * Industrial coatings * Architectural coatings KEY PEOPLE Pekka Rantamaki, CEO; Soile Haavisto, financial director; Raimo Anjala, managing director. Teknos Group Oy is the leading supplier of industrial coatings in Scandinavia with a strong position in retail and architectural coatings too. Teknos is one of Finland's largest family-owned businesses. During the year, Teknos continued with the design and permits of its Russian plant investment. It also finalized its investment in increasing the capacity of Teknos Denmark. The firm also began negotiations to acquire GORI Industry's industrial wood business from Danish paint manufacturer Dyrup A/S. To strengthen its position in the Swedish architectural coatings market, Teknos opened a new paint shop for professional paint customers in Stockholm Vastberga. Teknos also acquired long-time partner Do-Ral in Slovenia. Teknos recently opened a new representative office in Minsk, Belarus and in Kiev, Ukraine. 36 Cloverdale Paint Inc. Surrey, British Columbia, Canada www.cloverdalepaint.com PRIVATE COMPANY HEADCOUNT: 100 YEAR ESTABLISHED: 1933 COATINGS REVENUES: $340 million SEGMENT BREAKDOWN * Architectural coatings * Wood coatings * Powder coatings KEY PEOPLE C. Alan Mordy, president and CEO; Paul Schmidt, VP finance; Wink Vogel, chairman. Cloverdale Paint maintains more than 100 retail stores and a network of dealer outlets across Western Canada and the Pacific Northwest. The firm manufactures architectural and industrial maintenance products. Directly and through subsidiary companies in Calgary, Alberta (Far-go Paint Inc.) and Portland, OR (Rodda Paint Company), Cloverdale operates manufacturing plants in Surrey, Portland, Winnipeg, Edmonton and Calgary. In terms of acquisitions, Cloverdale most recently bought Guertin Coatings of Winnipeg, Manitoba, Canada, which produces liquid and powder industrial coatings, resins, sealants and adhesives in a 78,000 square foot facility in Winnipeg. 37 Rohm & Haas Co. Philedelphia, PA/USA www.rohmhaas.com PRIVATE SUBSIDIARY HEADCOUNT: 15,490 YEAR ESTABLISHED: 1909 COATINGS REVENUES: $330 million TOTAL REVENUES: $9.5 billion SEGMENT BREAKDOWN * Powder coatings KEY PEOPLE Mike Hamilton, bus. unit director; Volkan Goren, GM Americas; Xavier Susterac, GM Europe; Doug Cinoman, R&D director; Jeff Garry, operations director. Rohm and Haas Powder Coatings has more than 80 yeas of powder coating experience and is one of the original innovators in the field. Current markets include automotive, industrial, consumer and general metal products. The unit maintains manufacturing, sales and service staff in Europe, North America and Asia. The latest addition to it's portfolio of Powder Coatings RAL Products is Corvel RAL HG2603 product series, which is a color program that was developed to address the needs of the general metal finishing market. The program includes 188 K7 Classic RAL colors in smooth, glossy finishes. Corvel RAL HG2603 products meet AAMA 2603 standards and are high performance, weatherable, fast cure TGIC polyestes. 38 Dunn Edwards Corp. Los Angeles, CA/USA www.dunnedwards.com PRIVATE COMPANY HEADCOUNT: 1,500 YEAR ESTABLISHED: 1925 COATINGS REVENUES: $329 million SEGMENT BREAKDOWN * Architectural coatings * Industrial coatings KEY PEOPLE Kenneth Edwards, CEO; Karl Altergott, president and COO; Robert Hill, executive VP and CFO; Darlene Mitchell, VP and CIO; Monte Lewis, VP sales; Tim Bosveld, VP marketing. Dunn-Edwards, founded in 1925, operates 103 stores in five western states: California, Arizona, New Mexico, Nevada and Texas. Dunn-Edwards is a leading manufacturer and supplier of architectural and industrial coatings, providing a complete line of paints and professional painting supplies. The company caters to architects, designers, painting contractors, homebuilders and property managers in the Southwest; it also serves do-it-yourselfers, although professionals account for a majority of sales. The company has launched two unique new online tools: A Spec Guide based on project type (i.e. schools, health care facilities), and a Color Reference Center where HOAs and property management companies can archive approved color schemes for convenient access. 