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2004 Top Companies Report.

Welcome to the Coatings World 2004 Top Companies Report, which profiles the leading manufacturers of paints, coatings, adhesives and sealants in the world. Our rankings are based on annual sales of paint, coatings, adhesives and sealants. For companies based outside the U.S., sales are translated into U.S. dollars using average currency rates for the company's fiscal year/reporting period. Profiles begin on page 26 and a list of "Companies to Watch" can be found on page 66.
1. AKZO NOBEL ($5.9 BILLION) NETHERLANDS
2. PPG ($4.83 BILLION) USA
3. ICI GROUP ($4.78 BILLION) UK
4. HENKEL ($4.61 BILLION) GERMANY
5. SHERWIN-WlLLIAMS ($4.36 BILLION *) USA
6. DUPONT ($3.5 BILLION *) USA
7. BASF COATINGS ($2.28 BILLION) GERMANY
8. VALSPAR ($2.24 BILLION) USA
9. RPM ($2.08 BILLION) USA
10. SIGMAKALON ($1.92 BILLION) NETHERLANDS
11. NIPPON PAINT ($1.61 BILLION) JAPAN
12. KANSAI PAINT ($1.5 BILLION *) JAPAN
13. H.B. FULLER ($1.28 BILLION) USA
14. ROHM & HAAS ($1.06 BILLION) USA
15. SIKA AG ($928.5 MILLION) SWITZERLAND
16. BENJAMIN MOORE ($900 MILLION *) USA
17. AB. WlLH. BECKER ($799.5 MILLION) SWEDEN
18. JOTUN ($774.8 MILLION) NORWAY
19. MASCO ($740 MILLION *) USA
20. DAW/CAPAROL ($734 MILLION *) GERMANY
21. 3M ($640 MILLION *) USA
22. HEMPEL ($606.45 MILLION *) DENMARK
23. DAI NIPPON TORYO ($552 MILLION *) JAPAN
24. TIKKURILA ($497 MILLION) FINLAND
25. FERRO ($469 MILLION *) USA
26. ASIAN PAINTS ($466.6 MILLION) INDIA
27. PROFESSIONAL PAINT ($450 MILLION) USA
28. FORBO ($426.4 MILLION) SWITZERLAND
29. DURON ($350 MILLION *) USA
30. COMEX ($340 MILLION *) MEXICO
31. KELLY-MOORE ($325 MILLION) USA
32. WATTYL ($319.5 MILLION) AUSTRALIA
33. ORICA ($307 MILLION) AUSTRALIA
34. BARLOWORLD ($301.1 MILLION) SOUTH AFRICA
35. KCC ($300 MILLION *) SOUTH KOREA
36. ALTANA ($293.2 MILLION) GERMANY
37. DAINIPPON INK & CHEM. ($290 MILLION *) JAPAN
38. CHUGOKU ($275.7 MILLION) JAPAN
39. RENNER HERRMANN ($270 MILLION *) BRAZIL
40. DYRUP ($266.6 MILLION) DENMARK
41. DUNN-EDWARDS ($244.4 MILLION) USA
42. YASAR ($240 MILLION) TURKEY
43. ROCK PAINT ($217 MILLION) JAPAN
44. SICO ($203.1 MILLION) CANADA
45. LORD CORP. ($200 MILLION *) USA
46. CIN ($195.6 MILLION) PORTUGAL
47. AMERON ($190.3 MILLION) USA
48. DPI ($173 MILLION) SOUTH KOREA
49. NATIONAL PAINTS ($155.5 MILLION) JORDAN
50. SHINTO PAINT ($153.2 MILLION) JAPAN
51. DIAMOND VOGEL ($151 MILLION *) USA
52. TOHPE ($143.7 MILLION) JAPAN
53. M.A.B. PAINTS ($136 MILLION *) USA
54. ACE HARDWARE ($135 MILLION) USA
55. YOUNG CHI ($134 MILLION *) TAIWAN
56. TOA PAINTS ($131 MILLION *) THAILAND
57. GREBE GROUP ($123 MILLION *) GERMANY
58. TIGERWERK ($115 MILLION *) AUSTRIA
59. TAMBOUR ($110 MILLION *) ISRAEL

* ESTIMATED


1 AKZO NOBEL

SALES: $5.9 billion

HQ: ARNHEM, THE NETHERLANDS

PHONE: 31-26-3664433 FAX: 31-26-3663250

WEBSITE: WWW.AKZONOBEL.COM

KEY PERSONNEL: G.J. Hans Wijers, chairman and CEO R.M.J. (Rudy) van der Meer, board member responsible for coatings. General Managers: Rinus Rooseboom, car refinishes; Jan Anderson, decorative coatings international; Leif Abildgaard, decorative coatings Europe Robert Torba, industrial finishes; Bill McPherson, marine and protective coatings; Rob Molenaar, powder coatings; and Cor de Grauw, Nobilas (Akso's service company in the automotive repair market).

Major Products: Decorative, industrial, marine and protective coatings and automotive refinish paint.

New Products: Maskin, a temporary paint system, Tinova VX, a water-based exterior wood paint with a high solids content of approximately 65%, and Interfine 979 and 691 marine finishes.

* The leader again in the global paint and coatings market, Akzo Nobel's coatings sector in 2003 recorded "three percent autonomous growth" and maintained "ROI at the 20% threshold," all while battling a tough economy, fluctuating currencies and increased pension costs. Part of Akzo's strategy was to zero in on core operations. Akzo divested its impregnated papers operation as well as 20 other non-core businesses, sold unneeded facilities and limited its acquisitions. In addition, it lowered its headcount.

According to Akzo Nobel, while business in emerging markets continues to expand, closer to home it hasn't been as easy. The decorative coatings market was tough in 2003, especially in retail. However, on the industrial side, Akzo said it held up "reasonably well" and market conditions for car refinishes remained very competitive.

It is in emerging markets where Akzo is really flexing its muscle, and its aggressive actions are paying off. The Asia-Pacific region now represents 14% of its worldwide sales, and the company continues to invest in infrastructure there. In 2003, Akzo opened a powder coatings facility in Vietnam and a non-stick coatings facility in Dongguan City, China. Akzo Nobel also pumped more money into its decorative coatings facility in Suzhou, China. In addition, it upped its stake in its powder coatings joint venture in South Korea. After dissolving a long-running relationship with Nippon Paint, Akzo set up its own marketing and sales company for marine and protective coatings in Japan. (For more on this deal, see Nippon Paint's profile on page 38).

While its overall decorative coatings business was weak, with volume down and sales figures dropping from 1,9 billion [euro] in 2002 to 1,8 billion [euro] in 2003, the Asia-Pacific region--which it defines as China, Indonesia, Vietnam and Papua New Guinea--showed a double-digit volume increase. Part of its success stems from modernization efforts in emerging markets. For example, strong performance in Indonesia was fueled by the introduction of mixing machines in the mid-tier segment.

On the industrial side, Asia-Pacific sales were positive for Akzo Nobel, which has reported success in several countries and continues to increase its presence. A new factory in Vietnam, opened at the end of 2002, is already profitable, and in the Korean market, Akzo Nobel acquired the remaining 50% stake in Interpon Powder Coatings Korea which had been held by DPI. In China, Akzo purchased new land in Guangdong Province--earmarking it for further expansion of operations in the southern portion of the country. To buoy its marine coatings operations in the region, Akzo built a new marine and yacht coatings lab in Geoje, South Korea and invested funds in its Asia-Pacific technical center in Jurong Town, Singapore. Akzo Nobel continues to invest in Asia. This year it plans to expand powder coatings in China with new factories in Langfang and Guandong Province.

Not all of Akzo Nobel's expansion and improvement efforts are relegated to Asia. This spring, Akzo Nobel opened a new R&D laboratory at its marine and protective coatings facility in Felling, UK. The new lab is part of an ongoing investment of more than 10 million [euro] by the marine business unit to improve its research and development facilities around the world. The existing R&D building at the Felling site is being redesigned and transformed into the business unit's technology center.

Akzo Nobel also opened a new non-stick coatings facility in Sao Paulo, Brazil to supply non-stick coatings for the Brazilian cookware industry as well as coatings for specialized industrial applications, such as automotive pistons and copier rolls.

"The establishment of a plant in Sao Paulo is another example of our sustained efforts to grow our global position for non-stick coatings," said Rudy van der Meer, member of the Akzo Nobel board of management responsible for coatings. "One of our fundamental aims is to continue expanding in growth areas, and the new Sao Paulo unit will facilitate that strategy by bringing us closer to our international customers, many of whom have out-sourced production to Brazil in recent years."

Akzo Nobel is still fine-tuning its coatings portfolio, shedding businesses that it deems non-essential. Among those cast aside in 2004 were its polyurethane adhesives and systems business, which was sold to Sika, and a 7 million [euro] mirror coatings business, which was sold to an Italian firm.

2 PPG

SALES: $4.83 billion

HQ: PITTSBURGH, PA USA

PHONE: 412-434-3131

WEB SITE: WWW.PPG.COM

KEY PERSONNEL: Raymond W. LeBoeuf, chairman and CEO; Charles E. Bunch, president and COO; William H. Hernandez, SVP, finance; and Roger K. Scriven, director, research and development, coatings. Key product areas and manager--Dennis Kovalsky, automotive OEM; Garry Goudy, automotive refinish; David P Morris, aerospace; J. Rich Alexander, industrial; Richard A. Beuke, architectural; and Marc P. Talman, packaging.

Major Products: Automotive OEM and refinish, industrial and packaging coatings and architectural paints and stains.

New Products: Velvecron soft-touch finish coatings.

* For PPG, coatings continues to become more of its focus. In 2003, coatings sales reached $4.83 billion, representing 55% of total sales, outpacing the company's chemicals (20%) and glass and fiber glass businesses (25%). It's a far cry from a little more than a decade ago when coatings represented less than 40% of PPG's sales.

In 2003, PPG recorded coatings sales growth of eight percent, of which two percent was connected with improved volume in aerospace, architectural, automotive and industrial businesses. The company said that lower pricing in the auto sector offset high pricing in other coatings businesses.

From its Pittsburgh headquarters, PPG operates a truly global coatings operation. With 25 plants in the NAFTA region, PPG also operates five plants in Italy, three each in China, Germany and Spain and two each in Brazil, the UK and France. In addition, manufacturing is handled in Argentina, Australia, Malaysia, The Netherlands, Thailand and Turkey.

According to chairman and CEO Raymond W. LeBoeuf, growth in Asia has contributed to growth in PPG's industrial coatings unit, which supplies paint for many products ranging from laptop computers and cell phones to bulldozers, office furniture and general aviation equipment.

PPG is keeping pace with other paint makers in terms of expansion efforts in the Asia-Pacific region.

At the end of 2003, PPG's PRC-DeSoto unit began manufacturing aerospace coatings at its Suzhou, China applications support center. Production of Desothane HS topcoats started up just in time for PPG to take advantage of consolidation in the Chinese airline industry, which brought an increase in repainting opportunities.

In February, PPG Industries and Kansai Paint entered into negotiations to create an alliance focused on the global automotive original equipment manufacturer (OEM) industry. According to PPG and Kansai, the alliance would set up marketing and sales operations initially in North America and Europe for Japanese automotive OEMs. Following that, PPG and Kansai would set up marketing and sales operations in Shanghai, China, and later in other Asian countries to serve all of the region's automotive OEM customers. As this issue went to press, no further announcements had been made regarding those negotiations.

At PPG Industries' annual meeting held on April 15, CEO Raymond LeBoeuf said he was able see light at the end of the tunnel in terms of economic recovery.

"For the first time in three years, we at PPG are optimistic about the global economy," LeBoeuf said. "Obviously, improving economic conditions will help us. But just as important are the steps we took during the downturn to be able to generate growth when the economy rebounded."

While large-scale acquisitions aren't in the company's immediate future, LeBoeuf said "small acquisitions, especially in our optical products, and architectural and industrial coatings businesses, are possible. Over the next five years growth will come from these businesses."

3 ICI GROUP

SALES: $4.78 billion

HQ: SLOUGH, UK (ICI PAINT). BRIDGEWATER, NJ (NATIONAL STARCH)

PHONE: 44-1753-550-000 (ICI PAINT) 908-685-5000 (NATIONAL STARCH)

WEB SITE: WWW.ICI.COM. WWW.NATIONALSTARCH.COM

KEY PERSONNEL: ICI--Peter Ellwood, chairman: John D.G. McAdam, CEO; David C. M. Hamill chairman and CEO of ICI Paints. ICI Paints North America--Larry Porcellato. CEO: David Jucha, CFO; Cathy Fischer, chief marketing officer: Peter Gibbons, EVP, supply chain; and Derek Rance, coatings technical director. National Starch--William H. Powell, chairman and CEO.

Major Products: Decorative and architectural paint, paper and packaging coatings and adhesives.

New Products: Glidden EZ Track ceiling paint and Realife tough matte paint. In North America, ICI has been selected to manufacture This Old House paint. National Starch launched Aerobond 12-200A adhesive for board laminators.

* UK-based ICI Group tallied sales of $4.78 billion in 2003 through sales of paint and adhesives manufactured by ICI Paint and National Starch. ICI's global paint business contributed $3.5 billion through sales of architectural and decorative paint and packaging and packaging coatings.

In the U.S. market ICI Paints has been working hard to expand its distribution and create a buzz in the industry with new lines and new marketing deals. On the distribution side, ICI Paints last year acquired eight architectural paint stores in the San Joaquin Valley, CA area from the Wilshire Paint Company. This spring, it inked an accord with McCoy's Building Supply Centers, in which McCoy's would stock Glidden in its 85 store chain located throughout in Arkansas, Mississippi, New Mexico, Oklahoma and Texas.

In January, ICI formed an alliance with the grand-daddy of all home improvement shows. This Old House Ventures, Inc. has chosen ICI to produce a new line of paint sold under the This Old House banner. Recently, ICI announced an exclusive three-year agreement with Champion Homes. Champion's manufactured housing division will use ICI Paint products exclusively in all of its 30 North American plant locations

ICI's National Starch unit manufactures a wide range of products sold to a diverse customer base. One can find its products everywhere from food to healthcare to construction. The Bridgewater, NJ-based unit reported that adhesives sales accounted for 41% of its total revenue in 2003.

Faced with sharp increases in the cost of oil and natural gas, which drove up prices for feedstocks for hot melt and liquid adhesives, National Starch announced price increases of seven percent an all of its adhesives product lines in the U.S., effective June 1.

