Dutch manufacturer for paints and performance coatings, AkzoNobel, has entered into an agreement to acquire 100% of Romanian Fabryo Corporation shares. Following this transaction, AkzoNobel will become a leading presence on the Romanian decorative paints market.
The Fabryo Corporation SRL has its headquarters near Romania’s capital city of Bucharest, being known for making various types of paints, lacquers, enamels and primers used in the industry.
The recent 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, having room for further expansion. The planned transaction is expected to be completed in the second half of 2018, subject to regulatory approval.
Fabryo had around 45 million EUR in revenues in 2017 and is known for such paint brands as Savana, APLA and InnenWeiss. The company has been around since 1994 when it was known as Guzu Chim Prod Com SRL, but the Swedish investment fund Oresa Ventures bought 49% of Guzu Chim’s shares and started the Company re-branding process under the name of Fabryo Corporation.
Regarding the transaction, AkzoNobel CEO, Thierry Vanlancker 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.’
At the same time, the CEO of Fabryo, Dragoș Militaru is ‘looking forward to joining AkzoNobel.’ This being said, the two companies ‘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’, Militaru added.