39 National Paints Abu Alanda, Jordan www.nationalpaints.com PRIVATE COMPANY HEADCOUNT: 300 YEAR ESTABLISHED: 1969 COATINGS REVENUES: $328 million SEGMENT BREAKDOWN * Architectural/decorative * Industrial * Automotive * Marine KEY PEOPLE Michael Sayegh, chairman of the board, Sayegh Group; Salim Sayegh, GM Nat. Paints UAE; Ibrahim Sayegh, GM Nat. Paints Jordan; Fayeq Sayegh, GM Nat. Paints, Egypt; National Paints Factories Co., Ltd. (Sayegh Group) claims the number one position in the Middle East with an annual production capacity of 300,000 tons of exports to more than 60 Arab and other countries. It is involved in a number of sectors including architectural/decorative (35%), industrial (35%), auto OEM (15%), auto refinish (10%) and marine (5%). With coatings revenues of $328 million, National Paints is the major part of the privately-owned Sayegh Group, established more than 75 years ago. The company has had in the past technical and licensing agreements with Dyrup, Sherwin-Williams and Inver for powder coatings. It is also a member of the Transocean Marine Paints Consortium. The firm also maintains three resins factories in Jordan, UAE and Romania, producing some 40,000 tons for internal and third party consumption. 40 JW Ostendorf GmbH & Co. KG Coesfeld, Germany www.jwo.com PRIVATE COMPANY HEADCOUNT: 800 COATINGS REVENUES: $320 million SEGMENT BREAKDOWN * Decorative Coatings KEY PEOPLE Christoph Koch, dir. of finance; Michael Ostendorf, manager; Gerald Schaefer, manager; Marlin Friedrich, manager. The central office of JW Ostendorf GmbH & Co. KG, which is one of the key companies in Germany is in Coesfeld. The firm is engaged in the manufacture of paints, varnishes, lacquers and enamels for a variety of applications and recorded sales in 2008 of approximately $320 million.* 41 CIN Group Maia, Portugal www.cin.pt PUBLIC COMPANY HEADCOUNT: 680 YEAR ESTABLISHED: 1926 COATINGS REVENUES: $319 million SEGMENT BREAKDOWN * Architectural/decorative: 59% * Auto refinish: 3% * Industrial: 18% * Protective: 16% * Other: 4% KEY PEOPLE Antonio Serrenho, honorary chairman; Joan Serrenho, chairman; Angdo Machado, member of board; Femando Jorge Ferreira, CFO. In 2008, Corporacao Industrial do Norte, SA (CIN) turned out relatively positive results when compared to the decline in the coatings markets it serves. The sales of CIN Group dropped in Portugal 2.3% against an estimated fall in the Iberian coatings market of 12.5%. CIN's gains were above the market average, which helped the firm improve its leadership in the Iberian coatings market. During the last quarter of 2008, a new factory was inaugurated in the outskirts of Barcelona, in Montcada i Reixac. It will cover a total area of 24,833 square meters. Moving forward the Angolan market is one of CIN's priority markets where it intends to strengthen its leadership position. In 2008, CIN also launched on its website a color simulator--CIN Color Studio Simulator--a tool that allows users to experiment with different colors without any risks. 42 Dyrup A/S Soborg, Denmark www.dyrup.com PUBLIC COMPANY HEADCOUNT: 1,000 COATINGS REVENUES: $316 million SEGMENT BREAKDOWN * Decorative coatings * Wood coatings KEY PEOPLE Erik Holm, CEO and member of executive board; Peter Sorensen, COO of Denmark; Ulrich Mikkelsen, head of corporate finance; Arianeh Aamodt, head of corporate R&D. Dyrup is wholly-owned by the Monberg & Thorsen Group. The paint firm delivered revenue of $316 million in 2008. The slowdown in construction activity affected the professional (PRO) and industrial markets, in particular, which accounted for just under 60% of Dyrup's revenue in 2008. Dyrup reported marked growth in DIY in the Iberian Peninsula throughout the year, which made up for the sharp decline in demand in the PRO market. DIY revenue also showed progress in Poland, driven by the rollout of products tailored to the Polish market. In 2008/09, Dyrup worked on the development of a new strategy--Fresh Start--one of the consequences of which is tightened focus on DIY and PRO, applying a customer-oriented approach. As a consequence of this, Dyrup entered into an agreement in January 2009 on the sale of its industrial activities in April 2009. 