Top Companies Report - Coatings 2009

Top Companies Report - Coatings 2009
http://www.coatingsworld.com/contents/view/25014
Obsah
01 AkzoNobel N.V...................................................................................................................................4
02 PPG Industries...................................................................................................................................6
03 Henkel AG & Co. KGaA.......................................................................................................................8
04 The Sherwin-Williams Company......................................................................................................10
05 DuPont.............................................................................................................................................11
06 RPM International Inc......................................................................................................................14
07 BASF Group......................................................................................................................................16
08 The Valspar Corporation..................................................................................................................18
09 Kansai Paint Co., Ltd........................................................................................................................19
10 Nippon Paint Co., Ltd.......................................................................................................................21
11 Sika AG............................................................................................................................................23
12 Jotun AS...........................................................................................................................................24
13 3M...................................................................................................................................................25
14 Masco Corporation..........................................................................................................................26
15 DAW................................................................................................................................................27
16 H.B. Fuller Company........................................................................................................................28
17 The Comex Group............................................................................................................................29
18 Hempel A/S......................................................................................................................................30
19 Beckers............................................................................................................................................31
20 Asian Paints Limited........................................................................................................................32
21 Shawcor...........................................................................................................................................33
22 Chugoku Marine Paints...................................................................................................................33
23 Dai Nippon Toryo.............................................................................................................................34
24 Kemira Oyj (Tikkurila)......................................................................................................................34
25 Benjamin Moore..............................................................................................................................35
26 Brillux GmbH and Co. KG.................................................................................................................35
27 Orica................................................................................................................................................36
28 Forbo...............................................................................................................................................37
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29 Arch Chemicals, Inc..........................................................................................................................37
30 Helios...............................................................................................................................................38
31 Berger Paints India Ltd.....................................................................................................................38
32 Fujikura Kasei Co. Ltd.......................................................................................................................39
33 National Paints................................................................................................................................40
34 Freeworld Coatings..........................................................................................................................40
35 The Wattyl Group............................................................................................................................41
36 JW Ostendorf GmbH & Co. KG.........................................................................................................41
37 CIN Group........................................................................................................................................42
38 Flugger Group..................................................................................................................................42
39 Dyrup A/S........................................................................................................................................43
40 Teknos Group Oy.............................................................................................................................43
41 Kelly-Moore.....................................................................................................................................44
42 Rock Paint........................................................................................................................................45
43 Industrias Titan S.A..........................................................................................................................45
44 KCC..................................................................................................................................................46
45 Shinto Paint Co. Ltd.........................................................................................................................46
46 Dunn Edwards Corp.........................................................................................................................47
47 TOA Group.......................................................................................................................................47
48 Yung Chi...........................................................................................................................................48
49 Boero Group....................................................................................................................................48
50 FLH Group........................................................................................................................................49
51 Boysen.............................................................................................................................................49
52 Grebe Group....................................................................................................................................50
53 Yasar................................................................................................................................................50
54 Tohpe..............................................................................................................................................51
55 Tambour..........................................................................................................................................51
56 ICA Group........................................................................................................................................52
57 Inver SpA.........................................................................................................................................53
58 Diamond Vogel Paints.....................................................................................................................53
59 Empils..............................................................................................................................................54
60 Cloverdale Paint Inc.........................................................................................................................54
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1. AkzoNobel (The Netherlands) $12.154 billion
2. PPG (USA) $9.115 billion
3. Henkel (Germany) $8.680 billion
4. Sherwin-Williams (USA) $5.824 billion
5. DuPont (USA) $3.4 billion
6. RPM (USA) $3.368 billion
7. BASF (Germany) $2.976 billion
8. Valspar (USA) $2.640 billion
9. Kansai Paint (Japan) $2.397 billion
10. Nippon Paint (Japan) $2.334 billion
11. Sika (Switzerland) $2.110 billion
12. Jotun (Norway) $2.050 billion
13. 3M (USA) $2.0 billion
14. Masco (USA) $1.56 billion
15. DAW (Germany) $1.255 billion
16. HB Fuller (USA) $1.234 billion
17. Comex (Mexico) $1.2 billion
18. Hempel (Denmark) $1.152 billion
19. Beckers (Sweden) $1.075 billion
20. Asian Paints (India) $1.059 billion
21. Shawcor (Canada) $940 million
22. Chugoku Marine Paints (Japan) $936 million
23. Dai Nippon Toryo (Japan) $743 million
24. Tikkurila (Finland) $740 million
25. Benjamin Moore (USA) $650 million
26. Brillux (Germany) $625 million
27. Orica (Australia) $555 million
28. Forbo (Switzerland) $524 million
29. Arch (USA) $379 million
30. Helios (Slovenia) $371 million
31. Berger Paints (India) $355 million
32. Fujikura Kasei (Japan) $350 million
33. National Paints (Jordan) $328 million
34. Freeworld Coatings (South Africa) $326 million
35. Wattyl (Australia) $302 million
36. JW Ostendorf (Germany) $300 million
37. CIN Group (Portugal) $298 million
38. Flugger Group (Denmark) $267 million
39. Dyrup (Denmark) $261 million
40. Teknos Group (Finland) $259 million
41. Kelly-Moore (USA) $250 million
42. Rock Paint (Japan) $237 million
43. Industrias Titan (Spain) $215 million
44. KCC (South Korea) $212 million
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45. Shinto Paint (Japan) $211 million
46. Dunn-Edwards (USA) $210 million
47. TOA Group (Thailand) $205 million
48. Yung Chi (Taiwan) $200 million
49. Boero Group (Italy) $185 million
50. FLH Group (Switzerland) $180 million
51. Boysen (Phillipines) $175 million
52. Grebe Group (Germany) $170 million
53. Yasar (Turkey) $155 milion
54. Tohpe Corp. (Japan) $154 million
55. Tambour (Israel) $150 million
56. ICA Group (Italy) $145 million
57. Inver SpA (Italy) $140 million
58. Diamond Vogel (USA) $135 million
59. Empils (Russia) $ 130 million
60. Cloverdale Paint (Canada) $120 million
01 AkzoNobel N.V.
Amsterdam, the Netherlands
www.akzonobel.com
PUBLIC COMPANY
YEAR ESTABLISHED: 1994
HEADCOUNT: 57,060 t (2008: 58,300)
Coatings REVENUEs: $12.154 billion t (2008: $14.124)
TotaL REVENUEs: $19.375 billion t (2008: $22.658)
net income: $397 million s (2008: $1.6 billion loss)
R&D Budget: $465 million t (2008: $521)
Segment breakdown
• Decorative Paints: 34%
• Performance Coatings: 29%
• Specialty Chemicals: 37%
KEY People
Hans Wijers, CEO and chairman of the board of management; Tex Gunning, managing director of
AkzoNobel Decorative Paints; Leif Darner, board member responsible for Performance Coatings.
In 2009 AkzoNobel was not immune to the effects of the financial and economic crisis. The largest
global paint and coatings company saw its coatings revenue fall to $12 billion from $14 billion the
year before. Lower demand in Decorative Paints—Europe, Americas and Asia—for the full-year
resulted in nine percent lower volumes than 2008. In Performance Coatings—Marine and Protective
Coatings, Car Refinishes, Industrial Coatings, Wood Finishes and Adhesives, and Powder Coatings—
revenue was down 12 percent, due to lower demand across all businesses.

After its acquisition of ICI in 2008, AkzoNobel became the largest global supplier of decorative paints
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with a 15 percent market share. In addition to integrating the ICI business, a key strategy for Akzo in
2009 was a continued focus on expanding in emerging economies to offset weak demand in mature
markets. More than 35 percent of revenue was recorded from high growth markets.

AkzoNobel continued its push into high growth markets. In Brazil, AkzoNobel’s Packaging Coatings
business increased its reactor capacity while the Decorative Paints unit is investing in the “Tudo de
Cor” (Everything in Color) program. This aims to build strong relationships with local communities
and add color to peoples’ lives by, for example, painting buildings in deprived neighborhoods.

Emerging Europe is another high growth region AkzoNobel has targeted for expansion. The new
solvent-based Decorative Paints plant in Pilawa, Poland, has been successfully scaled up while
acquisitions were completed for Wood Adhesives in the Czech Republic/Romania and Slovakia.

During the year, plans were announced to build new capacity for Specialty Plastics and Coil Coatings
in India.

In China, the largest growth market of all, the roll out of 184 new controlled Decorative Paints stores
was completed. The new Protective Coatings factory in Suhzou, which opened in late 2008, is running
at full capacity and the firm increased its footprint in the country with a new technology center for
Powder Coatings that opened in Ningbo.

In the broader Asia Pacific region AkzoNobel invested in a new R&D laboratory in Singapore for its
Marine and Protective Coatings business. Investment in increased distribution and sales strength
were also made in Decorative Paints Indonesia and Vietnam.

On the acquisition and divestiture front, in Decorative Paints, AkzoNobel acquired two distributors
during 2009 in Continental Europe. In Performance Coatings, Akzo divested Chemcraft Brazil and the
non-stick businesses. It also completed the acquisitions of SABA and Kronospan in East Europe and
announced the acquisition of the Dow Powder Coatings assets.
Focus on Powder Coatings
The general industrial market for coating metal is large and fragmented. AkzoNobel is focusing on
powder coatings because this is the most sustainable form of coating for metal in this particular
market. During the year, Akzo announced the acquisition of the Dow Chemical Company’s powder
coatings business. Originally purchased by Dow in 2009 as part of its acquisition of Rohm and Haas,
the business brings key technological know-how and synergy potential to AkzoNobel’s powder
coatings activities. It will also enhance the company’s position in the U.S. The acquired business has
global sales of several hundred million dollars and employs approximately 700 people, operating
factories in the U.S., Europe and China. As well as complementing AkzoNobel’s position in key
strategic markets—especially the U.S., automotive and trade coaters—the deal also introduces MDF
and thermoplastic capabilities to AkzoNobel’s powder coatings portfolio.

