Leighs Paints sold to US multinational
BOLTON-based industrial coatings firm Leighs Paints has been bought by Sherwin-Williams, the largest paint maker in the US.
The Leigh family have decided to sell up after running the business, which employs around 260 staff, for more than 150 years.
It will join the protective and marine coatings division of Sherwin-Williams which operates in 70 countries and achieved pre-tax profits of £420m on sales of £4.7bn in 2010.
Leighs, established in 1860, specialises in steel coatings, treatments for the oil and gas industry and fire resistant products. Aside from the UK it has operations in India, the Middle East, Europe and Canada.
The value of the deal was not disclosed. Latest available accounts show the company recorded a pre-tax loss of £1.5m on sales of £31.6m in 2009.
Cleveland-based Sherwin-Williams, founded in 1866, is the world’s third largest paint producer. It makes coatings for industrial, commercial, and retail customers and has a retail chain of 3,500 stores.
Chairman Brian Leigh-Bramwell said: “This outstanding company has been a part of my family for the past 151 years. Sherwin-Williams shares many similarities with Leighs Paints both in terms of history, culture, and customer focus. I am confident this decision will be of great benefit to both companies and our customers well into the future.”
Sherwin-Williams’ chief executive Chris Connor said: “We are very pleased to bring Leighs Paints, a well-respected company, and their employees into the Sherwin-Williams family. Combined, our two companies have nearly three centuries of experience in coatings innovation. This is another positive step in our strategy of steady growth and expansion through quality products and people who provide excellent customer service. This acquisition reaffirms our strategic commitment to growing globally.”
Paul Mitchell and Tim Ritchie of Rickitt Mitchell acted as lead corporate finance advisers to the shareholders and Leighs Paints, and Soren Tattam and Tom Hall of Pannone advised the shareholders.