4 HENKEL

SALES: $4.61 billion

HQ: DUSSELDORF, GERMANY

PHONE: 49-211-797-0

FAX: 49-211-798-4008)

WEB SITE: WWW.HENKEL.COM

KEY PERSONNEL: Ulrich Lehner, president and CEO, Henkel Group; Jochen Krautter, executive vice president, Henkel Technologies; and Alois Linder, executive vice president, consumer and craftsmen adhesives.

Major Products: Adhesive and sealant technologies sold to the industrial, professional and DIY markets.

New Products: Liofol A 1883 waterborne one-component primer for flexible food packaging and Adhesin A 2354 adhesive for corrugated board boxes.

* Henkel sells more than 3,000 different adhesives and sealants for use in just about every aspect of life here on earth. The consumer and craftsmen adhesives unit accounted for 14% of the company's total sales in 2003. The technologies business sector, which also produces surface and water treatment products, accounted for 28% of group sales in 2003.

Last year Henkel made three purchases to expand its global presence--YIT Construction's Makroflex sealant and insulating business (a market leader in north, central and eastern Europe); Lucky Silicone of South Korea; and the adhesives and building auxiliaries business of DESC Group in Mexico City.

5 SHERWIN-WILLIAMS

SALES: $4.36 billion *

HQ: CLEVELAND, OH USA

PHONE: 216-566-2000

WEB SITE: WWW.SHERWIN.COM

KEY PERSONNEL: Christopher M. Connor, chairman and CEO; Joseph M. Scaminace, president and COO; Sean P. Hennessy, SVP, finance and CFO; Conway G. Ivy, SVP, corp. planning and development; John G. Morikis, president, paint stores group; Thomas W. Seitz, president and GM, consumer division; Ronald P. Nandor, president and GM, automotive division; and Alexander Zalesky, president and GM, international division.

Major Products: Architectural and decorative paint, stains and varnishes, wood finishing products, caulks, adhesives, automotive finishes and industrial and marine coatings.

New Products: Thompson's Advanced waterproofer; Sherwin Williams ProXP; Krylon Fusion for Plastic; ExpressTech; Seaguard 6000 (relaunched); JetGlo Express; ULTRA 7000 matte clearcoat CC947; water-reducible UV-curable coatings in the Ultra-Cure line; Powdura NSF-61 certified powder coatings; Lusterless high solids polyurethane topcoat; Pro-Hide Silver high build interior latex coatings; enhanced SuPrime primers, sealers and undercoaters; Accolade, The Crown Jewel of Paints (relaunched); Colron Refined Danish Oil; Colron Refined Teak Oil; Builders Solution high-build product line for drywall; and Eco Guard latex spray paint.

* At Sherwin-Williams, consolidated net sales in 2003 rose 4.3% to $5.41 billion and income before the cumulative effect of change in accounting principle increased 6.9% to $332.1 million, despite an after-tax $13.3 million headwind from a reduction in its net pension credit. (Coatings World's estimate excludes non-paint items and other administrative items reported by the company.)

Sherwin-Williams' paint store sales in 2003 rose 5.1%, with comparable store sales up four percent. Operating profit rose 1.2% compared to 2002. In 2003, the company added 45 new stores, bringing its total roster to 2,688 shops. In addition, S-W is now two-thirds of the way through a three-year program to update stores, with improvements including POS computer systems. Officials contend S-W remains on target to revamp the entire chain by the end of the year.

External net sales in the consumer segment rose just one percent to $1.2 billion in 2003 and operating profit was up 3.3% to $199 million. The company said a growing DIY market resulted in stronger architectural paint sales and increased sales of aerosol and wood care products at some of the segment's largest retailers.

Sherwin-Williams' automotive finishes segment posted a 0.6% sales increase.

Sales recorded by its international coatings segment rose 16.8% and operating profit reached $8.4 million in 2003, compared to an operating loss of $5.6 million in 2002. On a positive note, Sherwin-Williams said poor economic conditions that have existed in South America are showing signs of improvement and although demand remains flat now, its brand expansion continues. The company launched Minwax stains and varnishes in Chile and expanded its architectural and industrial distribution platforms with new accounts in Brazil.

In the UK, Ronseal delivered another "outstanding year of financial performance," according to the company.

Sherwin-Williams continues to work on its international presence. On the automotive side, Sherwin-Williams Automotive Finishes Corp. acquired ScottWarren in France and formed an alliance with Chemical Specialties Inc., the largest privately owned paint maker in South Africa, to distribute its auto refinish basecoat/clearcoat systems in the country.

As manufacturing moves to Asia, Sherwin-Williams is following. In March, the company's chemical coatings division opened two facilities in China to serve product finishers in the Asia-Pacific region. This plan included a 116,000sq.-ft, plant complex on 10 acres in Shanghai to manufacture liquid and powder coatings and a facility in Dongguan that modifies liquid coatings for color, gloss and viscosity.

"Many of our North American customers, particularly in the residential furniture and plastics and electronics markets, now have operations located in the Asia-Pacific area, including Malaysia, China and Taiwan. We understand our customers' global objectives for locating there, and we have responded to their needs by investing in the necessary human resources, equipment and facilities to serve them," said Thomas Brummett, president, Sherwin-Williams' chemical coatings division.

Proving that even a mature firm can be innovative, recent endeavors and new technologies from Sherwin-Williams have paid off. "Consumer response" and "sales results" for Krylon Fusion for Plastic have been "extraordinary," and the Twist and Pour container first used on the Dutch Boy line has enabled the brand to gain share in the DIY paint market every quarter, according to Sherwin-Williams. In addition, at the close of 2003, nearly 300 Ace retailers had signed on for a program to sell the company's Pratt & Lambert Accolade and Red Seal brands.

Officials said they were pleased with the company's performance in 2003, especially considering how sluggish the first half of the year was. One can image then how elated they must have been with the first quarter of 2004. For the quarter ended March 31, S-W's consolidated net sales jumped 14.9% to $1.32 billion compared to the first quarter of 2004. Officials said the gain stemmed primarily from continuing strong domestic architectural paint sales and improving sales and market conditions in domestic industrial maintenance, product finishes and automotive markets. First quarter net income increased 67.1% to $51.5 million.

Of course the big story for Sherwin-Williams this year is its recent deal with Duron. Announced in mid-May, Sherwin-Williams entered into a definitive agreement to purchase 100% of Duron stock for $253 million, plus the assumption of certain financial obligations at closing.

6 DUPONT

SALES: $3.5 billion *

HQ: WILMINGTON, DE, USA

PHONE: 302-892-5674

WEB SITE: WWW.PERFORMANCECOATINGS.DUPONT.COM

KEY PERSONNEL: Edward J. Doonelly, group vice president, Coatings and Colors Technologies; Marty M. McQuade, vice president/general manager, DuPont Herberts Automotive Systems; Eric G. Melin, vice president, general manager, DuPont Refinish; and Douglas L. Moore, vice president, general manager, DuPont Advanced Coatings Systems.

Major Products: Automotive OEM and refinish and industrial coatings.

New Products: ProTect Clear; SupraShield clearcoat; HyperCure primer and clearcoats; Imron Elite, Envex powder coatings; UV-cure powder coatings for furniture; Wet-on-Wet TuTone paint application process; and the AccuAngle metallic color protractor.

* DuPont's Coatings and Color Technologies unit tallied a whopping $5.5 billion in sales in 2003--a nine percent increase over 2002, although sales volume was flat. The coatings and colors group's results include sales of coatings as well as digital printing and raw materials, such as titanium dioxide pigment. According to company estimates by sector, refinish coatings accounted for 30% sales in 2003, OEM some 23% and white pigments another 33%. Coatings World estimates that DuPont's "coatings" sales in 2003 were approximately $3.5 billion.

According to DuPont, key markets for its coatings and colors group were generally flat, with Asia-Pacific the exception. As Asian markets expand, so too is DuPont's presence there. In February, DuPont upped its equity in its joint ventures with Red Lion in Beijing and Changchun, China. DuPont now controls 76% (up from 60%) of DuPont Red Lion (Beijing) Co. and has complete ownership of the JV in Changchun, which is now operating as DuPont Performance Coatings-Changchun. Several upgrades are planned for the joint ventures, which were formed in 1992 and 1995, respectively. DuPont says it will relocate coatings manufacturing in Beijing to a new facility and technical center by the end of 2005; at Changchun, DuPont will upgrade facilities and increase capacity. In addition to physical enhancements, DuPont is also relocating additional staff from Europe and the Americas to help with manufacturing, technical services and expansion efforts. Among those who have packed their bags is Anthony A. Coletta. In April, Coletta to Shanghai to serve as vice president, Asia-Pacific region for the DuPont Herberts Automotive Systems unit of DuPont Performance Coatings.

There have been some changes in DuPont's international operations. In December, DuPont and Kansai Paint agreed to amicably terminate their automotive coatings joint venture relationships due to "incompatible global strategies." The three joint ventures-which provide coatings to Japanese auto makers in North America and the UK-will continue to serve customers during the transition period. In 2003, Dupont reduced its headcount by 775 employees as part of a restructuring program to consolidate assets and eliminate redundancies that came with the 1999 acquisition of Herberts. In addition, the company closed manufacturing plants in Cologne, Helmstedt and Burogo, Germany.

Automotive repair is a key business for DuPont, and it is working bard to modernize the sector, developing new products--not all of them coatings to serve its customers. New offerings include CollisionMD, which streamlines repairs of damaged vehicles using web browser-based technologies, and the AccuAngle metallic color protractor, which makes it easier for technicians to match metallic and pearlescent finishes.

DuPont's Standox unit in Wuppertal is armed and ready for future changes in the OEM side of the auto industry. It has become one of the first paint manufacturers certified to ISO/TS 16949:2002 for all its international locations. The standard--which includes additional requirements for the auto industry--is the first standard to be recognized by all car makers and includes different country specifications. DaimlerChrysler expects its suppliers to comply with ISO/TS 16949 standards by mid 2004.

7 BASF COATINGS

SALES: $2.28 billion

HQ: MUNSTER, GERMANY

PHONE: 02501-14-0

FAX: 02501-14-3373

WEB SITE: WWW.BASF-COATINGS.COM

KEY PERSONNEL: Jean Pierre Monteny, CEO BASF Coatings AG. Coatings businesses and key personnel in Charge--Rainer Blair, automotive OEM; Gerold Mahr, OEM EU; Christoph Hansen, refinish; Georg Konrad Zwissler, industrial; and Rui Goerck, decorative paint.

Major Products: Automotive OEM and refinish and industrial coatings and decorative paint.

New Products: ProGloss, Cathoguard 500, Glasurit 68 line and Glasurit 923-135 HS Racing Clear VOC 3.5.

* BASF's global coatings business recorded sales of $2.28 billion in 2003, with 45% coming from its automotive OEM operation and 25% from the refinish side. Industrial coatings accounted for 20% of sales, and decorative coatings accounted for 10%, according to the company.

Coil coatings is a core element of BASF Coatings' growth strategy in industrial coatings, and the Asia-Pacific region is a big part of BASF's plans. As construction continues to fuel Chinese demand for color-coated steel, BASF recognized the need to set up local production. The company, which had operated a coil coatings business in China for a number of years and dedicated a tech service lab in Shanghai in 2003, has added production capabilities.

"BASF's new production capability reflects our commitment to the Chinese coil coaters," said Tony Jones, AsiaPacific regional manager for BASF industrial coatings and responsible for the coil coatings business. "We see that local production supply capability is essential to meet the specific local needs and performance characteristics for coil coaters with supply that is close to the market."

BASF continues to expand in another growing market--the Chinese automotive industry. At Nissan's plant in Haudu, Guangdong province--operated with Chinese Dongfeng Motor Corp.--BASF Shanghai Coatings (BSC) is the lead supplier for automotive OEM coatings, providing primers, basecoats and clearcoats for car bodies and bumpers. Work is carried out in cooperation with BASF NOF Coatings (BNC) in Tokyo, which became the lead supplier for Nissan's Japanese production locations several years ago.

BASF Coatings and Shanghai Eastern Star Automobile Trading Co., Ltd.--the sales and after-sales service partner of Mercedes-Benz China Ltd. for automotive refinish in eastern China--have expanded their partnership with a five-year contract. All Mercedes-Benz after-sales service stations in the eastern China distribution-network of Eastern Star will exclusively use Glasurit products.

BASF Coatings has made two moves to expand its presence in the foil coatings market. Last August, it launched a new product line for the manufacturing of highly water-resistant furniture foils for modular living room, kitchen and bathroom furniture. BASF says the introduction of that product line helped it secure a leading position in the European market. A new deal signed this year will enhance the company's position. BASF Coatings acquired the global foil coatings business (excluding business in Germany) from the Treffert Group. (In a separate transaction, Treffert acquired the fiber board coating business from BASF Coatings' affiliates in Spain and Italy.)

BASF has also made investments in its decorative business, opening a new plant for Suvinil in Silo Bernardo do Campo, Brazil in March. Although it is the smallest sector of its total coatings operation--representing just 10% of sales in 2003--BASF is committed to its decorative business in South America. The Brazilian market currently produces 600 millions liters of decorative paints a year, of which 30% are BASF products.

"The new plant construction represents an important step for our company. It underlines our confidence in the growth potential of the Brazilian market," said Rui Goerck, vice president of BASF's coatings business in South America. "Despite the economic difficulties over the past few years, South America still has a lot of strategic importance," explained Goerck. Over the last three years, BASF invested approximately 100 millions [euro] in the region; 85% was spent on projects in Brazil.

The 2 million [euro] investment in Sao Bernardo do Campo has increased capacity by 30%, making the site the major coatings production center of BASF in South America. BASF operates a production site for decorative paints in Jaboatao as well as distribution centers in Santa Cruz and Sapucaia do Sul.

On the production side, BASF Coatings announced plans to expand its existing resin factory at its headquarters in Munster. The expansion effort includes installation of an additional production line for cathodic electro-deposition (CED) paint resin. The factory, which began producing resins in 1978, has been operating on a continuous 24-hour production cycle since 1992.

8 VALSPAR

SALES: $2.24 billion

HQ: MINNEAPOLIS, MN USA

PHONE: 612-332-7371

FAX: 612-375-7723

WEB SITE: WWW.VALSPAR.COM

KEY PERSONNEL: Richard M. Rompala, chairman and CEO; William L. Mansfield, executive vice president and COO; Steven L. Erdahl, executive vice president-coatings; Gary Hendrickson, group vice president, global wood, coatings and president, Asia Pacific; Don Nolan, group vice president global packaging coatings; and Michael Brandt, corporate vice president and president, Valspar Europe.