Also during 2009, AkzoNobel inaugurated its Powder Coatings Technology Centre in Ningbo, Zhejiang
province, China. This R&D center has a state-of-the-art laboratory and will have an initial team of 20
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scientists and technicians organized in centers of expertise for the strategic market sectors. The new
facility is located at the existing AkzoNobel powder coatings manufacturing site in Ningbo. All the
centers of expertise—automotive, architectural, furniture, domestic appliance, IT and general
industrial—and their corresponding marketing teams will be located at the center. AkzoNobel, owner
of the brands Interpon and Resicoat, is the world’s largest manufacturer of powder coatings.
02 PPG Industries
Pittsburgh, Pennsylvania/USA
www.ppg.com
PUBLIC COMPANY
HEADCOUNT: 39,900 t (2008: 44,900)
Coatings REVENUEs: $ 9.115 billion t (2008: $10.935)
net income: $336 million t (2008: $538)
Segment breakdown
• Industrial Coatings: 25%
• Architectural Coatings EMEA: 16%
• Optical & Specialty Materials: 8%
• Commodity Chemicals: 10%
• Glass: 7%
KEY People
Charles Bunch, CEO and chairman; J. Rich Alexander, senior VP, performance coatings; Pierre-Marie
De Leener, senior VP, architectural coatings EMEA and president, PPG Europe; Charles Kahle, chief
technology officer and VP, research and development, coatings.
In 2009, coatings revenue for PPG fell to $9 billion, a drop of nearly $2 billion. Sales in the
Performance Coatings segment—Aerospace, Architectural Coatings Americas and Asia Pacific,
Automotive Refinish and Protective and Marine Coatings—decreased $621 million or 13 percent in
2009. Sales declined as a result of lower sales volumes, particularly in the automotive refinish
business and architectural coatings—Americas and Asia Pacific businesses. The volume decline in
automotive refinish was most pronounced in the U.S. and Europe, while the decline in architectural
coatings was mainly in the U.S. and Latin America.

Sales in the Industrial Coatings segment—Automotive Coatings, Industrial Coatings and Packaging
Coatings— decreased $931 million or 23 percent in 2009 due to lower sales volumes, most notably in
the automotive and industrial businesses, reflecting the severe decline in demand resulting from the
global recession. Volume declines in the segment occurred in all major regions.

In the Architectural Coatings-EMEA (Europe, Middle East and Africa), sales decreased $297 million or
13% in 2009.
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PPG continued to expand its footprint in the Asia Pacific region, which posted record earnings for the
year and now represents approximately 18 percent of PPG’s coatings portfolio.

In 2009, PPG launched a cool roof color registration initiative with the Cool Roof Rating Council
(CRRC) and the Energy Star Cool Roof program. The initiative is designed to help metal roof
manufacturers expedite registration of their cool roof coating colors enabling them to promote tax
credits and meet “green” building criteria.

The initiative results from a modification Energy Star Cool Roof recently made to its Cool Roof
program, which now accepts products registered with CRRC under its Color Family Program. Under
the CRRC program, PPG can register a “representative” color in one of 17 standard color families,
provided it has met CRRC’s prescribed three-year aged exposure criteria. New or additional colors
within the same color family can be added to the CRRC registry without three-year test data as long
as they meet CRRC’s initial ratings criteria for solar reflectance (SRV), thermal emittance (TE) and
color. PPG can then help metal roofing manufacturers register these colors with CRRC and Energy
Star Cool Roof under their own company names.

PPG can accelerate dual color registration with CRRC and Energy Star Cool Roof because it is the only
coatings manufacturer with registered representative color standards, including three-year test data,
for all 17 CRRC color families in both polyvinylidene fluoride (PVDF) and siliconized-polyester coating
technologies. Flagship Duranar ULTRA-Cool coatings from PPG are based on PVDF technology. Superl
II ULTRA-Cool coatings by PPG are made with siliconized-polyester resins. PPG currently has 154
colors registered with CRRC.
Vacuum Metalized Coating
In 2009, PPG Industrial Coatings introduced VIVATI VM coatings, a highly chromatic, high-
performance vacuum metalized coating system that delivers a new level of vibrant color to consumer
products.

Vacuum metalized coatings are used to place a thin metal layer on plastic substrates, and they
decorate many smartphones, music players and other hand-held devices in bright, shiny colors.
Vacuum metalized coatings also adorn toys, personal computers, automotive trim, sporting goods,
decorative fixtures and many other products.

PPG’s new vacuum metalized coating system represents a significant advance in the industry.
According to Andrew Stadler, global product manager for PPG Industrial Coatings, “Manufacturers
typically purchase three coating layers—primer, base coat and clear coat—from multiple suppliers.
VIVATI VM coatings offer the first integrated system from a single supplier.”

As a single-source coating system, Stadler said VIVATI VM coatings enable manufacturers to more
effectively manage the vacuum metalizing process. “Because the primer, base and clear coats all
come from one supplier, they work together for performance and application and give
manufacturers a larger operating window with fewer mistakes and higher production output. This
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helps to increase yields and expedite the launch of new products and colors.”

Stadler added that vacuum metalizing operations using single-source VIVATI VM coatings require less
training than those using multiple suppliers, which can help manufacturers to reduce risk and launch
new products and new colors more quickly.
03 Henkel AG & Co. KGaA

Düsseldorf, Germany
www.henkel.com
PUBLIC COMPANY
HEADCOUNT: 51,361 t (2008: 55,142)
coatings REVENUEs: $8.680 billion t (2008: $9.849)
net income: $875 million t (2008: $1.814)
Segment breakdown
• Adhesives Technologies: 46%
• Laundry & Home Care: 30%
• Cosmetics/Toiletries: 22%
• Corporate: 2%
KEY People
Kasper Rorsted, CEO and chairman of the management board; Thomas Geitner, executive vice
president, adhesive technologies.
Henkel’s Adhesive Technologies business sector, which posted sales of $8.6 billion in 2009, down
from $9.8 billion the year before, offers decoration and renovation products, adhesive and correction
products for home and office, building adhesives and industrial and structural adhesives, sealants
and surface treatment products.
The Adhesive Technologies business sector leads the market in over 30 emerging economies,
according to the company. Henkel generates 38 percent of total sales in growth regions. In 2004, the
overall share of these emerging markets was just 26 percent.
Adhesive Technologies was fairly quiet on the acquisition and divestiture front after the purchase of
National Starch in 2008. However, the business sector increased its shareholding in joint venture
companies in Turkey and China during the year. The major disposal in the year under review was of
the North American consumer adhesives business operated under the Duck brand.
The financial crisis exerted a negative impact on all the sales markets of the Adhesive Technologies
business sector. There was a significant decline in production, particularly in the steel, automotive
and electronics industries. The capital goods sector and the construction industry likewise registered
heavy contraction. Private consumption also suffered from the consequences of the economic
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crisis.

Henkel’s Craftsmen, Consumers and Building business (28 percent of Adhesive Technologies’ sales)
produces a wide range of adhesives, sealants, correction products and system solutions for home,
school and office as well as for refurbishment, home construction applications and for the building
industry. In 2009, performance was affected not only by consumer reluctance and destocking by
Henkel’s customers but also the continuing recession affecting the building industry. Even against
this background, Henkel continued to pursue the launch of innovative products such as the new
building adhesive under the Pattex brand.

The effects of the global economic and financial crisis were particularly noticeable in the Transport
and Metal business (17 percent of Adhesive Technologies’ sales), which supplies adhesives, sealants,
cleaners, lubricants and surface treatment products for major international customers in the
automotive and metal processing industries.

The General Industry business (14 percent of Adhesive Technologies’ sales) provides adhesives,
sealants, cleaners, lubricants and surface treatment products for industrial maintenance, repair and
overhaul as well as for a multitude of industries ranging from household appliance producers to wind
power sector. The business suffered from the decline in industrial production and a low level of
propensity to invest, particularly in the case of durable goods. Sales overall were well below the
prior-year levels for this segment. Henkel’s operations involving products for industrial maintenance,
repair and overhaul under the Loctite brand performed at a more stable level and even posted a
small degree of growth in the region of North America.

The Packaging, Consumer Goods and Construction Adhesives business (34 percent of Adhesive
Technologies’ sales), which provides adhesives and coatings for consumer goods packaging, paper
and woodworking industry, remained somewhat more robust in a market environment characterized
by falling demand for consumer goods. Henkel’s adhesives for flexible packaging continued to
perform well. As a result of the integration of the National Starch businesses, Henkel is now able to
offer an even more comprehensive product portfolio.

Lastly, Henkel’s Electronics business (seven percent of Adhesive Technologies’ sales), which offers a
broad range of high-tech adhesives and soldering pastes used in the manufacture of microchips and
printed circuit boards, was heavily affected by developments in the semiconductor market, with
significant shrinkage during the first half of the year being followed by a degree of recovery in the
second half.
Top Innovations 2009
Loctite 5188
Loctite 5188 flange sealant is particularly suitable for use in engines, gear units and pumps. It remains
super-flexible yet adheres very well to metallic substrates even after long exposure to high
temperatures and chemical attack.
Technomelt Supra Cool 130
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A newly developed hotmelt adhesive for packaging that works at a significantly lower application
temperature to reduce energy consumption. It also offers extremely high adhesive strength,
outstanding flowability and a wider range of application suitability.
04 The Sherwin-Williams Company

Cleveland, Ohio/USA
www.sherwin-williams.com
PUBLIC COMPANY
HEADCOUNT: 30,700 (2008)
net income: $435 million t (2008: $476)
Segment breakdown
• Paint Stores Group: 59%
• Consumer Group: 17%
• Global Finishes Group: 23%
KEY People
Christopher M. Connor, chairman and CEO; John G. Morikis, president and COO; Sean P. Hennessy,
senior vice president and CFO.
The largest of Sherwin-Williams’ three business segments, the Paint Stores Group, finished 2009 at
$4.21 billion, a decline of 12.9 percent from 2008, while segment profit decreased 7.4 percent to
$600.2 million. Due to its heavy mix of sales to professional painting contractors, this segment had a
tough time during the recession. According to the company, industry-wide coating sales to
professional painters declined more sharply than sales to DIY homeowners in 2009 for two reasons.
First, because the hardest hit end markets—new residential and commercial construction—are
painted exclusively by professionals. Second, cautious homeowners were understandably hesitant to
hire contractors to do work they believe they can do themselves.

Sherwin-Williams believes the professional painter will be the fastest growing customer segment in
the coatings market over the longer term, and pros prefer to shop at specialty paint stores for
supplies and equipment. As a result, Sherwin-Williams continued to invest in new store locations in
2009. During the year it opened 53 stores in new markets and consolidated an additional 45
redundant store locations, for a net increase of eight new stores for the year. The store count in the
U.S., Canada and the Caribbean now stands at 3,354.

Sherwin-Williams’ Consumer Group fulfills a dual mission for the company—supplying branded and
private label products to retailers throughout North America and supporting the Paint Stores Group
with new product research and development, manufacturing, distribution and logistics. The group
operates 25 manufacturing plants and six distribution centers in North America.

Sales for the Consumer Group declined 3.7 percent to $1.23 billion for the year, primarily as a result
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of weak end market demand across most of the group’s retail customers. Segment profit for the year
increased 12.2 percent to $157.4 million. In response to the continued deterioration in sales volume
in North America, Consumer Group closed or idled an additional four manufacturing facilities and five
distribution service centers.