43 Altana AG Wesel, Germany www.altana.com PUBLIC COMPANY HEADCOUNT: 4,791 YEAR ESTABLISHED: 1873 COATINGS REVENUES: $315 million Total sales: $1.973 billion SEGMENT BREAKDOWN * BYK Additives & Instruments * Eckart Effect Pigments * Elantas Electrical Insulation * Actega Coatings & Sealants KEY PEOPLE Dr. Matthias Wolfgruber, CEO; Martin Babilas, CFO; Dr. Guido Forstbach, president division coatings and sealants. Altana AG is broken into four business sectors: BYK Additives & Instruments (33.6%), Eckart Effect Pigments (26.1%), Elantas Electrical Insulation (24.3%) and lastly, Coatings & Sealants (16%). The division ACTEGA Coatings & Sealants, which posted sales of $315 million in 2008, develops and produces specialty coatings and sealants for the packaging and graphic arts industry. Designed to enhance the appearance of paper, paper board, plastic and metal, the main customer for the products developed, manufactured and sold by ACTEGA is the packaging industry. ACTEGA is the market leader in overprint varnishes and sealing compounds for closure and glass containers. 44 Kelly-Moore San Carlos, CA/USA www.kellymoore.com PRIVATE COMPANY HEADCOUNT: 1,500 YEAR ESTABLISHED: 1946 COATINGS REVENUES: $281 million SEGMENT BREAKDOWN * Architectural coatings: 80% * Industrial coatings: 10% * Non-auto OEM: 10% KEY PEOPLE Steve DeVoe, president; Dan Stritmatter, CFO; Todd Gentry, vice president of sales; Mike Black, vice president of operations; Rod O'Neal, marketing director; Kelly-Moore has 163 retail stores, three major manufacturing facilities in San Carlos, CA, Hurst, TX and Seattle, WA, with approximately 1,500 employees. Eighty percent of the company's sales are from architectural and decorative coatings sales, ten percent from industrial and the remaining ten percent from OEM (excluding automotive). Kelly-Moore Paint Company has recently introduced two zero-VOC, low odor paint lines, Enviro Coat and Green Coat. These two new lines meet both health and environmental concerns. Zero-VOC and low-odor Enviro Coat is a premium quality, 100% acrylic interior paint featuring good sealing properties and excellent hide. Zero-VOC Green Coat interior coatings have the same performance and service life as conventional interior architectural coatings. Along with a wide range of custom-mixed colors, Green Coat is available in six stock colors. 45 Flugger Group Roedovre, Denmark www.flugger.com PUBLIC SUBSIDIARY HEADCOUNT: 1,400 COATINGS REVENUES: $281 million SEGMENT BREAKDOWN * Architectural/decorative: 100% KEY PEOPLE Soeren Peschardt Olesen, CEO; Paul Wulff, CFO; Claus Bjoern, group sales director; Steen Hoff, group supply chain director. Today, the Flfigger Group is one of Scandinavia's biggest suppliers of decorative paint, wood stain, wallcoverings, paint tools and cleaning articles. The group is one of the few enterprises in charge of the entire process from the raw materials arriving at the factories till the paint is sold in its Flugger decor shops. Currently, Flugger employs approximately 1,400 people and has a turnover of roughly $281 million. The group is Danish owned and has been quoted on the stock exchange since 1983. 