Major Products: Decorative, protective and industrial and paint, packaging coatings and automotive and fleet refinish products.

* Valspar's 2003 net sales rose 5.7% from $2.1 billion in 2002 to $2.24 billion in 2003. While favorable foreign exchange rates contributed 2.2% of that growth, strong sales in the architectural, automotive and specialty product lines, partially driven by the introduction of a new product at Lowe's, plus the benefit of a 53rd week in fiscal 2003, contributed to the increase in sales, according to Valspar.

There is no denying the success Valspar's architectural business is having at Lowe's, the U.S.'s second largest home improvement retailer. In fact, the positive results of its alliance has spurred Valspar to increase its manufacturing capacity. In January, the company announced plans to build a new architectural coatings manufacturing and distribution facility in Lebanon, PA. The new plant is expected to be fully operational by mid-2005 and will provide a capacity similar to Valspar's Sacramento, CA facility.

At the beginning of 2004, Valspar acquired De Beer Lakfabrieken, a privately-owned manufacturer and distributor of automotive refinish coatings based in Lelystad, The Netherlands. Calling the De Beer operation an "excellent strategic fit," Richard Rompala commented, "This acquisition broadens our product offering and technology for the U.S. automotive refinish market and enhances our ability to grow in this attractive market on a global basis."

Overseas acquisitions, such as De Beer, have played an increasingly important role for the company since the mid-1990s. Starting with a "small, marginally profitable acquisition" in Europe in 1996, Valspar now has more than $600 million in sales coming from outside the U.S.

On the personnel front, there have been changes at the top since our last report. John M. Ballbach, then president and COO, left his post in December 2003 citing personal reasons. (Rompala, chairman and CEO, took over Ballbach's responsibilities at the time.) In April, the company announced new appointments, including naming William L. Mansfield executive vice president and COO, responsible for directing all business groups.

So far in 2004, Valspar's performance has been stellar. Net income for the second quarter ended April 30 rose 21.6% and sales rose 13.6% to $638.38 million, compared to the same quarter one year ago. Sales for the first half were up 10.6% to $1.14 billion compared to the first six months of last year.

"Second quarter results benefited from the recovery in the U.S. industrial economy, continuing strength in our architectural coatings product line and the impact of strong foreign currencies. We are pleased with our first half growth and expect good sales momentum for the balance of the year," said Rompala.

9 RPM

SALES: $2.08 billion

HQ: MEDINA, OH USA

PHONE: 330-273-5090 FAX: 330-225-8743

WEB SITE: WWW.RPMINC.COM

KEY PERSONNEL: Frank C. Sullivan, president and CEO; P. Kelly Tompkins, SVP, general counsel and secretary; Ronald A. Rice, SVP, administration; Dennis F. Finn, VP, environmental regulatory affairs; Paul G. P. Hoogenboom, VP-operations and CIO; Glenn R. Hasman, VP-finance and communications; Stephen J. Knoop, VP, corporate development; Robert L. Matejka, VP, CFO & controller; Keith R. Smiley, VP, treasurer and assistant secretary; and Ulf S. Eriksson, president, RPM Europe SA.

Major Products: Industrial and consumer coatings and related products sold through a number of subsidiaries operating around the world.

New Products: Stonhard RTZ Flooring, DAP's Phenoseal, Varathane's stains and finishes product line, Rust-Oleum's Sierra no-odor product, Bondo's Truck Guard bed liner for trucks, Zinsser's Water-Tite basement paint, Tremco barrier systems, and Day-Glo's Chalk-It.

* Through several subsidiaries that are market leaders in industrial and consumer paint markets around the world, RPM recorded a five percent rise in sales to $2.08 billion in fiscal 2003. (The company's mix of operating companies includes producers of raw materials for coatings. However, RPM does not breakout those sales.) Revenue growth combined with strong operational focus resulted in a 21% net income gain to $122.8 million, and an earnings per share increase of nine percent, both before a charge taken to increase reserves for asbestos liabilities--a major issue for the company.

RPM has always been a hunter, actively seeking out potential acquisitions that would add to its bottom line. While a restructuring plan put purchases on the back burner for some time, the company is back on the prowl.

RPM acquired "at fair value businesses with approximately $70 million in annualized revenues," Frank C. Sullivan, CEO, wrote in the company's most recent annual report.

RPM has kept its acquisition strategy the same: buy the brand and keep people. According to Sullivan, RPM seeks out "great management teams willing to stay and run the businesses as part of RPM." In many cases, second-and third-generation family members still run operating companies within the RPM fold.

Along those lines, RPM Europe SA closed a deal in March, moving Ecoloc N.V./Lock-Tile Belgium N.V. and Compakta/Pactan--businesses with combined sales of approximately 20 million [euro]--into the RPM stable. Ecoloc, which makes commercial and industrial tile flooring and pioneered the first flooring system based on the principle of interlocking PVC tiles, will be run by founder Patrick Stoop and his management team. Compakta/Pactan, a German manufacturer of specialty silicone-based adhesives, joint filler and sealers, will be led by Michael Futscher and other existing employees.

"These transactions represent our expanded emphasis on completing acquisitions in Europe, an important part of our growth strategy," Sullivan said.

How serious is RPM about Europe? According to the company, its goal is to develop a "$500 million base of business in the European marketplace within the next three years."

Fiscal 2004 appears to be panning out well for RPM. For the first nine months, RPM reported record net sales of $1.66 billion--up 11% compared to results last year. RPM said organic growth contributed five percent and acquisitions brought in another three percent. The industrial and consumer operating segments also achieved solid year-over-year growth through the first nine months, up 12% and 10%, respectively.

10 SIGMAKALON

SALES: $1.92 billion

HQ: AMSTERDAM, THE NETHERLANDS

PHONE: 31-297-54-17-00

WEB SITE: WWW.SIGMAKALON.COM

KEY PERSONNEL: Pierre-Marie De Leener, CEO; Pierre Malmartel, chief financial officer; Richard Burgin, general counsel, corporate development office; Ken Partington, marketing director; Jean-Louis Baudhuin, coatings technical director; Jean-Marie Greindl, Deco France; Phil Evans, Deco UK; Jaap Vos, Deco Europe North; S. van der Velde, marine coatings; and J. Louagie, industrial coatings

Major Products: Decorative, marine, protective and industrial coatings.

New Products: Dekoral Secrets of Nature and Seigneurie Pancrytex.

Recent Acquisitions: Primalex.

* In March 2003, Bain Capital completed its purchase of SigmaKalon from TotalFinaElf, giving the paint maker "increased financial resources and stability" and the "tools to grow our market share and pursue a variety of promising new business opportunities," said Pierre-Marie De Leener, SigmaKalon's CEO

Since then, Sigma has done a lot to increase its market share and expand its presence in Europe and Asia.

At the beginning of 2004, Samsung Fine Chemicals (SFC) and SigmaKalon created Sigma Samsung Coatings (SSC). The Korea-based joint venture based will focus on shipbuilding as well as protective, coil and general industrial coatings markets. In the accord, SFC Coatings and Sigma Coatings will continue to serve their own customers but will combine manufacturing and technical support.

"This joint venture is a promising new business opportunity, in which we will be able to benefit from the technical experience and infrastructure of a solid partner in the Far East ... [It] illustrates our strategy to develop our presence in the Far East coatings market," said De Leener.

Just last month, SigmaKalon acquired Primalex, a leading wall paint maker in the Czech Republic and Slovakia with sales of 20 million [euro].

Acquiring Primalex is part of SigmaKalon's plan to expand its presence throughout the EU as new countries gain membership. Sigma contends it holds a leading position in the Polish and Hungarian markets and has strong and developing positions in Romania and the Ukraine.

"We are very pleased to announce this new expansion of our business into the Czech Republic and Slovakia at a time when these countries look set to enjoy the benefits of their newly acquired EU membership," said De Leener, who called Primalex a "good fit" with operations in neighboring countries. "We see a number of interesting synergies within our Central European activities," he added.

11 NIPPON PAINT

SALES: $1.61 billion *

HQ: OSAKA, JAPAN

PHONE: 81-6-6458-1111 FAX: 81-0-6455-9260

WEB SITE: WWW.NIPPON.CO.JP

KEY PERSONNEL: Makoto Matsuura, SVP, automotive coatings; Kiyoshi Iwata, vice president, trade use paint; Yoshio Ando, corporate officer, industrial coatings; Takafumi Ohara, corporate officer, auto-refinish; Koichi Kimoto, corporate officer, corporate planning; Susumu Iwato, vice president, research and development; Takakazu Sasamura, manager, automotive coatings; Ryozo Takagawa, manager, trade use paint; Katsuaki Yoshioka, manager industrial coatings; Fumio Hagimoto, manager, auto refinish; and Kunihiro Iida, manager, marine coatings.

Major Products: Automotive, industrial and marine coatings and architectural/decorative paint.

Recent Acquisition: Mitsui Kinzoku Paints & Chemicals Co.

* Backed by an R&D staff of approximately 400, approximately 20% of Nippon Paint's sales stem from architectural/decorative products, 29% from automotive OEM and 18% from industrial coatings. The remaining 33% of its business is generated through other product sectors, including marine coatings, which is at the heart of the Asian coatings market.

According to Nippon Paint, Asia accounts for approximately 60% of the worldwide market for marine coatings and more than 80% of new-building projects are carried out in Japan, Korea and China. Nippon plans on riding that market to new heights in the global coatings market.

Alter announcing plans to sever a long-standing relationship with Akzo Nobel's International unit, Nippon has a new strategy for its marine coatings business. Backed by capital investment from Wuthelam Holdings Pte Ltd.--Nippon's business partner in Asia since the 1960s--Nippon Paint Marine Coatings Co., Ltd. is scheduled to start operations Nov. 1, the day after its alliance with International ends.

Nippon Paint plans to expand its overseas business network by using manufacturing, sales, service and logistic networks of NIPSEA, its joint venture with Wuthelam, and will also establish new bases at key locations in Europe, America and the Middle East. The company's goal: market share among the top three companies in the international marketplace.

12 KANSAI PAINT

SALES: $1.5 billion *

PHONE: 81-6-6203-5531 FAX: 81-6-6203-5018

WEB SITE: WWW.KANSAI.CO.JP

KEY PERSONNEL: Shoju Kobayashi, executive managing director, Hajine Iwamoto, senior managing director; Toshinobu Otani, senior managing director and senior managing director, marine coatings; Kazuhiro Fujita, managing director, marketing and managing director, decorative coatings, and Shinichi Hamamatsu, managing director; technical and managing director, automotive coatings.

Major Products: Automotive, industrial, marine and protective coatings and decorative paint.

* Kansai Paint, the second largest paint company head-quartered in Japan, operates in several key markets-automotive, industrial, marine and protective coatings and decorative paint. The company also dabbles in non-paint areas, such as communications, electronics and biotechnology. Kansai reported total sales of $1.6 billion in FY 2003. Coatings World estimates its paint sales are approximately $1.5 billion.

Like its counterparts in the U.S. and Europe, Kansai Paint is also eyeing growth markets in Asia, specifically in China. The company has a solid starting point for future growth in the hotly pursued automotive area, where it already participates in several joint ventures: Tianjin Beacon Kansai Co. Ltd., Shenyang Kansai Paint Co. Ltd., Changqing Kansai Paint Co. and Hunan Kansai Automotive Coatings Co. According to Kansai, production volume of automotive coatings through its JVs in China was expected to rise from 12,000 tons per year in 2002 to 16,000 tons per year in 2003.

There have been changes in Kansai's joint venture agreements. In February, Kansai Paint signed a non-binding memorandum of understanding and entered into negotiations to explore an alliance to respond quickly and effectively to the demands and requirements of the global automotive OEM industry. Based on the initial memorandum, PPG and Kansai would set up marketing and sales operations initially in North America and Europe for Japanese automotive OEMs. PPG and Kansai then would set up marketing and sales operations in Shanghai, China, and later in other Asian countries to serve all of the region's automotive OEM customers.

This new accord with PPG came just months after Kansai and DuPont agreed to amicably terminate their automotive coatings joint venture relationships some of which went back more than a decade--due to "incompatible global strategies." The DuPont and Kansai three joint ventures--DuPont Kansai Automotive Coatings Company in Troy, MI, Pinturas Automotorices DuPont Kansai, S.A. de C.V. in Mexico City and DuPont Kansai Automotive Coatings (UK) in Hemel, Hempstead, UK--provide coatings to Japanese auto makers in North America and the UK. At the time of the announcement in December 2003, Kansai and DuPont said the JVs would continue to serve customers during a one- to two-year transition period.

13 H.B. FULLER

SALES: $1.28 billion

HQ: ST. PAUL, MN USA

PHONE: 651-236-5900

WEB SITE: WWW.HBFULLER.COM

KEY PERSONNEL: Albert R. Stroucken, chairman, John A. Feenan, SVP and CFO; James R. Conalty, group president, GM global adhesives; Jose Miguel Fuster, group president, GM, Latin America; Stephen J. Large, group president, GM, Full-Valu/Specialty; Alan R. Longstreet, group president, GM, North America; William McNellis, group president, GM, Asia/Pacific; and Walter Nussbaumer, group president, GM, Europe.

Major Products: Adhesives and powder coatings.

Recent Acquisition: Probos.

* H.B. Fuller posted a 2.5% increase in net revenue to $1.28 billion in 2003, a welcomed outcome following the 1.4% decline it recorded during fiscal 2002. Its global adhesives business recorded a 3.2% gain in sales, driven by positive currency exchanges, while its Full-Valu/Specialty segment posted a one percent rise in sales for the year.

Fuller's global adhesive unit recorded net revenue of $893.2 million, with European revenue up 16% due to currency effects. However, sales volume of the global adhesives unit dropped one percent, due to the slow economy in Europe and North America. Volume growth was recorded in Latin America and the Asia-Pacific region. Global adhesives operating income was down from $58.4 million in 2002 to $47.8 million in 2003, impacted significantly by the North American automotive business. Fuller said the auto business alone recorded a $5 million drop in operating income based on higher raw materials costs--especially plasticizers and resins--which couldn't be passed along.

The Full-Valu/Specialty unit recorded sales of $394.2 million, an increase of one percent, with volume up just 0.3%. Sales in the Australian consumer market and North American window market were up, the latter of which was fueled by a strong housing market. Another bright spot for Fuller was the Adalis line of specialty hot melts for packaging.