Sales for the Global Finishes Group decreased 11.4 percent to $1.65 billion. Global Finishes Group
manufactures and sells OEM finishes, automotive finishes, protective and marine coatings and
architectural coatings to a growing customer base around the world.

It expanded its distribution platform, opening 10 new company-operated branches in Latin America
and three in India. At the same time, in North America, it closed seven automotive finishes branches,
eight product finishes facilities, as well as two manufacturing plants. Global Finishes Group ended the
year with 539 branches in operation compared to 541 a year ago.

Sherwin-Williams has a long history of developing innovative new coatings products. In 2009, the
company launched a new line of high-performance lubricants, cleaners and coating removers made
with biodegradable, renewable resources under the Sprayon Eco-Grade brand. It also extended the
successful Krylon Fusion paint for plastic line with the introduction of Krylon Fusion Brush-On, the
first brush-on paint for plastic. Last year, Sherwin-Williams Protective and Marine Coatings unveiled
its Sher-Release Silicone Fouling Release Coating System, a nontoxic alternative to conventional
antifouling coatings.

Also, Sherwin-Williams’ new Dutch Boy Refresh interior paint with Arm & Hammer odor-eliminating
technology earned GreenGuard Indoor Air Quality Certified status.
Expanding its Global Footprint
Sherwin-Williams recently completed construction of a new 215,000 square foot factory in Zhaoqing,
China to serve its growing business with electronics and furniture manufacturers in South China. The
company also announced plans to build a new blending facility in Langfang in North China, scheduled
to open in June 2010.

Sherwin-Williams now operates five manufacturing plants and six blending facilities in China,
Malaysia, Vietnam, the Philippines and Singapore, and research and development centers in China,
Vietnam and Malaysia.

In Central Europe, during the first quarter of 2009, Sherwin-Williams acquired Altax Sp. zo.o. (Altax).
Headquartered in Poznan, Poland, Altax is a leading innovator of protective wood care coatings and
serves multiple channels, including industrial, professional and DIY. Included in the Consumer Group,
the acquisition provides a platform for further growth in Central Europe.
05 DuPont
Wilmington, Delaware/USA
www.dupont.com
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PUBLIC COMPANY
HEADCOUNT: 58,000 t (2008: 60,000)
Net income: $1.769 billion t (2008: $2.0)
R&D Budget: $1.378 billion t (2008: $1.393)
Segment breakdown
• Performance Chemicals: 19%
• Agriculture & Nutrition: 31%
• Electronic & Communication Technologies: 7%
• Performance Materials: 18%
• Safety & Protection: 11%
KEY People
Ellen Kullman, chair of the board and CEO; Terry Caloghiris, president, DuPont Performance Coatings;
Boo Ching Chong, VP, DuPont Performance Coatings, Asia Pacific; Timothy McCann, VP, DuPont
Performance Coatings, Americas; John McCool, VP, DuPont Performance Coatings, EMEA.
DuPont Performance Coatings is the world’s leading motor vehicle coatings suppliers. Products
offered include high performance liquid and powder coatings for motor vehicle OEMs, the motor
vehicle after-market, and general industrial applications, such as coatings for heavy equipment, pipes
and appliances and electrical insulation.

Sales of $3.4 billion in 2009 were down 21 percent when compared to prior year, reflecting a 20
percent decline in volume. The decline in volume reflects the impact of fewer motor vehicle and
industrial truck builds of motor vehicle OEMs, and lower sales of industrial and after-market products
in all regions due to the economic recession. The North American automotive industry continued to
experience structural changes, including the loss of U.S. market share by U.S. automakers. In 2009
the global production of automobiles and light trucks declined by 14 percent reflecting declines of 33
percent in North America, and 10 percent in the rest of the world, which was partially offset by an
increase in production of 44 percent in Greater China. DuPont said its sales to OEMs improved
substantially during the second half of 2009, mostly due to the impact of government incentives
programs and higher sales in Asia Pacific. However, sales of after-market and industrial coatings have
experienced a slower recovery.

Automotive industry production forecasts for 2010 projects a global increase of about nine percent,
with increased production in all regions. For 2010, DuPont Performance Coatings expects sales
increases that will exceed the OEMs build growth due to expected recovery of OEMs and light truck
markets.

A new DuPont laboratory and manufacturing facilities in China helped accelerate the adoption of
coatings with improved environmental performance by Chinese automakers. During the year.
DuPont’s technical center, located in Shanghai, and the manufacturing operations in Changchun
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allow nearby DuPont scientists to respond to local customers’ needs quickly and efficiently.

For example, Shanghai General Motors uses advanced DuPont finishes, made in China, on its Cruze
model. The new Shanghai General Motors plant at Shenyang is located just west of the DuPont
Changchun plant, and uses the DuPont water-based coatings produced at that facility. Shanghai
General Motors is a joint venture between General Motors and the Shanghai Automotive Industry
Corporation. The site has an annual capacity of 150,000 cars.

During 2009 DuPont’s auto OEM coatings business was recognized for its quality service and
products. DuPont Automotive OEM Coatings was named a General Motors Supplier of the Year in
recognition of its performance as a global provider of finishes and marked the second year in a row
that DuPont Automotive OEM Coatings earned this distinction. DuPont supplies GM in all regions of
the world with a variety of products including undercoats, color coats and clear coats. Honda
America also named DuPont Automotive OEM Coatings as Supplier of the Year from among 2,400
companies in its supplier base. DuPont was one of 12 to earn the award. DuPont received recognition
for top performance in the areas of quality, delivery and productivity improvement.

On the aftermarket side of the business, DuPont Performance Coatings formed an agreement with
American Honda Motor Company, Inc., and its new Body Shop Recognition Program. The program is
an updated version of the previous Honda and Acura programs. The complete program requirements
say body shops must be sponsored by a Honda or Acura dealer that is a participant in American
Honda’s Collision Select program; body shops can be a dealer-owned or independent shop; body
shops must adopt the OEConnection Collision Link software and conduct a minimum of one
transaction per week through the Collision Link system within the first 30 days. The Collision Link
software is free to body shops from participating dealers; and body shops must be recognized as a
participant in the DuPont Performance Alliance.

During the year, DuPont Refinish introduced “Go Pro,” a virtual bodyshop aimed at informing
bodyshops on how to increase productivity in all business areas. It shows how DuPont Refinish can
help promote bodyshop businesses more efficiently, improve the quality of service offered to
customers and attract new customers.

The interactive tour has nine steps, each relating to a different bodyshop section. The steps detail
how bodyshops can benefit from DuPont Refinish in day-to-day business. “Go Pro” reinforces that
DuPont Refinish is the productive and dynamic after-market paint brand of DuPont.
Innovative Industrial Coatings
During the year, DuPont introduced better performing DuPont Teflon coatings made without PFOA.
Using new, proprietary and patented scratch resistance technology, DuPont launched Teflon
Platinum Plus coatings, the first Teflon coating made without PFOA, according to the company. This
new coating provides a 50% improvement in scratch resistance compared to current Teflon Platinum
coatings. With enhanced scratch resistance, Teflon Platinum Plus is metal utensil safe and designed
to look newer longer.

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In an effort to maximize oil productivity, DuPont has innovated StreaMax, a coating for downhole
tubes, designed to help oil companies in the Middle East and Mexico and other growing regions
maximize oil production by increasing well productivity, reducing corrosion, and keeping
maintenance costs down. In the next three years, business is expected to grow five-foldversus 2009.
06 RPM International Inc.

Medina, Ohio/USA
www.rpminc.com
PUBLIC COMPANY
HEADCOUNT: 9,700 t (2008: 10,360)
Coatings REVENUEs: $3.368 billion t (2008: 3.643)
TotaL REVENUEs: $3.368 billion t (2008: 3.643)
Net income: $119.6 million s (2008: $47.7)
Segment breakdown
• Industrial Segment: 67%
• Consumer Segment: 33%
KEY People
Frank C. Sullivan, chairman and CEO; Ronald A. Rice, president and COO; P. Kelly Tompkins, executive
VP-administration and CFO; Key managers: John J. McLaughlin, DAP; Thomas E. Reed, Rust-Oleum;
Charles G. Pauli, RPM II; Randall J. Korach, Tremco; David P. Reif, StonCor.
RPM International Inc. is a multinational holding company with subsidiaries that manufacture and
market high-performance coatings, sealants and specialty chemicals, primarily for maintenance and
improvement applications. Industrial products accounted for 67 percent of fiscal 2009 sales, with
consumer products accounting for the remaining 33 percent. Industrial segment net sales totaled
$2.27 billion, a decline of 4.3% from $2.37 billion last year. Consumer segment net sales totaled
$1.10 billion, a decline of 13.6% from $1.28 billion during fiscal 2008.

The Industrial Segment’s operating groups include RPM Building Solutions Group, which provides
roofing systems, sealants and concrete admixtures. Leading brands include Tremco, Tremco illbruck
and Euco. RPM Performance Coatings Group includes polymer floor coatings, corrosion control
coatings and fiberglass reinforced plastic grating. Its primary brands include Stonhard, Carboline and
Fibergrate. RPM II Group offers specialty chemicals, exterior insulation and finish systems and
recreational marine coatings. Major brands include Day-Glo, Dryvit, Kop-Coat and Pettit.

Consumer products are sold primarily in North America and have a growing presence in Europe,
predominantly in the UK. The Consumer Segment’s operating groups include Rust-Oleum Group,
which provides rust-preventative and small project paints, primer-sealers, wallcovering preparation
and removal products, wood stains and finishes, mildew resistant paints and hobbyist products.
Major brands include Rust-Oleum, Zinsser, Varathane, Tor and Testors. DAP Group markets caulks,
sealants and patch and repair products under the DAP brand.

14
RPM subsidiaries continued to build their businesses geographically and add product and service
lines through acquisitions during fiscal 2009. On February 9, 2009, Tremco illbruck International
GmbH acquired Karochemie AG, a leading supplier of sealants to the construction markets in
Switzerland and Lichtenstein. With annual sales of more than $13 million, Karochemie’s distribution
network and sealants expertise is expected to complement Tremco illbruck’s strengths in other parts
of Europe.

On February 13, 2009, Carboline Company purchased a 49 percent interest in its Chinese licensee,
Carboline Dalian Paint Production Co., Ltd. The remaining 51 percent of the joint venture is owned by
UniChemical Company, a longstanding Carboline partner in another joint venture, Carboline Korea
Ltd. Carboline Dalian has annual sales of approximately $10 million, and manufactures corrosion
control coatings and linings for a variety of industries, including offshore drilling, oil and gas,
petrochemical, general manufacturing and electrical generation.