46 Tiger Coatings GmbH & Co. KG Wels, Austria www.tiger-coatings.us PRIVATE COMPANY YEAR ESTABLISHED: 1930 HEADCOUNT: 805 COATINGS REVENUES: $250 million SEGMENT BREAKDOWN * Powder coatings * Masterbatches KEY PEOPLE Kurt Berghofer, CEO; Clemens C. Steiner, CEO; Andreas Bauer; global plant manager; Christian Ebenberger, international sakes and marketing; Reinhold Freiselsen, CFO; Since its establishment in the early 1930s, Tiger Coatings has become an international enterprise. Privately-owned, today Tiger is among the leading manufacturers of coating systems. Originally producing only liquid coatings, in 1968 Tiger was one of the first companies to enter the previously unknown field of powder coating technology. The development and production of a wide range of thermoset powder coatings soon became the focus of its product line. In 2006 the company opened a production plant in Itupeva, Brazil that serves the South American market locally. In 2008, Tiger Coatings expanded its operations further and opened a new production plant in Mexico. 47 TOA Group Bangkok, Thailand www.toagroup.com PRIVATE COMPANY YEAR ESTABLISHED: 1957 COATINGS REVENUES: $227 million SEGMENT BREAKDOWN * Architectural/decorative * Protective coatings * Marine coatings * Wood coatings KEY PEOPLE Arsa Sarasin, honorary chairman; Prachak Tangkaravakoon, president; Motoo Horiguchi, senior executive VP; Rams Das Ahuja, executive VP TOA is the leading supplier of decorative coatings in Thailand with an estimated share of 50%. The company manufactures products that cater to the mid-tier and premium-tier markets. The TOA Group of companies includes TOA Paint Thailand, which is TOA's 100% Thai-owned main base of operation; TOA-Chugoku Paint, a joint venture between TOA Paint Thailand and Chugoku Marine Paint; TOA-Union Paint Thailand, a joint venture company with Japanese-based wood coatings producer Union Paint; TOA Vietnam; Shanghai-TOA Paint; and TOA Paint Malaysia. 48 Industrias Titan S.A. Barcelona, Spain www.titanlux.com PUBLIC COMPANY HEADCOUNT: 630 YEAR ESTABLISHED: 1917 COATINGS REVENUES: $223 million SEGMENT BREAKDOWN * Decorative/architectural * Industrial maintenance * Marine coatings * Powder coatings * Fine arts products KEY PEOPLE Jose Farres Pere, CEO; Jaime Carbonell Petit, financial general manager; Antonio Vilaseca Martinez, technical director; and Jose Fernandez, manager for powder coatings. Industrias Titan S.A. expanded during 2008. The turnover of the group showed an increase higher than six percent and came to $223 million. The company was founded in 1917. In June 2000 the new installations located on the Pratense Industrial Estate in El Prat de Llobregat (within the metropolitan area of Barcelona) became fully operational. The total area of all the premises is now 120,000 square meters. It has 14 commercial delegations, six production plants around Spain and another one factory in Portugal. 49 Shinto Paint Co. Ltd. Amagasaki, Japan www.shintopaint.cojp PUBLIC COMPANY HEADCOUNT: 380 YEAR ESTABLISHED: 1933 COATINGS REVENUES: $220 million SEGMENT BREAKDOWN * Architectural/decorative * Industrial maintenance * Automotive OEM KEY PEOPLE Harunobu Horibe, chairman; Akira Kubo, managing director and technical director; Ichiro Miyawaki, president; Minoru Aono, senior managing director. Shinto Paint Co., Ltd. engages in the manufacture, processing, and sale of paints, adhesives, pigments, synthetic fats/oils, fats/oils, and chemicals in Japan. In addition, the company designs, implements, and supervises painting work and other various construction work, as well as related technical supervision. Further, it engages in contracting of installation work for painting facilities; and related machinery equipment, tools, and devices, as well as design and supervision of such installation work. The company provides maintenance coatings for protection against rust and corrosion to nuclear power stations, chemical plants, petroleum refinery plants, water and sewage treatment plants, and paper mills, as well as large-sized steel structures, such as ships, drilling rigs, offshore platforms, and other ocean development plants. 