Net revenue from its powder coatings business was down due to North America's sluggish economy and applicators moving operations to "lower cost countries," such as China--a country where Fuller does not have powder operations. It currently has coatings units operating in North America, the UK and the United Arab Emirates.

In March, H.B. Fuller Company acquired the adhesives and resins businesses of Probos, S.A., based in Oporto, Portugal. The businesses, which serve the Portuguese and Spanish markets, have combined annual sales of approximately $30 million.

14 ROHM & HAAS

SALES: $1.06 billion

HQ: PHILADELPHIA, PA USA

PHONE: 215-592-3000

WEB SITE: WWW.ROHMHAAS.COM

KEY PAINT PERSONNEL: Raj L. Guota, chairman and CEO; J. Michael Fitzpatrick president and COO; M. Reggie Horne, vice president and director, Rohm and Haas powder coatings; Alan E. Barton VP, business group executive, coatings and regional director, Asia-Pacific; Glenn D. Correll, research director, powder coatings; Thomas Frauman, global marketing director, powder coatings; Chris Urheim, coatings and adhesives business manager, southeast Asia; Robert Linsdell, GM, powder coatings, Europe.

Major Products: Coatings, adhesives and sealants.

New Products: Ready-to-Ship general metal powder coatings and Mor-Melt R-7001E moisture-curing polyurethane reactive hot melt adhesive.

* Rohm and Haas' sales of finished coatings, adhesives and sealants were $1.06 billion in 2003. Automotive coatings represented $107 million, a drop of two percent. Powder coatings sales jumped 43% to $324 million, primarily due to a full year of sales from the 2002 acquisition of Ferro's European powder coatings business.

Although the powder market isn't posting the dramatic gains it did a few years ago, Rohm and Haas is focused on expanding the technology's presence and its own bottom line. With Ferro's European business firmly in its fold, Rohm and Haas revamped its powder coatings unit, giving it a global focus and tapping Reggie Horne to serve as vice president and general manager of the operation.

To continue powder's penetration into liquid's territory, Rohm and Haas needs to make it easier for customers to get the products they need as quickly as possible. To that end, it created the Ready-to-Ship roster--12 distinct product lines and more than 250 color and texture choices for the North American general metal finishing sector.

Rohm and Haas' adhesives and sealants unit reported a seven percent increase in sales to $632 million in 2003. The rise came mainly from currency exchange rates. Growth was reported in North American and European caulk markets. However, other chemistries, including structural and label adhesives, failed to show improved numbers. The Latin America and Asia-Pacific regions reported growth in packaging adhesives, tapes and bonding applications.

Rohm and Haas continues to enhance its international operations. At its Map Ta Phut, Thailand facility, which makes adhesives and acrylic emulsions, production capacity will be increased 50% during the next few years, according to the company.

15 SIKA

SALES: $928.5 million

HQ: BAAR, SWITZERLAND

PHONE: 41-41-768-68-00

WEB SITE: WWW.SIKA.COM

KEY PERSONNEL: Walter Gruebler, CEO; Ernst Bartschi, deputy CEO, FRO; Alexander Bleiber, construction; Jan Jenisch, industry; Peter Laeng, special projects; Robert A. Petrisko, R&D; Silvo Ponti, Europe North; Marcel Smit, Asia/Pacific; Enrico Tissi, North America; Jose Luis Vazquez, Europe South; Bruno Walti, operation; and Bruno W. Fritsche, marketing, sealants and adhesives, construction.

Major Products: Adhesives, sealants and related construction chemical products.

Recent Acquisitions: Casco A/S (Denmark) and Secaicho Group's construction chemicals business (Japan).

* If it involves a construction project or sealing, bonding, waterproofing or strengthening of any kind, there's a good chance Sika's products are being used.

This Baar, Switzerland-based company manufactures a wide variety of products, including concrete, construction chemicals, adhesives, sealants, roofing membranes, flooring and replacement glass. Sika is also delving into tunneling and mining. Among its newest products for this activity is Sigunit AF, an alkaline-free powder accelerator that rapidly cures sprayed concrete.

Coating, adhesives and sealant products can be found within Sika's construction and industry sectors. The company sells its wares to professionals, industrial users and DIYers.

From its headquarters in Switzerland, Sika runs a global enterprise--touting 80 production and marketing companies in more than 60 countries--and it continues to expand. Last month, Sika acquired the construction chemical business of Secaicho Group of Osaka, Japan, a $24 million business focused on sealants for building applications. Secaicho's products, which include two-component polyurethanes and silicones, will be integrated into Sika's local Japanese company.

Prior to the Secaicho purchase, Sika acquired the polyurethane adhesives and sealants business of Casco A/S, including a production site in Fredensborg, Denmark, from Akzo Nobel. Casco sells products mainly in the automotive engineering, building and marine markets. Its sales were approximately $20 million in 2003, according to Sika.

16 BENJAMIN MOORE

SALES: $900 million

HQ: MONTVALE, NJ USA

PHONE: 201-573-9600

WEB SITE: WWW.BENJAMINMOORE.COM

KEY PAINT PERSONNEL: Yvan Dupuy, chairman and CEO; Denis Abrams, president and COO; Don Devine, CFO; Dan Claybaugh, marketing director; Barry Chadwick, technical director; Robyn Spritter, key manager for homeowner category; Jeff Spillane, key manager for industrial maintenance category; Jan Bottcher, vice president of marketing; and Doty Horn, director of color and design.

Major Products: Architectural, decorative and industrial maintenance coatings sold to professionals and DIYers.

New Products: Regal matte finish interior paint and waterborne satin Impervo acrylic low lustre enamel.

* Benjamin Moore & Co. is a leader in the premium paint market with a loyal following of customers that include contractors, homeowners and designers. In a poll conducted by House & Garden among the top interior designers in the U.S., Benjamin Moore was the No. 1 choice of paints for use either by their clients or in their own homes.

While Benjamin Moore is admired for its color expertise, it is also focused on performance, as is proven by recent product launches. This year, the company launched a new interior finish--Regal matte--which can stand up to everyday wear and tear, thanks to a proprietary stain release resin. Benjamin Moore recently added a waterborne formulation of Satin Impervo enamel, which it says emulates the finest oil-based finish and the flow and leveling characteristics of an alkyd-based paint.

Also on the technology front, Benjamin Moore has formulated new Moorwood 100% acrylic solid siding stain so it can be applied in temperatures down to a chilly 35[degrees]F. Kurt Denman, product manager, said that the 100% acrylic alkyd formulation is "technology we believe to be the best and the future of exterior coatings."

This year, Benjamin Moore joined an elite group, as its Eco Spec line of low VOC coatings products received Green Guard certification.

On the personnel front, Benjamin Moore recently hired Duty Horn as director of color and design.

LOG ON, LEARN MORE @ COATINGSWORLD.COM

To learn what makes Benjamin Moore's GreenSeal certification a real plus in the growing low- and zero-VOC paint market, log onto http://www.coatingsworld.com/May041.htm

17 AB. WILH BECKER

SALES: $799.5 million

HQ: HOGANAS SWEDEN

PHONE: 46-42-33-85-00

FAX: 46-42-33-85-15

WEB SITE: WWW.BECKERS.SE

KEY PAINT PERSONNEL: Ulf G Linden chairman: Mike Henderson, managing director and key manager. Becker Industrial Coatings and ColArt: Aled Roberts, key manager Becker Powder Coatings and Kaj Brandt, key manager Becker Acroma.

* Ab. Wilh Beeker manufactures wood finishes, powder coatings and artist materials. It largest business is industrial coatings, which accounted for 42% of sales (approximately $335.5 million) in 2003. Becket Industrial Coatings is a leader in the coil coatings market, with 70% of its sales stemming from this area.

Wood finishes is another key market, accounting for 28% of company sales in 2003. Becket Acroma is behind the firm's wood finishing technologies, and among its newest products is WoodWash, a system that protects and preserves pale woods--such as pine--while retaining the natural beauty and texture of newly sanded wood. WoodWash can be applied to furniture, kitchen cabinets and other wood fixtures, according to the company.

18 JOTUN A/S

SALES: $774.8 million

HQ: SANDEFJORD, NORWAY

PHONE: 47-3345-6000 FAX: 47-3445-7242

WEB SITE: WWW.JOTUN.COM

KEY PERSONNEL: Knut Almestrand, president and CEO; Audun Roneid, group vice president-finance and deputy president; Petter Christoffersen, group vice president-public affairs; Terje Lunde, group vice president, human resources; Peder Bohlin; group executive VP, Jotun Coatings; Erik R. Aaberg, group executive VP, Jotun Paints; Bjorn Naglestad, group EVE Jotun Decorative; Larry McNeely, group EVE powder; Esben Hersve, group EVP, marine coatings; and Svein Gundaldsen, group VP, protective coatings.

Major Products: Architectural/decorative, protective marine and yacht coatings.

* Jotun A/S divides its operations into several categories, with architectural/decorative coatings its largest, representing 44% of total revenue in 2003. The next largest sector for Jotun is marine and yacht coatings, which accounted for 29% of sales.

Overall, 2003 was a mixed bag for Jotun. Decorative coatings generated satisfactory earnings in most markets, while products for industrial and marine markets faced particularly stiff international competition and tight margins, according to the company.

"Although we were unable to match the record results of 2002, we're still pleased with our performance in 2003," said president and CEO Knut Almestrand.

In the first half of the year, sales of decorative paint in Norway were poor, but activity picked up later in the year, especially in the interior products sector. Decorative operations outside Scandinavia continued to achieve success, especially in the Middle East and Southeast Asia, according to Jotun, which has close to 1,400 tinting machines installed in this market.

Jotun is very active in the Middle East. To meet what it called "ever-increasing demand for high quality paints and coatings resulting from the blistering pace of development in Dubai," Jotun UAE Ltd. moved its production facilities from Rashidiya to a more modern complex in the Al Quoz industrial area of Dubai. The new site, built on a 50,000 sq.-meter plot, can roll out 40 million liters of liquid paint and coatings a year. It is quite an upgrade from the 30-year-old production site where Jotun had been making paint. In the new factory, 1,000-ton tank farms and silos pump key raw materials directly into Jotun's production tanks. That, along with other material handling methods and HVAC systems will cut production turnaround times, according to the company.

In the marine market, Jotun's products are featured on what is easily the biggest display area on the high seas. The company won the contract to supply exterior paint and coatings for the Queen Mary 2, the world's largest passenger vessel. dotun supplied special underwater coatings and other products to protect the topsides, superstructures and weather decks from corrosion on the luxury liner.

19 MASCO

SALES: $740 million *

HQ: TAYLOR, MI, USA

PHONE: 313-274-7400

FAX: 313-792-6135

WEB SITE: WWW.MASCO.COM

KEY PERSONNEL: Richard A. Manoogia chairman and CEO; Alan H. Barry, president and COO: Jeff Fillery president, Behr process; Stan Korte, president, Masterchem: Michael Butler, environmental and regulatory manager, Behr Process and Marty Kovl, director, sales and marketing, Vapor Technologies.

New Products: Kilz Casual Colors from Masterchem and new PVD finishes from Vapor Technologies.

* Masco's coatings business--which includes Behr and MasterChem--is part of its $1.5 billion decorative architectural product segment, which also includes door, window and other hardware products. This segment is also home to Vapor Technologies, which Masco enlists for coatings technologies for other products it sells.

Vapor Technologies, which has been part of the Masco stable since 1994, manufactures Brilliance coating, a low-temperature arc vapor deposition (LTAVD) technology which Masco says gives a "competitive advantage" to its decorative hardware. In 2003, Vapor Technologies was awarded three U.S. patents for PVD finishes that give plated plastic and metallic products the appearance of stainless steel or nickel.

In 2003, Masco reported that net sales of decorative architectural products rose 12%, due primarily to higher unit sales volume of paint and stains, as well as decorative hardware in North American retail distribution channels.

Along with other items, the extensive effort Masco made to revamp paint display centers at Home Depot took a toll on the segment's operating profits. Operating profit margins were 14.4% compared with the 22.9% it recorded in 2002. The good news is that by the end of 2003, more than 1,500 Home Depot stores in the U.S. had the enhanced displays providing customers with a more interactive experience when buying Masco's paint.

Masterchem, maker of Kilz products, has put a new spin on the venerable brand with the introduction of Kilz Casual Colors. In addition to a variety of one-coat coverage hues, Casual Colors is packaged in a redesigned container. According to Mike Walsh, vice president of marketing and new product development, Masterchem, consulted with ergonomic engineers to create a paint container that was easier to carry, open and pour and would be attractive to men and women.

20 DAW/CAPAROL

SALES: $734 million *

HQ: OBER-RAMSTADT, GERMANY

PHONE: 49-6154 710

FAX: 49-6154-71-1391

WEB SITE: WWW.DAW.DE, WWW.CAPAROL.DE

KEY PERSONNEL: Klaus Murjahn, managing director, Caprol Group of companies. Other key personnel: Peter Meraviglia, Reinhold Heinzle, Uwe Possin and Rainer Rencker.

* In 1989, Deutsche Amphibolin Werke (DAW) became the holding company for the paint business founded in 1895 by Robert Murjahn. Today, Caparol Group (the marketing company) is leading maker of paint for professional and DIY use.

3M

SALES: $640 million *

HQ: ST, PAUL, MN, USA

PHONE: 888-364-3577

WEB SITE: WWW.3M.COM

KEY PERSONNEL: W. James McNerney, Jr., chairman and CEO; Jay V. Ihlenfeld, senior VP, R&D; Steven J. Landwehr, executive VP, transportation business; Harold J. Wiens, executive VP, industrial business; Peter M. Koelsch, R&D industrial and transportation; H.C. Chin, industrial adhesives and tapes.

Major Products: Adhesives. coatings and sealants.

New Products: 3M fire block sealant FB 136.

* 3M is a $18.2 billion multi-faceted company selling a wide variety of products ranging from Post-it sticky note pads to drug delivery systems to adhesives to sealants.

Sales recorded by its "industrial" unit accounted for 18.4% of 3M's total revenue in 2003 and the "transportation" unit represented 8.4%. It is within these two stables where 3M manages its finished adhesive and sealant products.

Within the industrial business unit, 3M manufactures low surface energy, hot melt, spray and structural adhesives adhesives as well as pressure sensitive tapes and other products. The company's transportation segment serves the automotive market (including the aftermarket) as well as marine, aerospace and specialty vehicle customers with products used for manufacture, repair and maintanence. This unit also sells structural adhesives and functional and decorative graphics.

