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Our Bureau

Mumbai April 4 Sherwin-Williams, a company listed on the New York Stock Exchange, has acquired the Indian paint company Nitco Paints at an undisclosed price.

Nitco Paints is a manufacturer and distributor of exterior speciality paints and coatings with sales of approximately Rs 80 crore. The company is engaged in the manufacture, distribution and sale of coatings and related products and reported a consolidated net sales of $7.81 billion in 2006.

The current management of Nitco Paints will be retained along with the marketing relationship with Nitco Tiles.

"We will look forward to growth opportunities with an enhanced product range, more technologically advanced products and expanding the distribution platform to better serve Nitco customers," said Mr Christopher M. Connor, Chairman and Chief Executive Officer of Sherwin-Williams company.

The acquisition will bring in additional resources to enhance Nitco Paints' participation in Indian market and provide expanded opportunities for Nitco employees, said Mr Vivek Talwar, Principal owner of Nitco Paints.

More Stories on : Mergers & Acquisitions | Paints

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