50 Rock Paint Osaka, Japan www.rockpaint.co.jp PUBLIC COMPANY HEADCOUNT: 355 YEAR ESTABLISHED: 1952 COATINGS REVENUES: $219 million SEGMENT BREAKDOWN * Automotive coatings * Industrial coatings KEY PEOPLE Togo Utsumi, president, representative director; Fujio Hara, senior managing director; Yoshio Koike, executive director. Rock Paint Co. Ltd., a Japan-based company, is engaged in the production and sale of paint products and coating materials. Along with its subsidiaries and an associate, the company has two business segments. The paint segment offers automobile paints, construction paints, industrial paints, paints for canned food, adhesives for light packaging of food products, abrading agents, polyester putty, thinners and others. The coating-related segment offers coating tools such as brushes, rollers, spray guns; tools such as color toning tools and sanders; curing materials such as abrasive paper and tape sheets, and coating facilities such as paint booths. 51 KCC Seoul, South Korea www.kccworld.co.kr PUBLIC COMPANY YEAR ESTABLISHED: 1974 COATINGS REVENUES: $211 million SEGMENT BREAKDOWN * Marine & container * Automotive * Industrial * Decorative KEY PEOPLE Mong-Jin Chung, chairman; Mong Ik Chung, CEO. Korea Chemical Co., Ltd. was established in 1974 and is now the largest paint producer in South Korea. The company is involved in the production of paints for automobiles, ships, containers, construction and industrial use. It also manufactures PVC material for flooring and paint sealant. Paint for ships and containers accounts for roughly 30% of revenues; paint for automobiles 20%; paint for industrial use 15%; paint for construction use 8%; paint for sealants 7%; paint for PVC floor materials 7%; paint for others 5% and including wholesale paint and floor materials 7%. 52 Yasar Izmir, Turkey www.dyo.com.tr PRIVATE COMPANY HEADCOUNT: xxx YEAR ESTABLISHED: 1927 COATINGS REVENUES: $200 million SEGMENT BREAKDOWN * Architectural coatings * Industrial * Automotive OEM * Auto refinish KEY PEOPLE Hasan Denizkurdu, CEO. During 2008, BASF signed an agreement with Yasar to acquire Yasar's shares in the 50-50 joint venture Yasar BASF Automotive Coatings Ltd., which markets automotive OEM and refinish coatings in Turkey. In 2007, the joint venture posted sales of approximately $66 million and had 130 employees. Yasar is now completely integrated into BASF's global network and can offer our customers an even wider range of services. BASF already leads the market for automotive OEM coatings in the Turkish market through the joint venture. The headquarters of the former joint venture moved from Izmir to Istanbul-Kavacik. 53 Renner Sayerlack Cajamar, Brazil www.sayerlack.com.br SUBSIDIARY HEADCOUNT: 2,000 YEAR ESTABLISHED: 1968 COATINGS REVENUES: $197 million SEGMENT BREAKDOWN * Wood coatings KEY PEOPLE Alexandre Cenacchi, chairman of the board. Renner Sayerlack is the largest and most specialized wood coating company in Latin America. It has 40 years of experience, study and commitment to the development of products and processes to embellish, protect and maintain wood surfaces. With sales estimated in the $197 million range, Renner Sayerlack claims to control about 50% of the Brazilian wood finishing market, as the largest player in the segment in Latin America. The company's primary wood finishes manufacturing facility is in Cajamar, Sao Paulo state, and it operates another in Minerbio, Italy. Two years ago, PPG acquired the architectural and industrial lines of Renner. 