As for coatings, 3M's roster includes Novec electronic coatings, replacements for Fluorad coatings FC-722, FC-724, FC-725 and FC-732, which were used by the disk drive, LCD and printed circuit board industries. 3M is also involved in the formulation side of the paint business, selling raw materials that usually go unnoticed by regular consumers. And while there was some speculation that 3M might enter the decorative DIY paint market on its own, it decided to team up with Ace to launch a "Scotchgard" paint product. Ace Sensations with Scotchgard protector is being sold by Ace Hardware. Ace Sensations is sure to catch the eye of consumers who have trusted the Scotchgard brand for fabric protection.

22 HEMPEL

SALES: $606.4 million

HQ: LYNGBY, DENMARK

PHONE: 45-45-93-38-00 FAX: 45-45-88-55-18

WEB SITE: WWW.HEMPEL.COM

KEY PERSONNEL: Ditlev Engel, group president and CEO; Pierre-Yves Jullien Group, group executive vice president; Henning Sogaard, group VP, supply chain; Soren Hoveroust, group VP and CFO. Additional key personnel: Christian Vang, Michael Stender, Lars Johansen, Jacob Gulmann, Malte V. Eggers, Henrik S. Petersen, Carl Penderup Jensen, Martin Wiese, Chris Huffon, Wilfred Thomas, Susanne Lovgreen, Jens Tommerup, Soren Hoveroust, Mark Rees and Daniele Dezzi.

Major Products: Coatings for containers and industrial, marine, yacht and decorative applications.

* In 2003, Hempel's sales volume reached an all-time-high of 191 million liters, six percent higher than in 2002. Yet, group turnover was down six percent.

"Even though this means that our profit margin has gone up, we are not fully satisfied. In operational terms we feel that Hempel did not realize its full potential in 2003," Ditlev Engel, group president and CEO said in the company's annual report. The reason for the lower performance: Hempel Group was "hit hard by the massive depreciation of the U.S. dollar in 2003."

According to Ditlev, "Had the U.S. dollar maintained its value against the euro during 2003, we would have secured a top line of almost 600 million [euro] and a net profit after tax of 57 million [euro], corresponding to a top line growth of five percent, and a growth in net profit after tax of 54%. That would have been the best result in many years."

In 2003, Hempel's Chinese company was among its strongest performers. Hempel is no newcomer to China, having established its first regional office there in 1958. In 1992, it increased its efforts, forming Hempel-Hai Hong, a joint venture with China Merchants Holdings, one of China's biggest industrial groups. All told, Hempel delivered more than 70 million liters of coatings in China in 2003 and achieved significant successes in several markets there. In the container sector, it coated more than 600,000 containers, more than one-third of the global market. In the marine market, Hempel continued in a leadership position, supplying coatings for 400 dry dockings in 2003 and a three-year total of 120 new builds. During the last few years, Hempel has supplied paint for approximately 50% of the world's container cranes and a large number of steel bridges in China, including major structures on the Yangtze, Pearl and Yellow Rivers.

With Greece an important marine coatings market and Athens a major shipping center. Hempel's sponsorship of the 2004 Danish Olympic Sailing team is a fitting endeavor. And as testament to the company's long-term committment to the marine coatings market. Hempel has pledged its support through 2008 when the team will compete in the Olympics in China--another key market for the company and the marine market in general

23 DNT

SALES: $552 million *

DAI NIPPON TORYO

HQ: OSAKA, JAPAN

PHONE: 81-6-6466-6661

FAX: 81-6-6462-0788

WEB SITE: WWW.DNT.CO.JP

KEY PERSONNEL: Masfumi Toyomatsu, president and Yasuhide Tanabe, vice president.

Major Products: Heavy duty, industrial, automotive and marine coatings and decorative paint. The company also manufactures coating application and manufacturing machinery and equipment.

* Dai Nippon Toryo, based in Osaka, makes a wide range of paint and coatings, as well as other items, such as lighting equipment. It is estimated that the company's paint sales represent between 80-90% of its total revenue.

24 TIKKURILA

SALES: $497 million

HQ: VANTAA, FINLAND

PHONE: 358-985771

FAX: 358-985976900

WEB SITE: WWW.TIKKURILA.COM

KEY PERSONNEL: Visa Pekkarinen, president, Tikkurila Oy.

Major Products: Industrial coatings and architectural and decorative paint.

* In December, Tikkurila acquired Akzo Nobel Coatings' general industrial liquid coatings activities in Hungary, which had sales of approximately 1.2 million [euro] in 2003. Manufacturing was to be moved from Akzo's Tiszaujvaros, Hungary site to Tikkarila's production facilities in Vantaa, Finland.

25 FERRO

SALES: $69 million *

HQ: CLEVELAND, OH USA

PHONE: 216-641-8580

WEB SITE: WWW.FERRO.COM

KEY PERSONNEL: Millicent W. Pitts, corporate vice president, coatings.

Major Products: Coatings, enamels, specialty glazes and related products. Ferro also makes raw materials for paint.

* Ferro is a leading supplier of porcelain enamel which is used on large and small appliances, cookware and grills, as well as sanitary ware, water heaters, building panels, signage and chemical storage vessels. The good news for Ferro's porcelain enamel business is that demand for appliances and other wonders of the modern world continue to rise in emerging markets.

Ferro, which also manufactures Cordobond epoxy repair systems for industrial, marine, utility and other maintenance applications, recently dedicated the Posnick Center of Innovative Technology (formerly Ferro Technical Center) to former chairman and CEO "Ad" Posnick. During his tenure, Posnick led Ferro's growth in net sales from $375 million to $1.1 billion.

26 ASIAN PAINTS

HQ: MUMBAI, INDIA

PHONE: 91-22-56958000 FAX: 91-22-5698888 WEB SITE: WWW.ASIANPAINTS.COM

KEY PERSONNEL: Ashwin Choksi, chairman; Ashwin Dani, vice chairman and managing director, Abhay Vakil, managing director; P. M. Murty, president, architectural (India); J.N. Shahani, vice president, industrial (India); and Jalaj Dani, vice president, international operations.

Major Products: Decorative and architectural paint and industrial and automotive coatings.

* With 29 manufacturing facilities producing paint, Asian Paints recorded sales of $466.6 million in 2003. The company is heavily focused on architectural and decorative coatings, which accounted for 89% of sales during the year. Industrial and automotive coatings represented the remaining 11%, according to company officials.

For years, Asian Paints has been focused on expansion beyond India. From its first overseas operation in 1977 in Fiji, the company's presence has grown, reaching southeast Asia, the Middle East, the Caribbean, Africa and Europe.

Among Asian Paints' recent acquisitions were Taubmans Ltd. of Fiji in September 2003 and Berger International Limited (Singapore) which the firm acquired in 2002.

The Berger acquisition has been a success story for Asian Paints. According to company officials, for the year ended December 31, 2003, BIL's revenues dropped 6.1%--due mainly to a decision to reduce contract sales and focus on manufacturing and distribution of paints--but volume rose 13% and net profit for the year before minority interests was approximately $1.8 million compared to $0.3 million. Also, net profits attributable to shareholders was $1.2 million compared to a loss in the previous year.

Asian Paints continues to tweak the BIL operation. In May, it divested its stake in the Berger Paints (Malta) subsidiary, eliminating BIL's only presence in Europe.

As a company, Asian Paints is also committed to safety. Three of its manufacturing facilities have been audited by the British Safety Council (BSC) and presented with its highest rating. The facilities--Patancheru, Andhra Pradesh Ankleshwar Gujarat and Bhandup Maharashtra--were given 'Swords of Honour," an award BSC presents to no more then 40 firms each year.

27 PPI

SALES: $450 million

PROFESSIONAL PAINT, INC.

HQ: LONE TREE CO USA

PHONE: 720-873-3060 FAX: 720-873-3070

WEB SITE: WWW.PROPAINT.COM

KEY PERSONNEL: Kent Child, president and CEO; Dan Colbourne, senior vice president and CFO; Ed Lanctot, president, Frazee Paint; Miles Tunno president, Kwal Paint; Rolph Alden, president, General Paint; and Pat Wever president, Duckback.

* In 2003, Professional Paint (PPI) acquired several businesses that expanded its operations and distribution in key regional markets.

In April, it acquired Ideal Paint, a Toronto, Ontario-based maker of architectural paints, including its distribution/service center in Rexdale and three other service centers. In September, PPI picked up the operating assets of Duckback Products, Inc. In December, it purchased the non-manufacturing assets of Classic Paint in Arizona, including four service centers. The four new service centers have increased the number of Frazee locations to 99 in California, Arizona and Nevada.

28 FORBO

SALES: $426.4 million

HQ: ZURICH SWITZERLAND

PHONE: 41-1-868-25-50

WEB SITE: WWW.FORBO.

KEY PERSONNEL: Paul J. Haelg, executive vice president Forbo adhesives and Jack Chambers, president of Forbo Adhesives, LLC.

Major Products: Adhesives used in a wide variety of markets. Forbo also makes intermediates.

* Forbo's adhesives sales were approximately $426.4 million in 2003, a 17.7% increase compared to 2002 results. The main reason for the rise was the integration of the Swift adhesives business into Forbo's portfolio.

In Marcia, Forbo Adhesives in Research Triangle Park, NC, formed a strategic alliance with Eugene, OR-based Industrial Adhesives, Inc., in which Forbo gained exclusive worldwide distribution rights to Industrial's hot melt, wide tape products. On a non-exclusive basis, Forbo will distribute Industrial Adhesives' line of thermoplastic hot melt adhesives and hot melt tape/string products and Industrial Adhesives will have access to portions of Forbo's product lines to distribute throughout the North American marketplace.

As part of the deal, Forbo has retained the option to purchase all tile assets of Industrial Adhesives at a later date.

In the fourth quarter of the year, Forbo said it will begin construction of a new manufacturing plant in Eugene.

29 DURON

SALES: $350 million *

HQ: BELTSVILLE, MD USA

PHONE: 301-937-4700

WEB SITE: WWW.DURON.COM

KEY PERSONNEL: Robert Feinberg, Chairman; Thomas Schwartzbeck, president and COO; Pete Pitroff, senior vice president; Howard Bloom, vice president, finance: William Rosenthal, vice president; technical services; Gary Salter, director of marketing and e-commerce; Charles Benedict, industrial maintenance; Bill Rains, architectural/spec; and Michael Ruggiano, concrete and masonry.

Major Products: Architectural/decorative paints and light industrial coatings.

New Products: Colors of Historic Charleston and Estate of Colours collections.

* Two of Duron's recent launches are based on the past, and it appears Duron's existence as a privately-held family-owned operation is history too. This Beltsville, MD-based manufacturer, founded in 1949, is being sold to Sherwin-Williams in a transaction valued at approximately $253 million plus the assumption of certain financial obligations at closing.

According to Sherwin-Williams, after the transaction is completed, Duron customers will continue to be supported by current Duron employees through the Duron store and territory network and existing Duron manufacturing facilities.

"I am pleased to have reached this agreement with The Sherwin-Williams Company," said Robert Feinberg, chairman of Duron. "I believe this union will offer Duron's employees a strong future of enhanced opportunity and our customers the assurance of ongoing access to the Duron products on which they depend."

Duron got its start in 1949 when, as a young chemist, Harry Feinberg purchased a half interest in a small paint company based in Washington, D.C. His idea was to make premium coatings for professional painters.

Feinberg's hard work began to pay off, as Duron soon gathered a loyal following of customers in the Washington area. By the 1960s, there were 10 Duron stores and tile company moved its headquarters to nearby Beltsville, MD.

Although he was reluctant to leave his academic career as a professor of organic chemistry at Rockefeller University, Feinberg's son Robert--the current chairman and CEO--came on board in 1976. By 1979, Duron's facility in Beltsville was churning out 20,000 gallons of paint per day. A decade later, Duron opened a second plant in Atlanta that produced 30,000 gallons of product per day.

30 COMEX

SALES: $340 million *

COMERICAL MEXICANA DE PINTURAS

HQ: MEXICO CITY, MEXICO

PHONE: 525-284-1600

FAX: 525-284-1628

WEB SITE: WWW.COMEX.CQM.MX

MAJOR PRODUCTS: Architectural, industrial maintenance and automotive paint and coatings

* COMEX, Mexico's largest paint manufacturer, also sells its wares in the U.S., Latin America, the Carribbean, Europe and Asia. In 2003, it launched a new public image new logo and a new slogan--Comex, expresses my style.

31 KELLY-MOORE

SALES: $325 million

HQ: SAN CARLOS

PHONE: 650-592-8337 FAX: 650-592-1215

WEB SITE: WWW.KELLYMOORE.COM

KEY PERSONNEL: Herbert R. Giffins, president and CEO; Dan Stritmatter, CFO; Todd Gentry, VP-sales; Steve DeVoe, VP-store operations; Cindie Rutledge, VP-stores accounting; Jim Maul, VP-into systems; Doug Merrill, VP-manufacturing Mark Zielinski; director marketing, sundry procurement; Greg Stopher, VP-technology and raw materials procurement; Rod O'Neal, architectural decorative coatings; and Martin Keller, industrial and high-performance coatings.

Major Products: Architectural and decorative coatings and industrial and high-performance coatings.

* Kelly-Moore Paint Company is an expert formulator of architectural and decorative paint and coatings, which represented 95% of its revenues in 2003. Industrial maintenance coatings accounted for the remainder, according to company officials.

Focused mainly on the western region of the U.S., Kelly-Moore has four manufacturing facilities San Carlos, CA, Seattle, WA, Hurst, TX, and Tempe, AZ--and more than 160 retail stores.

But the company's reach extends beyond the west coast. Kelly-Moore has a relationship with American-Asia Construction Materials Inc., which imports Kelly-Moore paint products into China.

Selling paint in China couldn't have been on the minds of company founders William H. Kelly and William E. Moore. The duo's plan was to answer the unique needs of professional painting contractors who demand top-quality products and knowledgeable, efficient service at a fair price.

It has been this philosophy that enabled Kelly-Moore to grow from a single manufacturing facility and store in San Carlos, CA in the 1940s to where it is today--the largest employee-owned paint company in the U.S. with sales of more than $300 million.

Kelly-Moore, which established an employee stock ownership program (ESOP) in 1998, has benefitted from steady leadership.

Herb Giffins, the current president, is just the third in the company's history.