On April 1, 2009, Tremco Incorporated acquired Canam Building Envelope Specialists Inc., including
its Zerodraft weatherproofing division. With annual sales of approximately $6 million, and based in
Mississauga, Ontario, Canam is one of the leading building envelope consulting firms in North
America. It now operates as part of Tremco’s Weatherproofing Technologies Inc. subsidiary. Its
Zerodraft division, which provides specialized retrofit weatherstripping and distributes a variety of
related insulation and sealant products, is operating as part of Tremco’s Commercial Sealants and
Waterproofing Division.

The Canam acquisition fits nicely with RPM’s existing aggressive promotion of building envelope
solutions, which can dramatically reduce building energy consumption, and, therefore, greenhouse
gas emissions, and offer rapid payback to building owners in terms of energy savings.

During 2009, RPM changed the names of two of its industrial segment operating groups to better
reflect the nature of their businesses and end-market customers, and to better define their platform
for further growth, both organically and through acquisitions. They are: RPM Building Solutions
Group, formerly the Tremco Group, and consisting of Tremco Roofing, Tremco Sealants, Tremco
illbruck, Tremco Barrier Solutions, Weatherproofing Technologies Inc., Euclid Chemical Company,
Productos Cave, Prosytec, Increte and Compact Technologies; and RPM Performance Coatings Group,
formerly the StonCor Group, and consisting of Stonhard, Carboline, Fibergrate, Plasite, Flowcrete,
Star Maling and StonCor operations in Africa, Asia, Canada, Europe, Latin America and the Middle
East.
Global Operations
RPM’s family of product lines, including paints, coatings, roofing systems, sealants and adhesives
serve a broad range of markets in the U.S. and internationally. Globally, these markets generate
approximately $170 billion in annual sales, with RPM capturing $3.4 billion in fiscal 2009. Of this
amount, approximately 63% was in the U.S. and the remaining 37% was abroad. This leaves RPM
with vast growth potential, both organically and through acquisitions, around the world. RPM is
capturing opportunities abroad by growing its presence in established European economies and in
emerging markets such as China, India and Latin America. In serving these markets, RPM has nearly
15
9,700 employees who operate its 92 manufacturing facilities in 22 countries. Net sales in North
America totaled $2.387 billion; Europe, $693 million; South America/Latin America, $99 million;
Africa/Middle East, $100 milion; and Asia/Pacific, $87 million.
07 BASF Group
Ludwigshafen, Germany
www.basf.com
PUBLIC COMPANY
HEADCOUNT: 104,780 s (2008: 96,924)
Coatings REVENUEs: $2.976 t (2008: $3.729))
net income: $1.966 billion t (2008: $4.338)
R&D Budget: $1.949 billion t (2008: $2.018)
(BASF Coatings AG is part of the Functional Solutions unit)
Segment breakdown
• Chemicals: 15%
• Plastics: 14%
• Performance Products: 18%
• Functional Solutions: 14%
• Agricultural Solutions: 7%
• Oil & Gas: 22%
• Other: 10%
KEY People
Raimar Jahn, CEO of BASF Coatings AG; Dr. Helmut Rödder, member of the board of BASF Coatings
AG; Udo Reiter, head of global technology, coatings; Dr. Klaus Plitzko, head of global applied research
and technology, coatings; Juan Ximenez-Carrillo Gerber, automotive OEM coatings; Christoph
Hansen, automotive refinish coatings; Peter Alexander Fischer, industrial coatings; Rui Artur Goerck,
decorative paints.
BASF Coatings AG, the coatings division of BASF’s Functional Solutions business group, is one of the
world’s largest suppliers of innovative and environmentally friendly coatings solutions for automotive
and industrial applications. BASF Coatings manufactures automotive OEM coatings, automotive
refinishes, industrial coatings and decorative paints. Its brands, including Glasurit and R-M for the car
refinish business, put it in the premium segment worldwide. In Brazil, BASF Coatings is the leading
manufacturer of architectural coatings, with a top market position of the brand Suvinil.

In 2009, BASF Coatings’ sales dropped to $2.976 billion from $3.729. The overall decline in demand
affected all product lines in Europe, North America and South America. Lower sales resulted in
particular from the deterioration in the market environment for the automotive industry in Europe
and North and South America as well as BASF’s divestitures in its industrial coatings activities in
North America in 2008.

16
From a regional perspective, 45 percent of BASF Coatings’ sales are generated from Europe; 24
percent from South America, Africa and the Middle East; 17 percent from Asia; and 14 percent from
North America.

The rapid recovery of the automotive industry in China led to sales growth for automotive coatings in
Asia. In contrast, as a result of the difficult business BASF posted a slight decline in sales of
automotive refinish coatings. Demand for coatings for tractors and other agricultural machines
weakened dramatically, the company said.

Sales of industrial coatings in North America declined due to divestitures. Sales in Europe also
decreased, attributable mainly to lower demand from the steel industry for coil coatings. Even the
positive development with coatings for wind turbines could not offset this decline. Sales in the
architectural coatings business matched the previous year’s level; in South America, BASF was able to
gain market share.

BASF initiated restructuring projects in Europe and Asia. In response to changing market conditions it
sold production sites in Ako, Japan, and Verbania, Italy.

In 2010, BASF expects a slight recovery in the global automotive industry and consumer demand,
which it said should offset the sales decline that has resulted from the divestment of its production
sites in Japan and Italy. It expects that sales will increase slightly compared with the 2009 level and
will continue to expand its presence in the growth regions of Asia and Eastern Europe, particularly in
Russia, China and India.
Expanding Refinish Operations
BASF opened in September a new $3.5 million ($5 million) Refinish Competence Center (RCC) at its
coating headquarters in Muenster-Hiltrup, Germany. The project brings all of Glasurit’s centrally
located training teams, made up of trainers, administrators and customer service representatives,
into one building. It also accommodates the products of 24 companies providing body shop
equipment and accessories.

The educational operation of the refinish business currently has seven global trainers, 150 national
trainers and 300 technicians in 65 countries. With the help of 46 training centers around the world,
10,000 people take part in Glasurit courses, seminars and workshops annually. The Muenster-Hiltrup
RCC unit has been having on average 3,000 participants in its educational activities a year. But the
new building’s capacity will be much higher with 2,000 people expected to use the global center
before the end of this year.

“Glasurit is currently the leading brand for automotive refinish products,” said Christoph Hansen,
head of BASF’s automotive refinish business. "The new competence center will enable us to
strengthen our position further."

The RCC will play a prominent role in BASF’s plans for forging closer links between vocational colleges
and the body shop sector, as well as between refinish businesses and Glasurit’s training teams.
17

Also during the year, BASF increased its waterborne basecoat production capacity by thirty-percent
in Würzburg. State-of-the-art dispersion and dosing techniques were implemented as well. Basecoat
development has been concentrated in a newly constructed lab building. Additional application
facilities were set up to cover lab and production needs. Overall, the capacity at the Würzburg site
has been boosted by around 30 percent and the total investment amounted to roughly €21 million.
08 The Valspar Corporation

Minneapolis, Minnesota/USA
www.valsparglobal.com
PUBLIC COMPANY
HEADCOUNT: 8,788 t (2008: 9,341)
net income: $160 million s (2008: $150)
Segment breakdown
• Coatings Segment: 55%
• Paints Segment: 37%
• Other Segment: 8%
KEY People
William Mansfield, chairman and CEO; Gary Hendrickson, president and COO; Rolf Engh, executive
VP, general counsel and secretary; Steven L. Erdahl, executive VP; Anthony L. Blaine, senior VP;
Howard Heckes, senior VP; Lori A. Walker, senior VP and CFO; J.R. Benites, group VP; Brian Falline,
goup VP; Bernard Ouimette, group VP; James Randolph, group VP.
Valspar’s net sales for the year fell 17.3 percent to $2.879 billion, reflecting the impact of the global
recession. Sales in the Paints segment declined 4.9 percent to $1.072 billion. The Paints segment
includes a wide variety of products such as paints, primers, topcoats and aerosol spray paints sold
primarily through retailers and distribution networks. It sells branded and other products in the
Paints segment, including Valspar, Cabot, Huarun, DeBeer and House of Kolor. This segment includes
architectural and automotive refinish product lines.The firm’s North America architectural product
line posted increased sales for the year, while the overall paint market declined more than 10
percent.

Coatings segment sales were down 22.9 percent to $1.582 billion. The Coatings segment includes a
broad range of decorative and protective coatings for metal, wood and plastic, primarily for sale to
original equipment manufacturing (OEM) customers. Products within the Coatings segment include
primers, top coats, varnishes, inks, sprays, stains, fillers and other coatings used by customers in a
wide range of manufacturing industries, including building products, appliances, furniture,
transportation, agricultural and construction equipment, metal packaging and metal fabrication.
Valspar utilizes a wide variety of coatings technologies to meet its customers’ coatings requirements,
18
including electrodeposition, powder, solvent−based, waterborne and UV light−cured coatings. This
segment includes the packaging product line and three industrial product lines: coil, general
industrial and wood. According to the company, the performance of its global packaging product line
helped to mitigate the impact of lower revenues in its industrial product lines.

Net income in 2009 totaled $160.2 million, up $9.4 million from $150.8 million in 2008. The company
said these positive results were due to an improved cost-price ratio, higher efficiency in its
operations from restructuring and productivity actions, and good control of expenses.

In 2009, Valspar expanded its global automotive color operations by opening a color technology
center in Shunde, China. Establishing a color technology center in this location enables Valspar to
offer more service options to its automotive customers in Asia Pacific and Australia. The center is
designed to increase the quantity of available colors for automotive customers while at the same
time ensuring that common technology, methods and procedures are being practiced. The center
plans to develop 6,000 colors the first year with plans to grow to a capacity of 9,000 colors per year.
The center includes employees skilled as colorists, sprayers and color information experts. The new
color technology center will also support global color development projects for Valspar’s automotive
refinish brands including De Beer and Valspar Refinish.

Also during the year, in response to consumer demand, Valspar introduced 24 new paint colors to its
Laura Ashley Home collection, available in Valspar Signature Colors. The updated colors range from
soft peaches and corals, to deep red, muted purple, and teal, adding intriguing colors with depth
while maintaining the Laura Ashley aesthetic of contemporary English elegance. The new collection is
comprised of a mix of light, calm, summery tones along with deep reds, blues and purples. These
colors can be used alone or combined to create a classic, yet feminine atmosphere synonymous with
the Laura Ashley brand.
Supporting Habitat for Humanity
During 2009, The Valspar Corporation Foundation extended its long-standing relationship with
Habitat for Humanity International with a multi-year commitment totaling more than $20 million in
cash and paint donations. The Valspar Foundation will provide paint to Habitat affiliates across the
U.S. and financial support to build Habitat’s A Brush With Kindness program, an effort that assists
families in need, into a nationwide program. The Valspar Foundation and Habitat for Humanity
International launched their national partnership in 2002. With this extended commitment, The
Valspar Foundation’s paint and cash partnership with Habitat for Humanity International will reach
nearly $40 million by 2012. Valspar makes its highest quality paint available to all Habitat affiliates in
the United States and works with them in Brazil, China, South Africa, Thailand and Vietnam.
09 Kansai Paint Co., Ltd.

