JOIN USBerger Paints on Monday announced that it will acquire the architectural operations of Sherwin Williams Paints India for an undisclosed sum.
In a notification filed to the BSE, the company said that the acquisition will be carried out through its wholly-owned subsidiary, Brushworks Paints Ltd. "This transaction will significantly increase our presence in key markets, it builds on our strategy to grow our architectural paint business throughout India...," Berger Paints Chairman K S Dhingra said.
Founded in 1923, Berger Paints has operations through out the country with seven manufacturing facilities having 135 depots, 2500 employees and more than 15,000 dealers plants. Currently, it manufactures and markets a range of decorative and industrial paints in India.
D-Street gave a thumbs up to the deal as the Berger's scrips hit a high of Rs 210.45 during the day before closing at 206.85, up 2.66 percent from the previous closing.