32 WATTYL

SALES: $319.5 MILLION

HQ: BLACKTOWN, AUSTRALIA

PHONE: 02-9621-6255

FAX: 02-9621-6255

WEB SITE: WWW.WATTYL.COM.AU

KEY PERSONNEL: J.W. Ingram, chairman, P.C. Cadwallader, deputy chairman; I.E. Jackson, managing director; Urs Meyerhaus; finance director; Menaka Cooke, John Foyle, CEO Wattyl New Zealand, Bob Hechier CEO Wattyl US; Herman van Hummel, CEO Wattyl Australia; John Neumann, CEO Solver.

Major Products: Architectural and decorative coatings.

New Products: i.d Copper Pearl metallic shade and i.d Matt, a scrubbable matte finish interior paint.

Planned Divestiture: Coronado Paint and Lenmar.

* Wattyl is a maker of paint and surface coatings with manufacturing, sales and distribution operations in Australia, New Zealand and, until recently, the U.S. As this issue went to press, the Blacktown, Australia-based company announced plans to sell its U.S. operations. (See As We Go to Press, p.8 in this issue, for more on the sale.)

Wattyl's decision to sell its remaining U.S. operations isn't a surprise. The company had been mulling over the U.S. unit's performance for some time and even embarked on a restructuring effort. But another year of lackluster financial performance was the last straw. In its 2003 annual report, Wattyl noted that "U.S. businesses were again unsatisfactory." Sales fell three percent, reflecting the weak U.S. economy and the loss before interest, tax and one-off costs was $4.7 million, compared with $7.9 million the previous year, according to Wattyl.

"The sale of our U.S. businesses will have an immediate positive impact on the Group's operating profit," said Ian Jackson, managing director of Wattyl. "It will also enable us to focus all our resources on strengthening Wattyl's position in the Australian and New Zealand coatings markets."

Getting out of the U.S. market will enable Wattyl to focus its full attention to its successful operations closer to home. In Australia Wattyl recorded a sales increase of nine percent and EBIT rose 13%. Wattyl attributed this to buoyant market conditions, particularly in the first half of the year. In addition, company officials said performance was driven by efficiency improvements and expansion of its Solver stores into new areas. The firm also upped its advertising budget and spiffed up in-store merchandising efforts.

In New Zealand, Wattyl's sales rose 15% to record levels and EBIT skyrocketed 85%. A SKU rationalization program started in 2001 has resulted in a more profitable product mix for Wattyl. In addition, the company said its group-wide purchasing initiatives lowered costs during the year.

In the new products area, at the end of the year, Wattyl relaunched premium Pascol with an improved formulation. This year, the company added two new fashion-forward finishes to the i.d line--copper pearl metallic and matte.

33 ORICA

SALES: $307 million

HQ: VICTORIA, AUSTRALIA

PHONE: 613-9665-7111

FAX: 613-9665-7937

WEB SITE: WWW.ORICA.COM

KEY PERSONNEL: Dulux--Graeme Jacobs, GM; Peter Challender, marketing director; and Ted Keene, decorative R&D manager. Woodcare--Guy Roberts, GM and lain Simpson, marketing manager. Acratex--John Dimoglidis, GM; Ian Schultz, texture coating R&D manager; and Paul Hicks, business manager. Powders--Steve Walker, business manager, Vincent Brereton, national sales and marketing manager; and Rodney Jackson, technical services manager. Protective Coatings--Ian Bakos, national business development manager.

Major Products: Architectural and decorative paint and powder coatings.

* Orica Consumer Products is a market leader in Australia and New Zealand in paint and paint preparation products, as well as lawn and garden care. The company's consumer products group--which includes its paint and coatings operations--recorded sales of $399 million in the most recent fiscal year. Of that, $307 million came from paint, an increase of four percent, according to the company's annual report. EBIT was up 18%.

Orica takes performance seriously. It tests its paint for long-term exposure performance in North Queensland, Australia, and it contends that conditions there are among the most environmentally punishing on the planet, ensuring that its roster coatings arc durable enough for the Australian climate. At the firm's paint technology center, Orica scientists are studying nanotechnology to improve durability, stain resistance and washability.

34 BARLOWORLD

SALES: $301.1 million

HQ: JOHANNESBURG, CA

PHONE: 27-11-301-4600

WEB SITE: WWW.BARLOWORLD.COM

KEY PERSONNEL: Andre Lamprecht, CEO Garth Smart, COO, managing director, Barloworld Coatings Australia; Mike Christie, managing director, Barloworld Plascon; Ebrahim Mohamed, executive director, Barloworld Plascon SA and managing director, Barloworld Plascon Attica; Doug Thomas, financial director Barloworld Coatings Australia, and group financial director, and Doug Swanson, managing director, Barloworld Plascon Automotive.

Major products: Architectural and decorative paint and automotive coatings.

* In its review of its coatings business, Barloworld slated that all operations reported "a pleasing result in 2003."

In South Africa, the architectural/industrial and automotive coatings businesses turned in strong performances. Specifically, Barloworld, which reported that its strategic alliance with DuPont in the automotive sector experienced "continued growth in market share," is a major supplier to the South African manufacturing operations of Daimler-Chrysler, BMW and Volkswagen.

Barloworld has a representative office in Shanghai and is "evaluating" local production alternatives.

35 KCC

KUMGANG KOREA CHEMICAL COMPANY

SALES: $300 million *

HQ: SEOUL, SOUTH KOREA

PHONE: 82-2-3480:5000

WEB SITE: WWW.KCCWORLD.CO.KR

KEY PERSONNEL: Chung Jong-Soon, vice chairman and chief executive; Ko Joo-seok, president and chief executive; Eui Geol Chung, head of sales; and Young Ho Kim, VP, production, technical and research.

Major Products: Automotive coatings, marine paints, cargo container coatings, industrial coatings and decorative paint.

* Kumgang Korea Chemical Company (KCC) is South Korea's largest paint maker.

36 ALTANA

SALES: $293.2 million

HQ: WESEL, GERMANY

PHONE: 49-0-281-670-0

WEB SITE: WWW.ALTANA-CS.COM

KEY PERSONNEL: Guido Forstbach, business unit manager coatings and sealants and managing director Altana Coatings & Sealants GmbH.

Major Products: Coatings and sealants.

* Altana's coatings and sealants business unit, which manufactures products for packaging and industrial applications, recorded sales of $293.2 million in 2003, slightly ahead of its results in 2002.

Altana's coatings and sealants business operates 10 manufacturing sites in seven countries. On a regional basis, Europe is its largest market, representing 82% of sales in 2003. The company recorded sales of 9 million [euro] in China, and the industry can expect more from Altana's local operations in the future. In 2003, the company took complete control of its joint venture in China--Shunde Rhenacoat--which focuses on packaging and industrial applications and has a production site in Guangdong province.

37 DIC

DAINIPPON INK AND CHEMICALS, INC.

SALES: $290 million *

HQ: TOKYO, JAPAN

PHONE: 03-3272-4511

FAX: 03-3278-8558

WEB SITE: WWW.OIC.CO.JP

KEY PERSONNEL: Kozo Okumura, president and Kazuhiko Yoshida, senior managing director.

Major Products: Can coatings and wood finishes and other specialty coatings, including UV and paper coatings.

* DIC's coatings businesses are located throughout its organization. In its packaging sector are two Japanese organizations, DIC Color Coating and Japan Fine Coatings as well as DIC Coatings S.L, a Spanish unit that makes can coatings. Within the electronics and information materials sector is DIC Imaging Products U.S.A., which sells UV curable coatings. Coates Coatings India Ltd., a maker of can coatings, is part of its graphic arts division.

According to DIC's annual report for the year ended March 2003, it said sales of chemical coatings "floundered" as demand for can coatings, labels and stickers dropped.

38 CHUGOKU

CHUGOKO MARINE PARTS

SALES: $275.7 million

HQ: TOKYO, JAPAN

PHONE: 03-3506-5880

FAX: 03-5511-8022

WEB SITE: WWW.CMP.CO.JP

KEY PERSONNEL: Mitsuhiko Fujiwara, president, representative director and CEO; Tetsuo Yamazumi senior managing director; Uetake Masataka, managing director, president of marine coatings division; and Ryusuke Yanai, director vice president of marine coatings division.

Major Products: Coatings and adhesives for marine, container and industrial applications. CMP also sells coating apparatus.

* Chugoku Marine Paints (CMP) is a global operation with offices and production sites in Japan, Germany, Greece, The Netherlands, Turkey, the UK, the U.S., China, Taiwan, Indonesia, Korea, Malaysia, Singapore and Thailand. A number of CMP's operations are ISO certified. Chugoku Marine Paints, Ltd. and Chugoku-Samhwa Paints, Ltd. (Korea) are ISO 14001 and ISO 9001 certified. Chugoku Paints B.V., Chugoku Marine Paints (Shanghai) Ltd., Chugoku Marine Paints (Singapore) PTE, Chugoku Paints (Malaysia) and TOA-Chugoku Paints Co. are ISO 9002 certified.

39 RENNER HERRMANN,

SALES: $270 million *

HQ: PORTO-ALLEGRE,

PHONE: 55-51-3349-1011

WEB SITE: WWW.RENNERHERRMANN.COM.BR

KEY PERSONNEL: Ernesto E. Herrmann; chairman' Marcos Bier Herrmann, vice chairman, and Thomas Bier Herrmann, chairman

MAJOR PRODUCTS: Architectural, decorative and industrial paints and coatings

40 DYRUP

SALES: $266.6 million

HQ: Soborg, Denmark

PHONE: 93 39 57 93 00

WEB SITE: WWW.DYRUP.COM

KEY PAINT PERSONNEL: Steen Bjerre, president and CEO, Hanne Lund executive VP; Roeland Meihers, VP, marketing and application and product development; Allan Dehn, Sogaard, VP, IT; Nis Petersen, VP, corporate purchasing; Henrik D. S. Nielsen, VP, supply chain; Francois Corda, manager, France and Belgium; manager, Nordic,; Volker Thiele, manager, Germany and Austria; Ireneusz Struk, manager, Poland; Jose Vaz-Pinto, Portugal; Eduardo Cevasco, manager, Spain.

Major Products: Architectural paints, coatings and stains for DIY, professional and industrial customers.

* "There were no signs of an economic recovery in Europe in 2003, and Dyrup experienced yet another year with difficult market conditions," CEO Steen Bjerre penned in his company's 2003 annual report.

According to Dyrup, European markets faced economic restraint, sagging household consumption and a low level of activity within new building and maintenance. However, the company delivered "satisfactory revenue and earnings on par with 2002, which was Dyrup's best year ever."

For 2003, revenue and profit were slightly lower than Dyrup anticipated at the start of the year, but finished at

VAN DER MEER: ASIA IS "VITALLY IMPORTANT"

"Asia remains a vitally important market for us and this investment is another example of the strategic steps we are continuing to take to establish a significant presence there for all our key businesses," levels near what the company expected.

In the first quarter of 2004, Dyrup's group sales were up Still, the company said conditions in Germany and Portugal--its largest markets--remain among the most difficult in Europe. Capital expenditures was up from approximately $1.4 million in the first quarter of 2003 to approximately $3.4 million in the first quarter of this year due to the ongoing expansion of its solvent-based production facility in Soborg. Dyrup plans on moving all Danish solvent-based production to that facility by the end of the year.

41 DUNN-EDWARDS

SALES: $244.4 million

HQ: LOS ANGELES, CA USA

PHONE: 323-771-3300

FAX: 323-826-2650

WEB SITE: WWW.DUNNEDWARD.COM

KEY PERSONNEL: Kenneth N. Edwards, CEO; Michael Rose, president and COO; Dennis Kromer, CFO and SVP, treasurer; Andrew Gillette, VP manufacturing, facturing, Nicholas Hess, VP operations, Gary Hoxie, VP sales; Tim Bosveld VP marketing; and H.B. Misland, director of laboratories.

Major Products: Architectural and decorative paint and industrial maintenance coatings.

New Products: Max-Wall, Flex-Prime, Tilt-Kote, Ultra-Wall, Title Prime and Aristoglo.

* Dunn-Edwards has a R&D staff of 11 and three manufacturing facilities--Los Angeles (which makes water- and solvent-based products), Tempe, AZ (water-based) and Albuquerque, NM (water- and solvent-based).

42 YASAR

SALES: $240 million

HQ: IZMIR, TURKEY

PHONE: 90-232-482-22-00 FAX: 90-232-483-46-59

WEB SITE: WWW.YASAR.COM.TR * WWW.DYO.COM.TR

KEY PAINT PERSONNEL: Ahmet Yigitbasil, president, paint and chemical division; Yildirim Cullu, CFO, paint and chemical division; Huseyin Celiker, VP, paint and chemical division; Mustafa Konya, VP, paint and chemical division; Ertugrul Duru, marketing director; Hasan Garipler, technical director; Nihat Zorlu, key manager, car refinishes; and Umit Hancer, key manager, OEM.

Major Products: Decorative, industrial, OEM and automotive coatings.

* Yasar has 90 people employed in research and development and three coatings manufacturing facilities in Turkey--Gebze Plant in Kocaeli (decorative paint) and the Cigli (industrial paint) and Bornova plants, (car refinishes and OEM paint and chemicals), both of which are in Izmir.

Major Products: Architectural and industrial paint and automotive refinish coatings.

43 ROCK PAINT

SALES: $217 million

HQ: OSAKA, JAPAN

PHONE: 81-6-6473-1567

WEB SITE: WWW.ROCKPAINT.CO.JP

KEY PERSONNEL: Iwao Tsuji, chairman, and Shinichiro Tsuji, president

* Rock Paint manufactures Viny Rock and Rock Cote paints, which it contends have been best sellers for more than 40 years. The company has developed waterborne formulations to serve the growing market for these environmentally preferred products, including Uni Rock high-gloss, a high-performance waterborne enamel.

44 SICO

SALES: $203.1 million

HQ: LONGUEUIL, QUEBEC, CANADA

PHONE: 514-527-5111

WEB SITE: WWW.SICO.COM

KEY PERSONNEL: Jean-Paul Lortie, chairman; Pierre Dufresne, president and CEO; Yves Gosselin, vice president general manager industrial division and operations for Sico; Jean Ouellet, vice president, finance and treasurer; Marie L. Letellier, vice president, human resources; and Dominique Pepin, brand manager, Sico Cashmere and Sico Chamois.

Major Products: Architectural and decorative paint and industrial coatings.

* Last May, Sico made its fifth acquisition since December 2000 and its largest to date when it acquired Para Inc., an architectural paint manufacturer based in Brampton. Sico paid approximately $13 million and assumed $20.8 million in debt for the firm, which has more than doubled Sico's market share in Ontario.

