Sherwin-Williams Completes Acquisition of SIC Holding

October 5, 2023 - The Sherwin-Williams Company today announced the completion of the acquisition of German-based Specialized Industrial Coatings Holding

(SIC Holding), a Peter Möhrle Holding and GP Capital UG venture comprised of Oskar Nolte GmbH and Klumpp Coatings GmbH. The business' portfolio of solutions includes foil coatings as well as radiation-cured and waterbased coatings for the board, furniture and flooring industry. With a presence in Europe, Asia and South America, the business has approximately 220 employees and annual sales of more than €91.5 million, and will become part of the Sherwin-Williams Performance Coatings Group reportable segment.

Oskar Nolte and Klumpp Coatings and their subsidiaries are now part of the Sherwin-Williams Industrial Wood Division in the Performance Coatings Group operating segment. The company's extensive offerings include unique and innovative foil coatings, which provide us with access to another adjacent growth market where Sherwin-Williams has not participated previously. We are excited by Oskar Nolte's and Klumpp Coatings' strong technical and commercial teams, excellent relationships with multi-national and local customers, strategically-located manufacturing, and key specification and approval positions.

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This acquisition creates opportunities to accelerate our profitable growth in the global industrial wood market and fits our strategy of acquiring complementary, high-quality and differentiated businesses. We are excited to welcome the talented employees of these businesses to the Sherwin-Williams team.

Pete Ippolito

President & General Manager, Global Industrial Wood Division

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