Osaka, Japan
www.kansai.co.jp
PUBLIC COMPANY
19
HEADCOUNT: 7,752
Coatings REVENUEs: $2.397 billion s (2008: $2.299)
TotaL REVENUEs: $2.397 billion s (2008: $2.299)
Net income: $127 million s (2008: $108)
R&D Budget: No info for 2009 (2008: $55 million)
Segment breakdown
• Automotive coatings: 47%
• Industrial coatings: 24%
• Decorative coatings: 19%
• Marine and protective coatings: 10%
KEY People
Shoju Kobayashi, president and representative director; Masanobu Ohta, chief director of general
paint, president of a subsidiary, director; Shinichi Hamamatsu, senior managing director,
representative director; Yuzo Kawamori, senior managing director, deputy chief director of paint
business, chief firector of industrial coating material.
Kansai Paint Co., Ltd. divides its business into automotive (47%), industrial (24%), decorative (19%),
and marine and protective (10%) segments. Coatings revenues for 2009 amounted to $2.397 billion,
representing a slight increase from the previous year due to a favorable currency exchange rate.

Operating in Japan, Europe, the U.S. southeast Asia, India and China, Kansai offers automotive
coatings for new cars, including automotive parts, as well as refinishes; industrial coatings, which
comprise pre-coated metal coatings and electrodeposition coatings for aluminum sashes, as well as
coatings for beverage cans, home electric appliances, and construction and industrial machinery;
decorative coatings for housing, commercial buildings, and public facilities, primarily coatings for new
buildings, and coatings for repair and maintenance; and coatings for ships, marine containers, marine
structures, bridges, and chemical plants.

During the year, Kansai Paint appointed Shoju Kobayashi as chairman of the board, and appointed
Yuzo Kawamori to replace Shoju Kobayashi as president of the company, effective April 1, 2010.

Continuing its push into China, Kansai Paint announced that it will establish a wholly owned
subsidiary, which will be mainly engaged in China businesses, strategy formulation, marketing and
capital management in Shanghai, China, in June 2010.

In 2009, Kansai Nerolac Paints Limited, India’s second largest paint manufacturer, began setting up its
second manufacturing facility in Tamil Nadu at Hosur with an initial investment of approximately
Indian Rupees 90 crore. The company has a similar facility in Perungudi at Chennai.

The new facility commenced operations in October. It manufactures decorative paints and paints for
general industrial products.

The 50-acre facility is dedicated to the manufacture of water-based paints and has an initial capacity
of 15,000 tons, and will be scaled up to 75,000 tons in three phases.
20

On the total investment for all the three phases, the company said it will be based on the market
demand. The company will commence phase two work after 18 months from the day phase one
production starts. The plant will cater to markets in Tamil Nadu, Karnataka, Andhra Pradesh, Kerala
and parts of eastern India.
Eco-friendly Ales Shikkui
On the new product front, Kansai Paint introduced Ales Shikkui, an eco-friendly plaster coating for
interior finish. The primary ingredient of Ales Shikkui is slaked lime, and it is a paint-like “Shikkui,”
which is a traditional plaster coating in Japan that has all of the primary functions of plaster, such as
deodorant, formaldehyde absorption and detoxification, dew condensation suppression and
antibacterial qualities. Because it has no VOC components, such as auxiliary agents for producing film
or antifreeze agents, which are considered essential for water-based coatings, there are high
expectations for this product as an eco-friendly interior finishing coating material.

The company also introduced a multicolor finishing method for Ales Shikkui that features a special
roller and new standing colors in addition to the normal white. Kansai also developed Ales Shikkui EZ
clean as a clear coating for application on Ales Shikkui for protection from dirt and to make cleaning
stains easier.
Characteristics of Ales Shikkui
Deodorant function: Absorbs and eliminates bad smells found in daily life, such as thosed caused by
cigarette smoke, pet-related smells and garbage.
Antibacterial and antivirus function: Suppresses the growth and proliferation of bacteria and mold.
VOC Adsorption and decomposition function: Adsorbs and renders the VOC formaldehyde harmless,
and absorbs and eliminates toluene, xylene, etc.
Fireproof certified material.
Dew condensation suppression function: The film of this product has a porous structure. With
moisture absorption and dispersion qualities, this is effective for the suppression of dew
condensation.
Carbon dioxide absorption function: The coating film formed absorbs carbon dioxide from the air
over a long time period, contributing to the reduction of CO2.
10 Nippon Paint Co., Ltd.

Osaka, Japan
www.nipponpaint.com
PUBLIC COMPANY
21
HEADCOUNT: 1,675
Net income: $94 million s (2008: $18)
Segment breakdown
• Coatings Materials: 95%
• Fine Chemicals: 5%
KEY People
Kenji Sakai, president, representative director; Yoshio Andou, senior vice president, general manager
of trade use paint division and executive director; Ryoichi Baba, senior vice president, representative
director; Kiyohiko Chijiiwa, executive vice president and director; Kanji Nishijima, vice president.
Nippon Paint manufacture all types of paints and coatings including those for automobiles,
construction, architecture, steel structures, ships, metal, electrical equipment, machinery, roadways
and household appliances among others. Nippon Paint saw its sales drop slightly in 2009, but was
able to grow net income from $18 billion to $94 billion due to restructuring.

In 2009 the company appointed Kenji Sakai as the new president of Nippon Paint. Mr. Sakai replaced
Makoto Matsuura, effective April 1, 2009.

During the year, Nippon opened a new plant in China as part of a restructuring of its industrial paint
production locations in that country to increase efficiency and output capacity. The company spent
about $30 million on the facility, for which it acquired a 140,000 square meter plot in Tianjin. It built
a production wing for powdered paints used on home appliances and furniture, and began
operations there in June. Production facilities for related liquid paints and resins will be built on the
same site before year’s end.

In terms of new products, Nippon continued to broaden its offerings in diverse markets around the
globe. For instance, in Pakistan Nippon Paint launched its latest innovation in 2009—Nippon Spot-
less—a water-based emulsion that repels stains and is highly washable. It is an odorless emulsion and
has near zero VOCs.

In Singapore in September, Nippon Paint launched an environmentally friendly exterior paint—
SolaReflect—that reduces heat build-up by reflecting infra red light from coated surfaces. This allows
less heat to be absorbed into external surfaces and surroundings, creating a cooler surface
temperature of up to 5° C. SolaReflect is environmentally friendly as it helps reduce heat build-up
and subsequently decreases the amount of power needed for air-conditioning or cooling off, which
indirectly reduces carbon emissions.

Also in Singapore, Nippon Paint introduced Aqua Bodelac, a breakthrough in water-based enamel
paint technology, according to the company. It was awarded the Green Label by the Singapore
Environmental Council. Aqua Bodelac is a water-based modified acrylic gloss enamel paint with low
VOC that is ideal for interior wood and metal surfaces.

22
Aqua Bodelac is easy to apply, requiring just two hours to dry, is washable, alkaline and and fungus
resistant, stain-resistant and non-yellowing.
Expanding in Thailand
In 2009 Thailand became the first market to launch Nippon’s latest technological breakthrough—
Advanced Trio Fresh—available in its new acrylic elastic paint, Nippon 3-In-1 DuraFresh. The
technology helps protect walls from cracks and is resistant to dust and water streak marks. At the
time of launch, Nippon planned to invest more than $6 million in marketing communications to
expand the market, aiming to increase market share from eight percent to 10% with the sales target
of $38 million by year’s end.

“This year, Nippon Paint will make an aggressive move in the Thai paint market, which is worth more
than $380 million annually,” said Chalermpong Mahavanidvong, chief operation officer, Nippon Paint
(Thailand) Co., Ltd.

“Thailand was selected as the world’s first market to officially launch Nippon 3-In-1 Durafresh with
the world’s most advanced acrylic paint technology, Advanced Trio Fresh, which offers the ultimate
protection from cracks and gives high resistance to dust and all water streak marks,” said
Mahavanidvong.

Nippon 3-In-1 DuraFresh was developed through Nippon’s Advanced Trio Fresh Technology from
Japan. The technology combines three acrylic paint technologies, including Advanced Core-Shell
Technology with two layers of molecules: the harder outer layer and the softer inner layer. The
harder outer layer provides washing ability and resistance to dust and water streak marks while the
softer inner layer provides maximum elastic efficiency in protecting walls from cracks.

The second technology is Advanced Cross-linking Technology, which helps acrylic molecules
penetrate deeply into a nano level of paint molecules thoroughly integrating acrylic molecules and
paint molecules throughout the entire paint film, leaving no space for dust and water, according to
the company.