Following the Para purchase, Sico embarked on an infrastructure optimization program focused on manufacturing, distribution and customer service. The plan, which was to be completed this spring, entailed closing two plants, shutting down three distribution centers and consolidating customer service activities.

On the R&D front, Sico increased its R&D expenditure from approximately $2.8 million in 2002 to $3 million in 2003.

In addition to the products it manufactures for architectural and industrial markets, Sico is the principal distributor of Rust-Oleum industrial maintenance products in Quebec and the Atlantic provinces. Sico is also the exclusive distributor in Quebec, Ontario and the Atlantic provinces of Sikkens stains. Sales generated from these distribution products accounted for less than 15% of Sico's consolidated sales in 2003, according to the company.

For the three months ended March 26, 2004, Sico's sales rose seven percent to $48.6 million compared to $45.4 million for the same quarter a year ago. The architectural sector posted a 10.9% gain. Para's solid contribution was partly offset by the decrease in private-label paint sales resulting from inventory adjustments by some retail customers, as well as a general decline in sales due to exceptionally cold weather conditions in January, according to the company. On the industrial side, sales dropped 10.8%.

45 LORD CORP.

SALES: $200 million *

HQ: CARY, NC USA

PHONE: 919-468-5979

WEB SITE: WWW.LORDCORP.COM

KEY PERSONNEL: Rick McNeel, president and CEO; Richard J. Ambrose, VP research and technology; Will C. Hinkston, VP, global operations; David L. Lewis, SVP, global business management; Arthur B. Belden VP, finance and treasurer; David Siporin, VP, shared services; Gerald M. Estes, VP, materials; Jack De Leon VP, marketing and business development; Jim Perritt, Fusor sales manager; and Mark Weih, global market manager, MetalJacket.

Major Products: Adhesives, sealants and coatings.

New Products: Metal Jacket treatment/coating system.

* Lord Corp. is a privately-held company that specializes in coating, bonding and product assembly and performance-designed components and systems for controlling vibration, shock, motion and noise.

The company, which is based in Cary, NC, recently announced plans to expand its Fusor adhesives training curriculum and product line into Latin America through its Latin American counterpart, Lord de Mexico.

According to Guido Albo, Lord de Mexico technical sales, the growing use of plastics in automobiles is fueling demand for Lord products. The company hopes to gain market share by addressing the needs of customers who want reduced cycle times.

On the coatings side, Lord has developed MetalJacket, a new metal treatment and coating system that eliminates zinc phosphatizing and the need for adhesive primers, while providing "whole part" corrosion protection without post-painting. The line includes MetalJacket 1100, a single-coat, no-rinse metal treatment used with a Metal Jacket coating or Chemlok adhesive and MetalJacket 2110, an autodepositing corrosion resistant coating. When used in with Metal Jacket metal treatment, 2110 acts as a primer for rubber-to-metal bonding and provides a protective coating.

46 CIN

SALES: $195.6 million

CORPORACAO INDUSTRIAL DO NORTE SA

HQ: MAIA, PORTUGAL

PHONE: 351 229405000 FAX: 351 229485661

WEB SITE: WWW.CIN.PT

KEY PERSONNEL: Antonio Serrenho, chairman; Joao Serrenho, CEO and marketing director; Angelo Machado, member; Jose Luis Nogueira, coatings technical director; Pedro Reis de Almeida, manager for architectural/decorative, automotive refinish and powder coatings; Jorge Azevedo, manager, industrial maintenance; and Vasco Ribeiro, adhesives and sealants.

Major Products: Architectural and decorative enamels, varnishes, primers, undercoats; automotive refinish, industrial maintenance and powder coatings, adhesives and sealants.

New Products: C-Therm fireproof and intumescent coatings; EP/GC 300 waterborne white acrylic primer for plaster and plasterboard; Novaqua RA exterior acrylic latex; and Sil-K, an acrylic paint for exteriors.

Recent Acquisitions: CIN increased its share in Artilin.

* In 2003, architectural and decorative sales accounted for 61% of CIN's total revenue. Its next largest segments are industrial coatings and protective coatings at 14% and 13%, respectively. (CIN's industrial maintenance products are under license from Ameron.)

In 2002, CIN acquired 33.6% of Artilin, S.A, a French specialty paint company that manufactures high-performance coatings for household use. Last year, CIN increased its stake in the company to 43.6%.

CIN, a member of the NOVA Paint Club, has been actively launching new products. Its most recent introductions include C-Therm, a line of fireproof and intumescent coatings for interiors and exteriors and Sil-K, an acrylic paint for exteriors that is based on organic silicates.

47 AMERON

SALES: $190.3 million

HQ: ALPHARETTA, GA, USA

PHONE: 678-393-0653 FAX: 678-566-2699

WEB SITE: WWW.AMERONCOATINGS.COM

KEY PERSONNEL: Stephen F. Dickey group president; Linda Marquez, vice president, worldwide marketing; Christine Stanley, vice president, worldwide technology; Dick van Hor, vice president, operations; Robert Claybaker, director, industrial marketing; Tom Brown, director, marine marketing; Jim McCarthy, coatings technical director; Steve Feldman, manager, industrial; and Bobby Reaves, manager, marine.

Major Products: Industrial and marine coatings.

New Products: Nu-Klad professional grade flowing systems; Amercoat 450 H high-gloss aliphatic polyurethane; Amercoat 240 universal epoxy; and Steelguard FM intumescent fire protective coating.

* Ameron's Performance Coatings and Finishes Group, based in Alpharetta, GA, recorded sales of $190.3 million in 2003, a slight improvement over the $183.3 million it recorded in 2002, thanks to favorable effects of exchange rates. Segment income ($9.4 million) was slightly higher than in 2002. The company said income results were constrained by lower European margins due to competition in certain U.S. dollar-dominated markets and high insurance and pension costs.

When excluding the exchange rate benefits, the picture wasn't so rosy. Ameron reported that its European operation's sales volume was relatively flat, U.S. operations were lower than in 2002, and Australasian sales were also lower. While the company noted weak chemical and industrial markets worldwide, on the positive side, it said key marine and offshore markets outside the U.S. improved.

Back in 2003, Ameron management said to expect a number of new products from its coatings group in 2004 as it looked to serve new market segments that it deemed natural extensions of its current business. Ameron's product development office has followed through, introducing Nu-Klad, an epoxy-based coatings line for the industrial flooring market, a thin-film intumescent coating for steel in high-rise buildings, and an environmentally-friendly tin-free, antifouling coating with a low copper release rate.

48 DPI

SALES: $173 million

HQ: ANYANG-SI, GYONGGI-DO, SOUTH KOREA

PHONE: (82) 31-467-6078

FAX: (82) 31-448-9020

WEB SITE: WWW.DPI.CO.KR

KEY PERSONNEL: Young-Jae Han, CEO; Jung-Mo Yang, president: CM Ahn, president, DPI China; and K.S. Hong, overseas business coordinator

Major Products: Paint and coatings for the general industrial, architectural, general and heavy duty industrial and automotive refinish sectors.

New Products: Deer Kid's Color and Huven (in China).

* In February, DPI took a major step into its plan to become a major player in the Chinese market, opening a new R&D and manufacturing facility and launching a new local brand called Huven. DPI has lofty goals for China: It says its Chinese unit will produce 10,000 tons of water-based paints per year for sale in the Chinese market, with Huven targeted to the high and mid-end market. In addition, DPI plans to open 40 paint shops in Shanghai's neighboring cities of Zhejiang and Jiangsu and will introduced automated color mixing capabilities.

"We will endeavor to compete with multinational major players in the China market on the basis of the quality of our products," said Young-Jae Han, CEO.

62 NATIONAL PAINTS

SALES: $155.5 million

NATIONAL PAINTS FACTORIES CO. LTD.

HQ: ABU-ALANDA, JORDAN

PHONE: 962-6-4162481

FAX: 962-6-4162483

WEB SITE: WWW.NATIONALPAINTS.COM

KEY PERSONNEL: Michael Sayegh, president; Ibrahim, Sayegh, vice presdent and technical director; Mustafa Attari, home sales manager; Mujahed abu Doleh, investment consultant; Mazen Zawadeh, export sales manager; Ramzi Salameh, marketing director; Mohammed Ashqar, technical director; Mazen Zawadeh and J. El Sheikh, product managers.

Major Products: Architectural and decorative paint, wood and furniture finishes, industrial and protective coatings and marine and automotive paint.

New Products: Special effect paint including antique stucco and antique velvet finishes and a crackling medium.

* National Paints of Jordan reports that its sales in 2003 were $155.5 million, and of that 54% came from architectural/decorative paint. The company, which purchased two factories in Romania and Oman, will open a new factory in Egypt this September.

50 SHINTO PAINT

SALES: $153.2 million

HQ: AMAGASAKI-CITY, HYOGO, JAPAN

PHONE: 81-6-6426-3355

FAX: 81-6-6429-6188

WEB SITE: WWW.SHINTOPAINT.CO.JP

KEY PERSONNEL: Harunobu Horibe, president; Akira Kubo, managing director and technical director; Minoru Aono, managing director and marketing director architectural/decorative coatings and industrial maintenance coatings; Masaya Kawabata, managing director and marketing director; and Hiroyasu Shinzawa manager, automotive coatings.

Major Products: Architectural/decorative, industrial maintenance, OEM and automotive coatings.

New products: Ionize.

* Shinto Paint is owned by Sumitomo Chemical Co., Ltd., which is based in Osaka. For its most recent fiscal year, Shinto's coatings sales were $153.2 million. The company has an R&D staff of 85.

51 DIAMOND-VOGEL

SALES: $151 million *

HQ: ORANGE CITY, IA USA

PHONE: 712-737-8880

FAX: 712-737-4998

WEB SITE: VOGELPAINTS.COM

KEY PERSONNEL: Drew Voge;, president; Doug Vogel, trade sales marketing director; Mark Vogel, industrial sales marketing director; Dave Boie, corporate accounts manager; and Al Williams, regional sales manager.

Major Products: Industrial, architectural coatings and heavy duty protective coatings.

New Products: Grain Stain color palette with transparent, semi-transparent, semi-solid and solid stains.

Recent Acquisition: Four Seasons Paint.

* Diamond Vogel has been building its industrial unit, making two major acquisitions to bolster its regional presence.

The first came at the end of 2003 when Davis-Frost Paint, Lynchburg, VA, sold certain assets related to its industrial coatings operations in Minneapolis, MN and Tulsa, OK to Diamond Vogel. Diamond Vogel consolidated the Minnesota business into its own facility in the city and continued manufacturing at the Davis-Frost facility in Tulsa.

"We are pleased to have the opportunity to serve the customers that have been developed by Davis-Frost's western division, as well as expand the geography that we are able to serve in our industrial liquid and powder coatings business," said Drew Vogel.

In February 2004, Diamond Vogel Paints acquired Four Seasons Paint, a Lincoln, NE-based maker of industrial coatings. In addition to expanding its industrial coatings business, Four Season gives Diamond Vogel additional production capacity for its Van Sickle Paint subsidiary, which is also based in Lincoln.

52 TOHPE

SALES: $143.7 million

HQ: OSAKA, JAPAN

PHONE: 81-722-43-6411

WEB SITE: WWW.TOHPE.CO.JP

KEY PERSONNEL: Toru Sato, president; and Hideharu Okamura, and Norikazu Minami, managing directors.

Major Products: Tohpe makes a wide variety of paints and coatings for use in the automotive and construction markets. Its sales for fiscal 2004 were approximately $143.7 million.

53 M.A.B. PAINTS

SALES: $138 million *

M.A. BRUDER & SONS, INC.

HQ: BROOMALL, PA USA

PHONE: 610-353-5100

FAX: 610-353-3963

WEB SITE: WWW.MABPAINTS.COM

KEY PERSONNEL: Thomas A. Bruder Jr., president; James J. Bruder, executive vice president; Michael A. Bruder, executive vice president; James Renshaw, vice president of sales; George Przybylski and Dave Rice, marketing directors.

Major Products: Architectural and industrial coatings.

* In addition to its architectural coatings, M.A.B. also has a wide range of industrial offerings including heat resistant coatings, metal primers and finishes, urethanes and NSF-certified water and wastewater tank coatings. M.A.B.'s Modac division sells high quality concrete waterproofing coatings.

54 ACE HARDWARE

SALES: $135 million

ACE HARDWARE CORP.-ACE PAINT DIVISION

HQ: MATTESON, IL USA

PHONE: 708-720-0600

FAX: 708-720-1967

WEB SITE: WWW.ACEHARDWARE.CM

KEY PAINT PERSONNEL: Richard Bristol, director, Ace Paint division; Jack D. Wickham, director of operations, research and development; Dennis A. Centofante, technical director; Judy King, consumer marketing; and David Brepple; retailer marketing.

Major Products: Architectural and decorative paint.

New Products: Ace Sensations with 3M Scotchgard (see page 47).

* When consumers walk into many Ace Hardware stores, the first thing they see is the paint department--and that's a good thing now that Ace has created the Color Your Life program.

According to Ace, 800 shops signed up for the Color Your Life program in 2003, which provides retailers with a more upscale paint department. Color Your Life should help the company compete with the big box stores which have attracted more DIY buyers. In addition, Ace signed a deal with Sherwin-Williams in which retailers could sell its Pratt & Lambert Accolade and Red Seal lines, further enhancing that upscale feeling. According to Dick Bristol, directoh Ace Paint, the Red Seal and Accolade brands should help bring new customers to Ace shops.

In April, Ace started an expansion project at its 500,000-sq.ft. distribution center in Colorado Springs, CO. The site will be increased by nearly 50% in response to growing sales and an increasing number of Ace retailers in the western region, according to the company.

55 YUNG CHI

SALES: $134 million *

HQ: KAOHSIUNG, TAIWAN

PHONE: 07-871-3181

FAX: 07-871-5443

WEB SITE: WWW.RAINBOWPAINT.COM.TW

KEY PERSONNEL: T.Y. Change, chief executive officer, and H.L. Shen, general manager.

* From its headquarters in Taiwan, Yung Chi manufactures industrial and coil coatings as well as architectural and decorative paint and coatings.

56 TOA PAINTS

SALES: $131 million *

HQ: BANGKOK, THAILAND

PHONE: 66-0-2392-8461

FAX: 66-(0-2312-8904

WEB SITE: WWW.TOAGROUP.COM

KEY PERSONNEL: Prachak Tangkaravakoon, chairman; Vonnarat Tangkaravakoon, president; and Jatuphat Tangkaravakoon, managing director.