54 FLH Group Arbon, Switzerland www.flh.com PUBLIC COMPANY HEADCOUNT: 610 YEAR ESTABLISHED: 1932 COATINGS REVENUES: $190 million SEGMENT BREAKDOWN * Architectural coatings: 5% * Industrial coatings: 15% * Automotive OEM: 1% * Auto refinish: 2% * Wood coatings: 50% * Non-stick coatings: 10% * Packaging coatings: 17% KEY PEOPLE Thomas Lozser, CEO; Pascal Rentzmann, group controller. Member companies of the coatings division of Looser Holding AG operate within the FLH Group. In 2008, ILAG, part of FLH Group, performed well even during difficult times. ILAG develops and produces non-stick coatings for cook and bakeware as well as electrical appliances and other functional coatings for applications like garden tools, automotive, etc. In 2008, ILAG overall increased sales by 11%, and in the Asian markets by more than 40%. In 2008, ILAG also developed a new, PTFE (Polytetrafluorethen) free ceramicly re-enforced non-stick coating that is based on Sol-Gel Chemistry with the brand name Ceralon that is currently being well received on the market. In late 2008, ILAG also formed a new partnership in India, that will open this new, very large market for the company. In 2009, ILAG plans to start its own subsidiary in the U.S., broadening its reach as a global supplier of non-stick coatings. 55 Yung Chi Kaohsiung, Taiwan www.rainbowpaint.com.tw PUBLIC COMPANY HEADCOUNT: 580 YEAR ESTABLISHED: 1951 COATINGS REVENUES: $189 million SEGMENT BREAKDOWN * Architectural/decorative * Marine * Industrial KEY PEOPLE Tien-Yung Chang, director, Tsung Te Han, managing director; H.L. Shen, general manager. Yung Chi Paint & Varnish Manufacturing Co., Ltd. manufactures architectural coatings, heavy-duty coatings, marine paints, coil coatings, can coatings, nuclear coatings and curtain wall coatings. The firm also manufactures and sells fire-retardant and fire protection coatings. 56 Boero Group Genoa, Italy www.gruppoboero.it PUBLIC COMPANY YEAR ESTABLISHED: 1831 COATINGS REVENUES: $186 million SEGMENT BREAKDOWN * Arch./Deco.: 64% * Yacht: 19% * Marine: 17% KEY PEOPLE Andreina Boero, chairperson; Giorgio Rupnik, CEO; Olga Bottaro, marketing and technical director; Claudio Stringara, arch. &deco; Paolo Zunino, yacht; Niccolo Ballerini, marine. Boero Group is Italy's paint and coatings leader in the markets its serves. In 2008 the group reported revenue of $186 million. The firm's business is divided into three segments. Architectural and decorative coatings generated 64% of the group's revenue last year while yacht coatings were responsible for 19% of the revenues with the marine segment responsible for the remaining 17%. Architectural and decorative paint brands in the firm's portfolio include Boero Colori; Rover Attiva; and Grandi Superfici. Yacht brands include Boero Yacht Paint; Veneziani Yachting; and Attiva Marine. The marine category offers the Boat brand. Boero Group operates three manufacturing facilities. 57 Boysen Quezon City, Phillipines www.boysenpaints.com PRIVATE COMPANY YEAR ESTABLISHED: 1926 COATINGS REVENUES: $183 million SEGMENT BREAKDOWN * Architectural/decorative KEY PEOPLE Willy Ong, president; Johnson Ongking, vice president; Ruben Cueto, marketing manager; Romeo Bautista, technical services manager. Walter Neal Boysen founded Boysen Paints in Oakland, CA/USA in 1926. After expanding the brand across the U.S., Boysen Paints was introduced to Asia in the 1960s. It has given Pacific Paints the license to manufacture its premium paint products. The growing market share in Asia and the Pacific, especially in the Philippine market, necessitated the creation of a fully integrated state-of-the-art manufacturing facility in Cavite, Philippines, said to be the most modern paint factory in Southeast Asia. In 2008, Pacific Paints (Boysen) Philippines launched its environment-friendly paint, dubbed the Boysen KNOxOUT, activated by Cristal Nanotechnology, Also of note in 2008 Boysen Paints was awarded Reader's Digest Most Trusted Brand Platinum Status for the fourth year in a row in early 2009--making it one of only two paint companies in Asia-Pacific with this distinction. 