AkzoNobel has entered into an agreement to acquire 100% of the shares of Fabryo Corporation S.R.L. (Fabryo), becoming the leader in the Romanian decorative paints market.
The transaction includes two production facilities and six distribution centers for decorative paints, adhesives and mortars, including one of the largest decorative paints factories in the region, with capacity for further expansion.
The business generated revenue of around Euro 45 million in 2017 and is the only player with both a leading product portfolio for consumers as well as professional segments in the Romanian market, including brands Savana, APLA and InnenWeiss.
Thierry Vanlancker, CEO of AkzoNobel, said:
“This acquisition provides AkzoNobel with the number one position in a fast growing market and will contribute to delivering our Winning Together: 15 by 20 Strategy. Fabryo has a proven track record when it comes to growth and profitability. We are very happy to add top brands like Savana, APLA and InnenWeiss to our world class portfolio and look forward to welcoming our new colleagues to AkzoNobel.”
Dragos Militaru, CEO of Fabryo, said:
“We are looking forward to joining AkzoNobel. We both have passion for paint and we share the same values. Combining our efforts in Romania, building on AkzoNobel’s global presence, will enable us to strengthen our leading position.”
Laurentiu Ispir, partner Oresa, added:
“Fabryo’s entry into the Akzo Nobel group represents the continuation of a success story to which we are proud to have contributed. We are sure that Fabryo’s exceptional management team and company’s business partners will have new development opportunities, as central pillars of Akzo Nobel’ strategy for accelerating growth in the region.”
Akzo Nobel is one of the leading coatings producers in the world and the European decorative coatings leader. The group had revenues of more than Euro 14 billion in 2017.