The third technology is Advanced Nano Technology that helps strengthen the two technologies at the
nano level, providing maximum strength and durability in every environmental condition.
11 Sika AG
Baar, Switzerland
www.sika.com
PUBLIC COMPANY
coatings REVENUEs: $2.110 billion
TotaL REVENUEs: $3.836 billion
SEGMENT BREAKDOWN
Construction Segment: 81.4%
23
Industry Segment: 18.6%
KEY PEOPLE
Walter Grüebler, chairman of the board; Ernst Bärtschi, CEO; Group management: Alexander
Bleibler, construction, contractors; Christoph Ganz, construction, distribution; Ernesto Schümperli,
construction, concrete; Bruno Fritsche, industry; Silvio Ponti, Europe North; Hubert Perrin De
Brichambaut, Europe South; Iven Chadwick, IMEA; Paul Schuler, North America; Jose Luis Vazquez,
Latin America; Jan Janisch, Asia Pacific.
Sika’s product line includes concrete admixtures, sealants, adhesives, corrosion inhibitors, specialty
mortars, epoxy resins, structural strengthening systems, grouts, anchoring adhesives, overlays, and
protective coatings. The sale of adhesives, sealants and coatings amounted to approximately $2.110
billion in 2009, down from $2.356 billion the previous year. These products are spread out across the
construction segment, which is reponsbile for about 80% of revenue, and the industry segment,
which makes up the remaining 20%.
In January 2009 Sika took over the English Iotech Group Limited, with subsidiaries in Great Britain,
the U.S. and Belgium. Iotech is a specialist in the formulation, production and distribution of
polyurethane liquid membranes and their precursor products.
In September Sika purchased a majority interest in Jiangsu TMS Admixture Co., Ltd. The company is a
leading provider of concrete admixtures to the dynamically expanding Eastern Chinese market.
Also during the year, in Antwerp, Belgium, Sika brought a new plant on line for production of the
high-performance superplasticizers Sika ViscoCrete and SikaPlast. Con struction of this facility, which
has an annual capacity of 40,000 tons, was necessary because the demand for Sika ViscoCrete had
grown by a multiple of what it was upon market launch in 2000.
In Tocancipá, Colombia, Sika opened a new factory that encompasses administration and laboratory
buildings, a logistics center and production facilities for epoxy resin coatings, acrylic resins and
sealants on an area of 64,400 square meters.
12 Jotun AS
Sandefjord, Norway
www.jotun.com
PRIVATE COMPANY
COATINGS REVENUES: $2.050 billion
TOTAL REVENUES: $2.050 billion
SEGMENT BREAKDOWN
Jotun Dekorativ
Jotun Paints
24
Jotun Coatings
Jotun Powder Coatings
KEY PEOPLE
Morton Fon, president and CEO; Bard Tonning, group executive VP, Jotun Dekorativ; Erik Aaberg,
group executive VP, Jotun Paints; Esben Hersve, group executive VP, Jotun Coatings; Martin Chew,
group executive VP, Jotun Powder Coatings.
Jotun’s coatings revenues in 2009 totalled $2.050 billion. During the year, Jotun’s board of directors
approved investment in a new factory in the U.S. because, the company said, the U.S. is an important
marine market and also becoming increasingly important for the protective coatings segment. Jotun
said its existing factory in Belle Chasse, LA, requires significant upgrading so for business reasons as
well as operational reasons it makes sense to build a new factory.
Jotun Saudia inaugurated a new state of the art paint factory in Yanbu. The company invested
roughly US$27 million in the highly-automated factory that will exclusively produce waterborne
paints. With the inauguration of the new factory Jotun’s installed production capacity in the Saudi
Arabia is 110 million liters of paint, making it one of the largest in the Middle East.
Also during the year, Palmali Shipping Group signed a large contract for 10x7.000 deadweight
tonnage newbuilding chemical vessels with Besiktas Shipyard. Jotun Turkey won the paint contract
and is sole supplier for the entire project.
Jotun also won a major power plant coatings project in Indonesia. The 10,000 megawatt project will
be completed during 2009-2014 for which Jotun will supply more than five billion liters of paint, to
protect ten electric power facilities. Jotun Indonesia has secured important power plant projects in
recent years such as Muara Karang, Paiton and Rembang.
In the Middle East, with aims to address the increasing demand for environmentally safe paint
products in the region, Jotun introduced the Jotashield SuperDurable, a low VOC coating based on a
special hybrid silicone binder with twice the life span of traditional coatings, the company said.
13 3M
St. Paul, Minnesota/USA
www.3M.com
PUBLIC COMPANY
SEGMENT BREAKDOWN
Industrial & Transportation
Health Care
Safety, Security & Protection
Consumer & Office
25
Display & Graphics
Electro & Communications
KEY PEOPLE
George Buckley, chairman, CEO and president; Joe Harlan, executive VP, electro and
communications; Michael Kelly, executive VP, display and graphics; Jean Lobey, executive VP, safety,
security and protection services; Moe Nozarri, executive VP, consumer and office; Brad Sauer,
executive VP, health care; Hak Cheol Shin, executive VP, industrial and transportation.
As one of the most diverse companies in this report, 3M manufacturers adhesives and sealants, and
also produces an array of coatings, grouts and concrete sealing products spread across seven
business units, which posted sales of $23.123 billion in sales in 2009. Coatings World estimates 3M’s
sales of coatings at approximately $2.0 billion.
3M does over $800 million globally in pipe coatings alone. This is mainly powder coatings. The
remaining $1.4 of revenue is made up of captive ($1 billion) and merchant coatings ($400 million)
used for highway signage, traffic markings and textile coatings. In 2009, 3M launched its first
Customer Technical Center in Dubai, United Arab Emirates and draws upon 3M’s global R&D strength
and 45 technology platforms to provide solutions for local customers.
This is the first center of its kind in the Middle East. It is expected to open later this year and will act
as an innovative base for customers to test 3M’s products and solutions that are new to the Middle
East market.
The center also will provide 3M with an expanded facility in the Middle East to better support
customer needs across the region. The facility will be divided into a number of zones, which will
showcase 3M technology, capabilities and products for the Middle East market. Customers will be
able to touch and test multiple 3M technologies and learn about their various applications in the on-
site teaching rooms.
In addition, the center will serve as a central ideas hub for accelerating the development of new
products and services locally. Customer Technical Centers are unique to 3M and serve as a
mechanism for customer inspired innovation. The facility in Dubai represents 3M’s 23rd center.
14 Masco Corporation
Taylor, Michigan/USA
www.masco.com
PUBLIC COMPANY
SEGMENT BREAKDOWN
Cabinets & Related Products: 21%
Plumbing Products: 33%
26
Installation and Other Services: 16%
Decorative Architectural Products: 22%
Other Specialty Products: 8%
KEY PEOPLE
Richard A. Manoogian, executive chairman; Timothy Wadhams, president and CEO.
Masco Corp.’s decorative architectural products business unit includes its paints and stains business,
which posted sales of $1.560 billion in 2009. The products are sold in the U.S. and Canada under the
brand names BEHR, KILZ and Expressions to the DIY and professional markets through home centers,
paint stores and other retailers. BEHR products were also recently introduced in China. The KILZ
brand is sold in North America through home center retailers and discount retailers, and through
hardware stores, paint stores and dealers.
Spearheaded by the high-profile BEHR brand, which is sold through The Home Depot, the segment’s
and the company’s largest customer, the company claims that it is the largest supplier of
architectural coatings to the North American DIY market.
In 2009, Behr received The Home Depot’s 2009 Innovation of the Year Award for Behr Premium Plus
Ultra interior paint. This innovative product provides an extradurable paint finish that resists
moisture, stains, scuffs and dirt. This paint and primer in one covers in fewer coats, saving time. The
success of this new offering is the result of the collaborative partnership by Behr and The Home
Depot.
Also in 2009, to aid in the productivity and profitability of the professional painter, Behr launched its
Direct to Pro program in 2009. The program is designed to provide simplicity and efficiency to
builders and professional contractors through an extensive network of service locations. Currently
available through The Home Depot pro desk, the Direct to Pro program offers professional users one-
stop shopping and Home Depot tiered pricing for premium paint based on volume. All orders are
placed at The Home Depot pro desk and orders are filled and tinted at Behr’s fulfillment centers and
delivered directly to the job site or the local Home Depot store, where available.
15 DAW
Ober-Ramstadt, Germany
www.caparol.de
PRIVATE COMPANY
SEGMENT BREAKDOWN
Architectural/Decorative: 100%
KEY PEOPLE
Dr. Klaus Murjahn, CEO..
27
The parent company of the Caparol Group is the Deutsche Amphibolin-Werke von Robert Murjahn
Stiftung & Co KG (DAW). DAW was founded in 1895 and today carries out the central functions such
as purchasing, production and fin - ances. DAW is the leading German decorative paint manufacturer.
The Caparol brand is the leading brand within the DAW Group. The marketing activities are
subdivided into six strategic business units.
In the professional business unit high quality paints, enamels, glazes, chemical building products and
materials for facades and insulation technology are marketed under the brands Caparol, Alligator and
Alsecco for professional users. The product range of the brand Alpina, which is active in the DIY
business unit, is mainly composed of environmentally friendly, non-noxious, easily worked and high
quality decorative paints, enamels and glazes and is aimed at the end-user. The wholesale business
unit comprises an extensive range of services for the professional paint wholesalers provided by the
company Caparol Marketing Service (CMS). The industrial business unit is supported by the company
Caparol In dustrial Solutions whose products and services are exclusively orientated to the
requirements of industrial customers. Lastly, the Nerchau decorating and artist’s paints is located in
Saxony and produces high quality paints for educational, hobby and artistic requirements.
With 3,700 employees and a large number of production sites at home and abroad, as well as $1.255
billion turnover, the Caparol Group is one of the leading companies for paints, enamels and building
protection in Europe. In the professional and also DIY markets the company with its headquarters in
the Rhine-Main region is the market leader with its brands Caparol and Alpina.
16 H.B. Fuller Company

St. Paul, Minnesota/USA
www.hbfuller.com
PUBLIC COMPANY
SEGMENT BREAKDOWN
North America: 43%
Europe: 29%
Latin America: 18%
Asia Pacific: 10%
KEY PEOPLE
Michele Volpi, president and CEO; James Giertz, senior VP and CFO; James Owens, senior VP, North
America; Kevin Gilligan, VP, Asia Pacific; Jan Muller, VP, Europe; Ramon Tico, VP, Latin America; Barry
Snyder, VP and chief technology officer.
H.B. Fuller Company is a global manufacturer and marketer of adhesives and other specialty chemical
products. The company is managed through four regional operating segments—North America,
Europe, Latin America and Asia Pacific. The largest business component in each of the regional
28
segments is adhesives. H.B. Fuller posted sales of $1.234 billion in 2009.
H.B. Fuller opened a new technical center in Shanghai Zhangjiang Hi-Tech Park, China. The new lab,
part of the company’s five-year strategic plan, is the company’s first regional technical center in Asia
Pacific and will house research and development, applications testing, sales and regional leadership.
The new technical center will focus on next-generation adhesive applications, helping the company
promote product development and localization of initiatives in a variety of market segments, ranging
from insulating glass, packaging and nonwovens and fiberglass sizing and binding, to footwear and
textiles, lean flooring and reverse-osmosis filtration.
During the year, H.B. Fuller also acquired Nordic Adhesives Tech - nology a developer and
manufacturer of polyurethane flexible packaging laminating adhesives based in Buxtehude,
Germany. Nordic’s laminating adhesives complement H.B. Fuller’s existing line. Additional new and
innovative Nordic formulations include solventless systems with wide ranging capabilities including
biodegradable laminates, high performance aliphatic solvent based systems, and adhesive solutions
for high barrier films.
17 The Comex Group