58 Grebe Group Weilburg, Germany www.grebe-group.com PRIVATE COMPANY HEADCOUNT: 600 YEAR ESTABLISHED: 1936 COATINGS REVENUES: $178 million SEGMENT BREAKDOWN * Industrial coatings: 40% * OEM (non-auto): 40% * Rail & defense: 20% KEY PEOPLE Helmut Tappe, CEO Grebe Group; Dr. Manfred Becker, management board; Frank Glaser, management board; Tim Rand, Weilburger Coatings; Uwe Diener, marketing director. The Grebe, Group recorded sales of $178 million in 2008. The firm s coatings business can be broken down into the following segments: Industrial coatings, which accounted for 40% of sales; non-automotive OEM applications, which accounted for another 40% of revenue; and lastly, rail and defense applications make up the remaining 20% of revenue for the year. For household articles the firm offers Greblon Non Stick coatings and decorative, temperature-resistant coatings. For the stove industry it offers high-temperature resistant coatings. For general industry applications Grebe offers coating systems for metals, plastics and glass in applications such as sewage pipes, household appliances, rail vehicles, mobile phones and defence technology, The group operates facilities in Germany, UK, Italy, Poland, China, Hong Kong Indonesia, India and Japan. In 2008 Grebe acquired Schramm Coatings GmbH. 59 Tambour Netanya Souty, Israel www.tambourpaints.com PUBLIC COMPANY HEADCOUNT: 950 YEAR ESTABLISHED: 1936 COATINGS REVENUES: $170 million SEGMENT BREAKDOWN * Decorative paints * Industrial paints * Marine paints * Sealants * Adhesives KEY PEOPLE Michael Dayan, CEO; Ari Kanterewicz, international marketing director; Ronen Cohen, CEO of Tzah-Serafon; Micha Scharir, VP and financial director; Eitan Weitzman, marketing dir. Founded in 1936, Tambour is today the largest Israeli paint manufacturer. Tambour's sales reached $170 million in 2008. The firm's paint production capacity is 85 million liters. Tambour specializes in the production and marketing of decorative and industrial paints, but supplies to other markets as well. Tambour's range of products includes acrylic polymers; decorative paints; industrial paints; marine paints; building material; gypsum products; gidge bricks; sealants; adhesives; and printing inks. Tambour is one of the companies active in the international paint manufacturers club, Nova & CRGI Nova club assembles 17 members with a combined annual sales of $2 billion. Tambour is also the authorized supplier of paint to the land and air forces of the IDF and Israel's security industries. 60 ICA Group Civitanova Marche, Italy www.icaspa.com PUBLIC COMPANY YEAR ESTABLISHED: 1971 COATINGS REVENUES: $154 million SEGMENT BREAKDOWN * Industrial wood coatings: 95% KEY PEOPLE Alessandro Bascelli, export manager; Lorenzo Lavarini, area manager; Federico Bastianelli, area manager; Sandro Paniccia, marketing director; Fabio Paniccia, technical director. ICA Group is a leading name in the manufacture and marketing of special wood coatings. The Group comprises ICA S.p.A., based in Civitanova Marche and Salchi Wood Coatings S.p.A., based in Romano D'Ezzelino. In 2008, ICA Group manufactured a total of 30,000 tons of wood coatings. These coatings are used all over the world in a wide spectrum of different sectors ranging from decorating to woodworking, coating everything from ships to outdoor structures, door frames, garden furniture, parquet floors and musical instruments. The main clients for ICA Group are (in order of volume sales): furniture makers, frame manufacturers, woodworking specialists, decorators and third-party coating companies. The company also produces water-based coatings for glass (slotted into furniture or used as a decorative surface) and plastic materials (not only for use in the furniture sector), as well as for a whole host of other coatings. 