Hempel has announced the signing of a binding agreement to acquire Jones-Blair Company, a leading North American supplier for the protective and waterproofing markets. With the proposed acquisition, Hempel can look forward to a significant expansion of its North American business in accordance with its global growth strategy.
With the proposed acquisition of Jones-Blair Company (located in Dallas, Texas), Danish-based Hempel would support its main objective to further strengthen its presence in its strategic segments in North America through organic growth and acquisitions.
Hempel’s Group President and CEO Pierre-Yves Jullien comments: “Jones-Blair is a company that we have been following for years and we finally got the chance to acquire it. Jones-Blair has proven to be one of the best coatings manufacturers in the region. It has a unique market position, great technical knowledge and many years of experience. The acquisition will create the best conditions for us to achieve our objectives in North America, and also supports our goal of becoming one of the world’s top-10 largest coatings suppliers by the end of 2015.”
Jones-Blair’s business is focused on two distinct markets: Oil & Gas (industrial coatings) and Construction, especially waterproofing through the NEOGARD brand.
According to Kim Junge Andersen, Hempel’s Group Executive Vice President & CFO, the two company’s product portfolios complement each other perfectly. “By combining our strengths, we can serve our customers better and with more complete solutions compared to what each of us could do on our own,” he says. “The acquisition will provide Hempel with a solid and diverse platform for the continued development of our business in the region.”
The Jones-Blair Board of Directors is happy about the future ownership. Jones-Blair’s CEO, Jeff Powell, comments: “We are honoured that Hempel has shown interest and trust in us. We look forward to fulfilling Hempel’s ambitions. At the same time, we are happy that Jones-Blair’s future development is now secured. Both we and Hempel will grow in North America and globally.”
The transaction is expected to close in early March 2015, subject to regulatory approval.
Hempel acquired the US-based protective coatings manufacturer Blome International Inc. in 2012. Hempel has seen significant growth in the Americas as a result and many Blome products are now available to Hempel’s global customers.
At the end of 2014, Hempel completed its latest acquisition when it acquired Schaepman, a Dutch coatings manufacturer.
Per mutual agreement, neither party will give further details about the proposed acquisition prior to regulatory approval. Terms of the sale will remain undisclosed.
Adapted from a press release by David Bizley