Mexico City, Mexico
www.thecomexgroup.com
PRIVATE COMPANY
SEGMENT BREAKDOWN
Architectural: 75%
Industrial: 15%
OEM: 5%
Auto refinish: 5%
KEY PEOPLE
Marcos Achar, CEO, Comex Group; Leon Cohen, president, Comex Mexico; Marcos Achar Meyohas,
vice president treasurer; Elias Achar, vice president operations; Kent Child, president, U.S. and
Canada.
Comex Group is the leading paint producer in Central and South America and the fourth largest
architectural paint manufacturer in North America. Comex serves professional and DIY customers
through more than 3,300 locations from Canada to Panama. Comex Group’s wide range of products
are manufactured and marketed through a group of regional companies. Comex Group’s companies
in the U.S. and Canada were formerly part of Professional Paint, Inc. (PPI). PPI was brought into the
Comex Group in 2004. PPI’s network of regional paint formulators sell under different brands in the
U.S. including Color Wheel in Florida, Frazee in California, Kwal Paint in Colorado, Parker Paint in the
U.S. Pacific Northwest and General Paint in Canada. Comex’s industrial line of paint, coatings and
building products complement PPI’s residential and commercial paint lines. Comex Group also
operates Comex Mexico and Comex Central America. Comex Group’s, sales are estimated to be $1.2
billion in 2009. Broken down, approximately 75% of sales came from the architectural segment, 15%
29
from industrial, 5% from OEM (excluding automotive) and 5% from auto refinish.
The Comex Group, through its Comex Industrial Coatings (CIC) business, is an integral part of the
ongoing four phase rehabilitation project at the McDonald Observatory, a research unit of the
University of Texas at Austin. CIC coatings are being used to protect the sensitive and expensive
equipment housed in the various buildings. Approximately 14,000 sq. ft. of external surface area is
currently covered with CIC product.
Comex also opened the first Visual Color Evaluation Lab in Mexico. The Visual Color Evaluation Lab,
considered to be the first facility in America devoted to observing architectural paint colors, opened
its doors in Tepexpan, State of Mexico.
18 Hempel A/S
Kgs. Lyngby, Denmark
www.hempel.com
PRIVATE COMPANY
SEGMENT BREAKDOWN
Marine
Protective
Container
Yacht
Decorative
KEY PEOPLE
Pierre Yves Jullien, group president and CEO; Kim Junge Andersen, group executive VP and CFO; Key
managers: Jannik Allentoft, marine; Sueno Johnsen, protective; Lars Hermansen, container; Christian
Ottosen, yacht; Soren Nyburg Rasmussen, technical director.
In 2009 Hempel’s revenues fell to $1.152 billion. The firm announced during the year that in order to
meet worldwide demand, it is building two new factories in China and Poland, and planning a third in
Argentina. The Polish and Chinese factories should come online in 2010.
On the merger and acquisition front, beginning in January 2009, in a deal worth €105 million, Hempel
acquired the remaining shares of Hempel-Hai Hong from China Merchants Holding (International) Co.
Ltd, integrating all of its activities in China and the Asia Pacific region into one organization. As part of
the Asia Pacific regional integration, Hempel renamed its Chinese company Hempel China.
Hempel China received the Outstanding Performance Award 2009. The prestigious award was given
to ten multinational companies that have worked in China for more than ten years, and have made
significant contributions to the Chinese coatings industry.
30
During the year, Hempel was also named Supplier of the Year 2010 by Vestas Towers A/S.
In December 2009, Hempel acquired the remaining share-holding in Hempel Indonesia to reach 100
percent ownership. Lastly, it was announced in January 2010, in a deal with United Industries
Company KSCC, Hempel increased its shares in Dahna Paint Middle East to 51.1 percent. At the same
time, Hempel increased its shares in Hempel Qatar and Hempel Emirates from 21.2 percent to 29
percent.
During the year, Hempel introduced a new universal primer, Hempadur Quattro anticorrosive coating
that is suitable for a wide range of surfaces and offers a year-round application window. It has been
type-approved in accordance with IMO/PSPC rules for ballast tanks which call for 15-year protection.
19 Beckers
Hoganas, Sweden
www.becker.se
PRIVATE COMPANY
SEGMENT BREAKDOWN
Industrial Coatings: 80%
Art Materials: 20%
KEY PEOPLE
Jenny Linden Urnes, chairman; Erik Urnes, CEO; Mats Hansson, CFO; Ralph Kabalo, business area
manager, Becker Industrial Coatings; Kaj Brandt; business area manager, Becker Acroma; Thomas
Brautigam, business area manager, ColArt.
Beckers is wholly owned by Lindéngruppen AB and develops, produces and markets customized,
environmentally adapted solutions for pre-coated coil and industrial equipment, special design
finishes for consumer electronic devices, and wood finishes for the wood industry. Beckers’ ColArt
division develops, produces and markets art materials. Operations are divided into three business
areas. Group revenue in 2009 amounted to $1.075 billion.
Becker Industrial Coatings is the European market leader in coil coating, used to precoat steel and
aluminium for subsequent forming without damage to the finish. It is also a major supplier of
industrial finishing systems for metals and plastics.
Becker Acroma develops, produces and markets customized, environmentally adapted solutions for
the global wood finishing industry.
ColArt produces and markets many of the world’s top brands of fine art materials; and helps artists,
school children, hobbyists and all others interested in arts and crafts around the world give color to
their creativity. In 2009, Beckers Industrial Coatings Holdings AB and MatOx Oy have entered into a
three-year research and development collaboration. Under the terms of this agreement, MatOx will
31
use computational approaches to design new and unique coatings products with controllable
functionality, which Beckers will have the option to bring to market. MatOx, the wholly owned
Finnish subsidiary of UK-based MatOx Ltd., will work with academic staff at Helsinki University of
Technology to develop and apply computational modeling and simulation in the design of new
materials. MatOx will be focusing on several projects directly related to “smart” coatings, such as
self-cleaning behavior or physical properties that change in response to external stimuli.
20 Asian Paints Limited

Mumbai, India
www.asianpaints.com
PUBLIC COMPANY
SEGMENT BREAKDOWN
Architectural/Decorative: 90%
Industrial & Automotive: 10%
KEY PEOPLE
Ashwin Choksi, chairman; Ashwin Dani, vice chairman and managing director; PM Murty, CEO; KBS
Anand, president, architectural, India; Vivek Subramanian, vice president, industrial, India; Jalaj Dani,
president, international operations.
Asian Paints is India’s largest paint company and ranked among the top ten decorative coatings
companies in the world with sales of $1.059 billion in 2009. Sales came largely from the company’s
architectural and decorative operations (90%) while its automotive and industrial coatings sales
(10%) made up the remaining.
Asian Paints along with its subsidiaries have operations in 17 countries across the world with 23 paint
manufacturing facilities, servicing consumers in 65 countries through Berger International, SCIB
Paints – Egypt, Asian Paints, Apco Coatings and Taubmans.
One of the key marketing initiatives for Asian Paints last year was the launch of its Colour Next 2010
palette of colors. It comprises various combinations of shades that lend a unique identity to spaces.
This series of colors is the result of an extensive trend forecasting exercise spanning several months
and covering various cities across Indis. Color Next 2010 was launched in Mumbai in December 2009.
The palette is categorized into five color philosophies or design themes—Urbanite, Aura, Smart
Comfort, Gallerie and Nature Networks. During the year, Asian Paints also launched Premium Semi
Gloss Enamel (PSGE). According to the company, it is India’s first water-based enamel. It has zero
solvent odor, low levels of VOCs and dries quickly. Other than having all other functional properties
of enamels, it is also EN71 certified, which makes it a product with low metallic content.
Also on the new product front, to cater to higher sheen requirements of consumers in interiors,
32
Asian Paints launched Royale Shyne. The other activity in the top end interior paints categotry was
the launch of Royale and Royale Shyne with Teflon surface protector
21 Shawcor
Toronto, Ontario, Canada
www.shawcor.com
PUBLIC COMPANY
COATINGS REVENUES:
$940 billion
SEGMENT BREAKDOWN
Pipeline & Pipe Services
Petrochemical & Industrial
KEY PEOPLE
V.L. Shaw, chair of the board; W.P. Buckley, president and CEO; J.D. Tikkanen, president, Bredero
Shaw.
Bredero Shaw is the world’s largest pipe coating manufacturer with sales of roughly $940 million in
2009. In 2009, Bredero Shaw secured two major pipe coating projects. The first was Epic Energy’s $42
million QSN3 project in Australia and the $185 million Esso Highlands PNG LNG Project in Papua New
Guinea. One significant technology development included Bredero Shaw’s introduction of the
Thermotite Ultrafamily of proprietary new insulation systems with unique mechanical and thermal
properties for deepwater oil and gas flowlines and the development of a portable plant capability for
the division’s wrap applied, bendable Rock Jacket concrete pipe coating. In early 2010, Bredero Shaw
announced the formation of a joint venture to provide concrete weight coatings for offshore
pipelines in the Russian Arctic.
22 Chugoku Marine Paints

Tokyo, Japan
www.cmp.com.jp
PUBLIC COMPANY
COATINGS REVENUES:
$936 million
SEGMENT BREAKDOWN
Marine Paints
Industrial Paints
Container Paints
Adhesives
KEY PEOPLE
Tetsuo Yamazumi, president;
33
Chugoku Marine Paints, Ltd. is a Japan-based company engaged in the manufacture and sale of
paints, as well as the provision of contract painting services. The paint-related segment manufactures
and sells paints for ship, industrial and container uses, as well as adhesives. In 2009, Chugoku Marine
Paints (Shanghai), Ltd., a subsidiary located in Jiading District, Shanghai, China, completed
construction of its second factory and began operations. This factory, the companies third
manufacturing plant in China following the first Shanghai factory and the Guangdong factory, was
established in order to strengthen the companies productivity and competitiveness, as well as
increase customer satisfaction. The new factory will supply paints for vessels, industrial paints for
bridges, industrial plants, steel structures, etc. and resins for paints.
23 Dai Nippon Toryo

Osaka, Japan
www.dnt.co.jp
PUBLIC COMPANY
COATINGS REVENUES:
$743 million
SEGMENT BREAKDOWN
Industrial
Automtove OEM
Auto refinish
Marine
Decorative/architectural
KEY PEOPLE
Yamashita Fumitaka, president; Yoshinori Hirotani, executive officer, manager of general paint
division, president of subsidiary.
Dai Nippon Toryo Co., Ltd. operates in the paint industry primarily in Japan. DNT’s coatings revenue
in 2009 was $743 million. It offers various coating products, which include heavy duty, industrial,
automobile, refinishing, marine, home use paints, plastics and powder. The company also provides
machines and equipment for paints manufacturing and coating applications. In addition, it offers its
products in various fields, including electrical home appliances, housing, automobiles and
information-related equipment, as well as for infrastructures, including high-rise buildings and
largescale bridge construction. Dai Nippon Toryo Co., Ltd. was founded in 1929 and is headquartered
in Osaka, Japan. On August 29, 2008, Dai Nippon Toryo acquired a 67% state in Tokyo-based Daia
Keiko Co., Ltd.
24 Kemira Oyj (Tikkurila)