Major Products: Architectural/decorative paint and wood, OEM, heavy duty and powder coatings

New Products: Duraclean paint.

* The TOA Group is one of Thailand's leading industrial companies and is parent to TOA Paints, largest paint manufacturer in the country with a 45-50% share of entire Thai paint market. In addition to its line of paint and coatings products, the company also manufactures chemicals, including resins for its own consumption, as well as petrochemicals and automotive parts.

TOA Paints has several joint ventures--TOA-Shinto (Thailand) Co., TOA Chugoku Paint Co. and TOA Union Paint Co.--and is looking to further its overseas presence. In April, it announced plans to build a factory in Ho Chi Minh City, Vietnam. According to a report in the Bangkok Post, TOA Paints' goal is to generate sales of $100 million from the fast-growing Vietnamese market within five years.

The Vietnam plant, which is scheduled to be operational by the first quarter of next year, is TOA Paint's second outside of Thailand; it has a seven-year-old site in Shanghai. In addition, the company said it will build a new facility at Samut Prakan, Thailand site, which is reportedly manufacturing 50,000 gallons of paint a day.

"We're aiming to reach the maximum capacity by the middle of this year by running three shifts a day," Jatuphat Tangkaravakoon, managing director of TOA Paint, told the Bangkok Post.

Company officials said that new Samut Prakan factory would he operational in 2006.

Among TOA Paint's newest products in Duraclean, which is an antibacterial paint formulated with Microban.

57 GREBE GROUP

SALES: $123 million *

GREBE HOLDING AG

HQ: WEILBURG GERMANY

PHONE: 49 6471 315-0

FAX: 49 6471 315-233

WEB SITE: WWW.GREBE.DE

KEY PERSONNEL: Helmut Tappe and Gunter Waasen, board members

Major Products: Industrial coatings.

* Grebe Group is a privately-owned manufacturer of industrial-type coatings based in Europe with a range of coating tcchnologies from general industrial coatings to automotive coatings to overprint varnishes to coatings for pencils. Companies in the Grebe Group are: Weilburger Coatings, Schramm Coatings, Weilburger Graphics, Weilburger Schramm Coatings Italia, Weilburger Schramm Coatings (UK), Grebe Cashew (Japan), Schramm Cashew (Japan), Weilburger Manfield Ltd. Hongkong/China, PT Weilburger Coatings (Indonesia) and Weilburger Schramm Iberia.

Last July, PT Weilburger Coatings Indonesia opened a second manufacturing plant in Cibitung, near Jakarta, which manufactures Plaslac coatings for the telecommunications industry.

58 TIGERWERK

SALES: $115 million *

HQ: WELS, AUSTRIA

PHONE: 43-0-7242-400-0

WER SITE: WWW.TIGER-COATINGS.COM

KEY PERSONNEL: Kurt Beighofer, CEO

Major Products: Architectural, industrial and OEM powder and liquid coatings. The company also manufactures master batches for polymers.

59 TAMBOUR

SALES: $110 million *

HQ: ACCO, ISRAEL

PHONE: 09-8925555

FAX: 09-8925667

WEB SITE: WWW.TAMBOUR.CO.IL

KEY PERSONNEL: Shmulik Porre, CEO; Yehoshua Schechter, VP-finance; Jacob Moshe, VP-administration and human resources; Yiftach Keren, VP-marketing; Offer Saky, VP-sales; Shmuel Karmiel, operations purchasing and logistic manager; Yacov Mor, R&D manager; and Yifat Cherpack, legal counsel.

* When it comes to warehouse space, Tambour is set. At 12,000-sq. meters, the company's Acco facility is one of the largest in Israel and houses approximately 3,000 different kinds of paint, according to the company.

Earlier this year, Tambour supplied Tamarine marine paint to the Greek Navy for a trio of gunboats. The boats will be used to as patrol boats during the Olympic Games next month.

Companies To Watch

RED SPOT

SALES: $90 million

HQ: EVANSVILLE, IN USA

PHONE: 812-428-9100

FAX: 812-428-9167

WEB SITE: WWW.REDSPOT.COM

KEY PERSONNEL: Charles D. Storms, president and CEO; J.C. "Pete" Ruthenburg, executive VP and COO; Steve Halling, corporate controller and CFO; Kirk Brunson, national sales manager; George Lord, corporate quality assurance manager; Joe Bassemier, corporate operations manager; Mike Merkel, commercial development manager; Joe Neidig, corporate human resources director; and Mark Lutterbach, vice president R&D-new products.

Major Products: Automotive OEM coatings.

* Privately-held Red Spot is a major supplier to the automotive OEM industry and is a leader in making high-performance coatings for plastics. The company, which celebrated its 100th anniversary in 2003, has two manufacturing facilities and an R&D staff of 78.

TNEMEC

SALES: $85 million

HQ: KANSAS CITY, MO USA

PHONE: 800-TNEMEC

FAX: 816-483-3969

WEB SITE: WWW.TNEMEC.COM

KEY PERSONNEL: Pete Cortelyou, president; Chase Bean, VP-sales; Tom Osborne, CEO; Steve Eiserer, VP-finance; Remi Briand, VP-research and development; Mark Thomas, marketing director; Joe Davis, technical director; Joe Schmit, manager, StrataShield-flooring; Lake Barrett, manager, water and wastewater;. Al Morris, manager, Chemprobe-masonry; Terry Wallace, manager, specialty architectural; and George Shannon, manager, water storage.

Major Products: A wide variety of products for architectural and industrial applications.

New Products: Series 394 PerimePrime

* Tnemec is waging an all out battle against corrosion with its line of high-performance coatings products. Want to see the company in action? Tnemec's coatings have been used across the U.S. at several high-profile locations--the Boston Convention and Exhibition Center, the Marion Oliver McCaw Opera House in Seattle, WA, the George Fuller Building in New York and Freedom Hall in the Kentucky Fair and Exposition Center.

TRUE VALUE

SALES: $88 million

HQ: CARY, IL USA

PHONE: 847-639-5383

FAX: 847-462-5441

WEB SITE: WWW.TRUSERV.COM

KEY PERSONNEL: Ed Majkrzak, coatings technical director; Mike Haining, SVP, distribution, logistics and manufacturing; Mike Lambrecht, general manager; Rich White, sales and marketing manager, architectural coatings; and Carol Wentworth, vice president of marketing.

Major Products: Architectural coatings.

New Products: Trading Spaces interior paint.

* The popularity of home renovation and design shows isn't lost of TruServ. General Paint & Manufacturing, a subsidiary on TruServ, has obtained the license from Discovery Consumer Products to produce and sell a line of Trading Spaces paint.

--Rudy van der Meer, board member responsible for coatings, about Akzo Nobel's new decorative coatings plant in Vietnam.

MONTENY: BASF CAOTINGS US "FIRMLY FOCUSED"

"Coatings Solutions: More than just a corporate slogan, these words epitomize how BASF Coatings approaches its business worldwide. Firmly focused on current needs and future demands, BASF Coatings is dedicated to developing innovative, cost-efficient products and truly first-class processes. A recent example is the Integrated Process II, an innovative optimization concept that shortens the coatings process of automotive OEM manufacturers by integrating the primer coat functionalities into the basecoat layer. Overall costs are reduced without compromising quality or UV durability.

Another example highlighting our commitment to tailor-made business solutions is the service modules developed in our refinish business to help body shops improve their day-to-day operations. A profound understanding of the challenges our customers face enables us to develop such cutting-edge technologies and process concepts.

In 2004, BASF Coatings was named lead supplier to Nissan in China, and our list of system partnerships was further extended with the inclusion of Volkswagen in Puebla, Mexico. As a leading supplier of coil coatings to Russia, we have also strengthened our existing partnerships in eastern Europe. Earlier this year BASF Coatings received the prestigious Automotive News PACE Award for its innovative ColorCARE system. In Argentina, BASE was honored with the Ford Motor Company's Silver World Excellence Award for superior performance in 2003, and BASF Coatings de Mexico received the Volkswagen Group Award 2004 for suppliers in NAFTA.

These are some of the milestones that prove BASF Coatings can deliver on its promise of providing cost-saving solutions to our customers around the world."

--Jean-Pierre Monteny, CEO, BASF Coatings AG

HENDERSON ON BECKER: STRONG CUSTOMER FOCUS

"Strong customer focus enabled Becker businesses to retain or improve market share in 2003, with sales up by 3.5% and all business areas contributing solid growth. In spite of strong concentration on cash generation, important strategic investments were undertaken

ColArt has set up new joint venture manufacturing and distribution operations in China arid Japan. In the U.S., investment in IT, warehousing and logistics continued. BIC's second factory in China is currently being completed, while a start has been made on a new factory in India.

A coil coating sales office has been opened in Russia. In order to improve the effectiveness of our powder business there has been some restructuring, as well as new investment in powder coatings manufacturing in France, U.S. and Italy. Becker Aeroma concentrated its investment program on increasing production capacity and improving quality for waterborne and UV coatings, the products of the future.

A wide range of customer care initiatives across Becker companies worldwide has been enthusiastically undertaken by Beckers' staff, who work hard to secure the future for the company and its customers."

--Mike Henderson, managing director, AB Wilh. Becket

REBUILDING BERGER INTERNATIONAL

"In 2003-04, Asian Paints consolidated its leadership position in the global paints industry ... The group's global sales registered an increase of over 30%. Much of the increase in sales is due to the acquisition of Berger International Limited, Singapore.

The Asian Paints group, which has manufacturing presence in 24 countries, has performed as per expectations in all its operating regions. South Asia, its most important region, has performed well due to the good performance in one of its key markets i.e., India. The sales of the Indian operations grew by around 11%.

One of the key tasks for the group in 2003-04 was to turn around the loss-making subsidiary Berger International Limited (BIL), Singapore, which has manufacturing operations in 11 countries. In a short span of one year, Asian Paints has achieved this objective. For the first time in the last six financial years Berger International Limited reported profits. The emphasis, during the year, has been on building a strong foundation for the subsidiaries of BIL, which would enable the group to grow aggressively in these markets in the years ahead.

Asian Paints shall continue its focus on emerging markets and realize its vision of becoming a leading player across emerging markets.

--Ashwin Dani, vice chairman and managing director, Asian Paints (India)

"CHILD'S PLAY" AT DYRUP

In three of its markets, Dyrup is making kid's lives better through more colorful environments in schools and hospitals.

Dyrup is providing paint for a very special project at Hospital D. Estefania, a pediatric hospital in Lisbon. The paint is being used by artists who are drawing stories on all the walls as entertainment and as a distraction for the children.

In Germany, Dyrup is currently running a competition where pre-schools, kindergartens and after-school facilities can send in decoration project ideas to the company. The 50 most creative ideas will be endorsed with a color specialist and Dyrup will send materials for the coloring project.

For a number of years Dyrup has contributed paint for various school renovation projects throughout Poland. This year Dyrup has formalized its efforts, by creating a competition in which-classes will compete for materials to renovate their school.

EDWARDS: INVESTING IN THE INDUSTRY'S FUTURE

Hiring and retaining well-trained employees is the key to any successful business, and in the coatings industry, it all begins with education.

California Polytechnic State University is planning to build a new Western Coatings Technology Center (WCTC), a state-of-the-art polymers and coatings facility. By building the facility, Cal Poly will be better able to serve the paint industry through a new polymer synthesis lab, coatings formulations facility, instrument analysis center and project research labs for faculty and students.

Kenneth N. Edwards, CEO of Dunn-Edwards, is serving as chair of the polymers and coatings building campaign. To show his commitment, Edwards has donated $250,000 to the fund.

As the CEO of a large paint company, Edwards recognizes the need to recruit top-notch future scientists.

"We are looking for a way to guarantee the future of the industry, and it's time to take the next step by brining a center for coatings and set up a graduate program," Edwards said. "I'll guarantee we'll grab as many of the Cal Poly students as we can get."

SICO'S START

Necessity is the mother of invention and Canada's largest paint maker.

Sico got its start in the 1930s when Arthur and Irenee Sicard started making paint for their own building maintenance needs. In 1935, the Sicards started to sell paint and registered the name Peinture Sico.

In 1937, the family business was sold to Romeo Filion and Marcel and Henri Deslauriers who started to commercial manufacturing efforts.

Sico Inc. was formed 1941.

SERRENHO: GREAT PERFORMANCE IN 2003

"In 2003 Group CIN achieved a great performance. In fact, despite of international national economic crisis, brought by the Iraq war, which had serious effects on the Iberian market, especially in our home market, we showed improved results and clear market gain.

Taking advantage of the satisfactory growth in the Spanish market led us to profitable results in our Spanish operations. The Barnices Valentine new factory project in Cataluna went ahead and we continued to implement our business strategy in Spain, opening three anchor stores (Madrid, Sevilla and Zaragoza).

In Portugal, two stores characterized by a totally new concept were opened in Oporto and Lisbon. Both stimulate the interaction between customer and brand, encouraging customers to get deeply in touch with colors, and offer a "live catalogue" of our decorative products applied. In 2003, Cashmere, a special decorative matte emulsion with an extra-smooth and good mar resistance was launched. The large Cashmere campaign communicated mainly our innovative product with a TV spot, through the press and via radio and internet.

Debt reduction was successfully obtained thanks to the balanced management of circulating funds and our strong effort to contain investments, which combined with reinforcement of own capital allowed us to gain more financial autonomy.

Above all, we are confident that in 2004, despite the difficult circumstances, we will continue to show a positive growth both by increased market share and by improved performance."

--Joao Serrenho, president/CEO, CIN

AMERON'S PSX RECORDS A DECADE OF SUCCESS--AND THERE'S MORE TO COME

It's hard to believe a decade has passed since Ameron first introduced its engineered polysiloxane technology to the coatings marketplace. PSX 700 combined the corrosion resistance of an epoxy with the UV resistance of a polyurethane and replaced both the epoxy intermediate coat and the polyurethane topcoat on zinc with just a single coat.

The success of PSX led to the launch of one-pack isocyanate-free PXS 1001, Ameron's acrylic polysiloxane hybrid with the color and gloss retention of a two-component polyurethane.

And word on the street is there's more to come, as Ameron is readying the release of a new high-build version of PSX 1001. Also a single-pack product, the new version will achieve more that twice the film build and its higher silicone content will provide improved weathering performance, according to Ameron.
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Date:Jul 1, 2004
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