Global coatings manufacturer Hempel (Lyngby, Denmark) completed its acquisition of the coatings division of Khimji Paints LLC (Muscat, Oman) following an exclusive dialogue. As Hempel’s first acquisition in the Middle East decorative segment, Hempel expects the acquisition will expand its operations and market presence in Oman.
In addition, the absorption of Khimji Paints’ coatings division supports Hempel’s Double Impact strategy to double the company’s size by 2025. According to the company, this strategy will be realized through both acquisitions and organic growth, as well as ambitious investments in sustainability, innovation, and digitization.
As a leading paint and coatings manufacturer in Oman, Khimji Paints has a strong distribution network in the region with more than 50 retailers. Both companies share a similar purpose and values, including superior quality, true value, and excellent customer service.
“This transaction marks a significant milestone for Hempel in our global growth journey,” says Joe Devitt, executive vice president of decorative at Hempel. “We will now be better equipped to meet the needs of our customers with an extensive offering of products and services.”
“With this acquisition, I am thrilled to welcome the entire Khimji team—over 70 new employees—into the Hempel family and a production facility, enabling us to increase capacity in the region,” continues Devitt. “This gives Hempel a much bigger foothold in the Omani market.”
Adding Khimji Paints to the Hempel family forms a leading player in decorative paints and coatings, bringing award-winning solutions to a wider market.
“We are excited that Hempel is in a strong position to offer better value propositions to Khimji Paints’ loyal customers and we wish them all the best,” says Hritik Khimji, director of Khimji Ramdas, the Omani conglomerate that owned Khimji Paints.
Source: Hempel, www.hempel.com.