61 Inver SpA Bologna, Italy www.inver.com PRIVATE COMPANY HEADCOUNT: 300 YEAR ESTABLISHED: 1934 COATINGS REVENUES: $153 million SEGMENT BREAKDOWN * Industrial: 95% * Architectural/decorative: 5% KEY PEOPLE Giorgio Domenichini, president; Giovanni Domenichini, CEO; Gabriele Domenichini, CIO; Corrado Minghetti, operations manager and director; Matted Roversi, CFO. Inver S.p.A. is primarily engaged in the manufacture of industrial liquid and powder coatings with 2008 sales revenue of $153 million. The sale of powder coatings makes up about half of Inver's sold quantities. The firm further strengthened its position as a powder coating supplier when it announced in October 2008 that it was acquiring Beckers' powder coatings operations in Europe. Specifically, Inver acquired Becker Powder Coatings' four European production plants located in France, UK, Poland and Italy. This acquisition will almost double the scale of Inver's existing powder business and provides it with an excellent platform for establishing a higher profile in the European industrial coatings market. This acquisition makes Inver the fourth largest producer in the European powder market. 62 Tohpe Osaka, Japan www.tohpe.co.jp PUBLIC COMPANY HEADCOUNT: 445 YEAR ESTABLISHED: 1915 COATINGS REVENUES: $152 million SEGMENT BREAKDOWN * Paints * Lacquers * Adhesives KEY PEOPLE Tsutomu Kobayashi, president; Kazutami Kato, vice president; Hideki Kimura, managing director; Yukio Takeuchi, executive director. Tohpe Corporation is a Japan-based manufacturer that supplies paints and other chemical products. Its paints include synthetic resin paints, lacquers, water-based paints, oil-based paints and thinners. The company's chemical products include synthetic resin adhesive processing agents and synthetic rubber. Additionally, it is involved in the paint-related construction activities. The company has 12 subsidiaries and five associated companies. 63 Diamond Vogel Paints Orange City, IA www.diamondvogel.com PRIVATE COMPANY YEAR ESTABLISHED: 1926 COATINGS REVENUES: $145 million SEGMENT BREAKDOWN * Architectural coatings * Industrial coatings * Heavy duty coatings * Traffic coatings KEY PEOPLE Drew Vogel, president and CEO; Doug Vogel, vice president, decorative; Mark Vogel, vice president, industrial. Diamond Vogel Paints is a family-owned, Midwestern-based paint manufacturer and retailer headquartered in Orange City, IA. The company operates seven manufacturing facilities an over 80 service center outlets. The company is a provider of liquid and powder coatings for industrial OEM applications, architectural paints fo commercial and homeowner applications, and heavy-duty protective coatings for industrial maintenance applications. Some of the latest products that have been added to Vogel's portfolio include Pool-Cote CR chlorinated rubber pool paint for painting or repainting existing swimming pools; Finium DTM Semi-Gloss Primer/Finish, a premium heavy-duty 100% acrylic semi-gloss primer/finish; Color Interior Latex Paint Plus available in flat, eggshell and semi-gloss; and Grain Stain Semi-Transparent Water-Based Stain. 64 Empils Rostov-on-Don, Russia www.empils.ru PRIVATE COMPANY COATINGS REVENUES: $141 million SEGMENT BREAKDOWN * Arch./Deco coatings: 81% * Industrial: 9% KEY PEOPLE Sergey Nikitin, general manager; Mikhail Kryachkov, trade house director; Dmitriy Altukhov, marketing director; Elena Kuzmenko, decorative coatings. In 2008 the total sales volume of paints and varnishes manufactured by the Russian and Ukrainian plants of the company (ZAO Empils in Rostov-on-Don and OAO Elaks in Odessa) amounted to $141 million and increased ten percent over the year before. Increase of paint and varnish sales of the Rostov plant amounted to three percent and of the Odessa plant 86% compared with last year's results. In volume terms the sales of Empils amounted to 74 thousand tons of paint and varnish. Empils' products were represented in DIY-hypermarkets of large chains, such as METRO, Leroy Merlin, Castorama and HomeCenter. In October 2008 Empils introduced a new product category--paintable wallpaper--in its range of products. The original collection unde the Empils brand includes 14 design variants. |
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