Barloworld acquires Midas Paints of South Africa.
Barloworld has acquired Midas Paints Limited for approximately $6.3 million. The company sells Earthcote, a premium range of wall coatings through 34 franchised stores in South Africa. Midas will be run as a separate entity within Barloworld Coatings and existing management and staff will be retained, according to company officials."The Earthcote business, with its high-end brand and franchised concept stores will fit well with our Plascon branded offerings. It will form part of our strategy to provide consumers of premium quality wall coatings with a fully integrated lifestyle offering," said Andre Lamprecht, executive director and CEO of Barloworld Coatings.
In addition, Barloworld will look to the company's Midas brand to expand its contractor business. "We believe it has enormous potential to expand into the rest of the country. It could form a powerful platform for our further expansion into the contractor arena," Lamprecht added.
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| Title Annotation: | Fresh Paint |
|---|---|
| Publication: | Coatings World |
| Article Type: | Brief Article |
| Geographic Code: | 6SOUT |
| Date: | Oct 1, 2005 |
| Words: | 146 |
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