Helsinki, Finland
www.tikkurila.com
PUBLIC COMPANY
34
COATINGS REVENUES:
$740 million
SEGMENT BREAKDOWN
Kemira Pulp & Paper
Kemira Water
Kemira Coatings
Kemira Specialty
KEY PEOPLE
Erkki Järvinen, Tikkurila’s president and CEO; Harri Kerminen, Kemira Oyj’s president and
CEO, chairman of Tikkurila’s board.
Tikkurila’s operations are divided into two business areas. Tikkurila Deco, which accounts for
roughly 80% of revenues, sells decorative paints to consumers and professionals in more than
5,000 retail sales outlets in more than 40 countries, while Tikkurila Industrial Coatings, which
accounts for 20% of revenues, provides coating solutions to customers in the wood and metal
industries. Tikkurila is the leading regional paints and coatings company in Finland, Sweden
and Russia. During the beginning of 2009, a new logistics and service center was completed
near Moscow. Tikkurila expanded further into Russia when it acquired the remaining 30% of
the shares in two St Petersburg-based paint companies from their founders and previous
management. OOO Gamma Industrial Coatings is a producer of metal industry coatings and
OOO Tikkurila Powder Coatings is a producer of powder coatings.
25 Benjamin Moore
Montvale, NJ/USA
www.benjaminmoore.com
PRIVATE COMPANY
COATINGS REVENUES:
$650 million
SEGMENT BREAKDOWN
Architectural Paint
KEY PEOPLE
Denis Abrams, president and CEO; Jim Megin, VP finance, CIO and treasurer; Barry Cladwick, VP
market development and product; Ken Marino, VP supply chain.
During the year,BenjaminMoore addedAura Bath&Spa paint to its line up of Aura waterborne interior
coatings. Setting this new formulation apart is its matte finish, a sheen that,until now,was prohibitive
in a high-moisture environment and overruled by the experts in favor of glossier options, according
to Benjamin Moore. Formulated by Benjamin Moore’s engineers to lock out moisture and keep it
from penetrating the film, Aura Bath & Spa can withstand heat and humidity. The matte finish retains
its subtle appearance and color integrity due to Aura’s proprietary Color Lock technology.Aura Bath
& Spa is also resistant tomildew and stains, easy to clean, and is durable, the company said. The low-
VOC, low-odor formula not only ensures a safer environment,but alsomeans a faster returnto the
room’s functionality. Aura Bath & Spa is available in any of the nearly 3,500 colors offered by the
company or can be colormatched to any specification.
26 Brillux GmbH and Co. KG

Muenster, Germany
35
www.brillux.de
PRIVATE COMPANY
COATINGS REVENUES:
$625 million
SEGMENT BREAKDOWN
Paints
Lacquers
Varnishes
Adhesives
KEY PEOPLE
Peter König, Franz Wilhelm König, Julius Schröder and Michael Thompson.
Originally known as Hobrecker & König back in the 1880s, Brillux is now in its fourth generation of
independent ownership by the König family. Founded in 1889 inMünster,Germany,Brillux hasmore
than 130 branches inGermany, theNetherlands,Switzerland andAustria, and is expanding into new
markets throughout the EU. Based in Münster, the company has four plants in Germany—Münster,
(its main plant for paint, lacquers and varnishes), Herford (plaster and adhesives), Malsch (water-
based products) and Unna (industrial lacquers).
Brillux offers an extensive portfolio of products including a wide range of interior and exterior paints,
varnishes, woodstains and dispersion coatings. Plasters, wall coatings and floor coverings are also
available. There are special systems for external wall insulation, concrete protection and concrete
repairs.
27 Orica
Melbourne, Australia
www.orica.com
PUBLIC COMPANY
COATINGS REVENUES:
$555 million
SEGMENT BREAKDOWN
Orica Mining Services
Minova
Orica Chemicals
DuluxGroup
KEY PEOPLE
Patrick Houlihan, general manager, Orica Consumer Products.
Implementing a strategy to focus on the mining and infrastructure sectors of its business, in 2009
36
Orica’s board decided to demerge its consumer products group, now known as DuluxGroup. Dulux-
Group is a very different business to the remainder of the Orica portfolio. While a market leader it
remains a relatively minor part of a larger Orica. In 2009, Orica achieved record profits and increased
its market share despite declining markets. DuluxGroup’s continued investment in brands, innovation
and customer relationship management saw it achieve record sales and continue to receive customer
service awards. It has completed the acquisition of Sopel, a premium woodcare company based in
Shanghai, which provides a platform for growth in the region through the expansion of paints and
introduction of Selleys products.
28 Forbo
Baar, Switzerland
www.forbo.com
PUBLIC COMPANY
COATINGS REVENUES:
$524 million
SEGMENT BREAKDOWN
Flooring Systems
Bonding Systems
Movement Systems
KEY PEOPLE
Dr. Albert Gnagi, chairman of the board of directors; Michel Riva, executive VP, bonding
systems.
Bonding Systems is among the world’s leading suppliers of industrial adhesives. Sales
dropped the $524 million due primarily to volatility in the U.S. market, which accounts for
about one-third of the division’s sales. In the industrial adhesives area, investments were
made primarily in fast-growing markets such as Russia, Vietnam and India. In the building
and construction adhesives business, the sales network in Eastern Europe was expanded in
order to ensure maximum capacity utilization of Forbo’s new production plant in Russia. In
France and Greece, capacity for the production of thermoplastic hotmelts was expanded in
order to meet the growing demand in the packaging industry. In China, capacity for the
production of thermoplastic hotmelts was increased for applications in the wood-processing
industry.
29 Arch Chemicals, Inc.

Norwalk, CT
www.archchemicals.com
PUBLIC COMPANY
COATINGS REVENUES:
$379 million
SEGMENT BREAKDOWN
Industrial Biocides
Water Products
Wood Protection/Industrial
37
Coatings
Performance Products
KEY PEOPLE
Michael Campbell, chairman, president and CEO; Louis Massimo, COO; Steven Giuliano, CFO.
Under its wood protection and industrial coatings business unit, Arch Chemicals recorded sales of
$379 million in 2009. It produces wood preservatives and fire retardants sold under the brand names
Wolman, Dricon, Tanalith, Vacsol and Resistol in markets around the world. Principal customers are
sawmills and treaters of softwoods that require chemical treatment. Arch also manufactures and
sells a wide range of industrial coatings for a variety of applications for wood and other materials in
markets primarily located in Europe. These finishes are primarily industrial-applied or
consumerapplied products for the surface decoration and protection of wood, including stains,
polyester-based and polyurethane- based coatings, and water-based coatings and UV systems. These
coatings products are sold primarily under the brand names Sayerlack and LineaBlu.
30 Helios
Domzale, Slovenia
http://www.helios.si
PUBLIC COMPANY
COATINGS REVENUES:
$371 million<br />
SEGMENT BREAKDOWN
Decorative coatings
Synthetic resins
Car refinishes
Metal coatings
KEY PEOPLE
Uros Slavinec, president; Marko Vresk, vice president; Branko Pas, vice president.
Helios Group is the leading manufacturer of coatings in South Eastern Europe with approximately
3,000 employees in more than thirty companies in fourteen countries. Recently, Helios acquired
Ukrainian paint maker Avrora. As a result, Helios gained a new production location to add to its
current sites in Slovenia, Croatia, Serbia and Russia. According to Helios, Arora’s sales are
approximately $7 million. This acquisition raises Helios’ total sales in Ukraine to approximately $15
million. Avrora specializes in the production of coatings for the metal industry. As a result of the
acquisition, Helios has gained a distribution and logistics center in Ukraine. Helios also said it will be a
supplier of automotive coatings to a large car factory opening in the vicinity.
31 Berger Paints India Ltd.

Kolkata, India
www.bergerpaints.com
38
PUBLIC COMPANY
COATINGS REVENUES:
$355 million
SEGMENT BREAKDOWN
Decorative
Automotive
Industrial
KEY PEOPLE
Subir Bose, managing director, executive director; Kuldip Singh Dhingra, chairman of the board;
Anirudha Sen, vice president
Berger Paints was founded in 1923 and is India’s second largest decorative paints player. It is active in
a wide variety of decorative and industrial paint sectors and continues to gain an increasing share of
the highly competitive Indian paint market. Apart from operations in Russia, with a production facility
at the Berger manufacturing unit at Krasnodar, Berger has also expanded its footprint in Nepal by
setting up a second unit. Today Berger’s sister company in Bangladesh is the dominant leader with
over 65% market share. In keeping with the company’s dynamic growth plan, Berger has also
acquired Bolix SA of Poland, a leading provider of External Insulation Finishing Systems (EIFS) in
Eastern Europe. Berger is also the lone supplier to India’s nuclear power plants.
32 Fujikura Kasei Co. Ltd.

Tokyo, Japan
www.fkkasei.co.jp
PUBLIC COMPANY
COATINGS REVENUES:
$350 million
SEGMENT BREAKDOWN
Coatings for plastics
Architectural coatings
Electronic materials
Polymers and resins
KEY PEOPLE
Yoshiaki Hasegawa, chairman and CEO; Joji Washino, president and COO; Yuzo Saisu, senior
managing director; Satoshi Yamashita, senior VP; Shigeru Takahashi, senior VP.
Fujikura Kasei offers coatings for plastics, which include automotive interior and exterior, automotive
lightings, cosmetic containers and enclosures, electronic appliances, plastic hobby items and plastic
sheets; architectural coatings, such as exterior and interior building materials, decorative items and
housing equipment; and electronic materials.
39
In 2008, Fujikura Kasei’s U.S.-based operation, Fujichem, Inc., purchased 100% of Evansville, IN-based
Red Spot Paint &Varnish Co., Inc.With sales of approximately $100 million last year, Red Spot is
primarily active in the automotive coatings sector. Red Spots joint venture partners in Korea and the
UK, as well as Red Spot’s licensees and customers in South America, Australia, Europe, Singapore and
China, further broaden Fujikura’s global footprint to serve the global coatings for plastics market.
33 National Paints
Abu Alanda, Jordan
ww.nationalpaints.com
PRIVATE COMPANY
COATINGS REVENUES:
$328 million
SEGMENT BREAKDOWN
Architectural/decorative
Industrial
Automotive
Marine
KEY PEOPLE
Michael Sayegh, chairman of the board, Sayegh Group; Salim Sayegh, GM Nat. Paints UAE; Ibrahim
Sayegh, GM Nat. Paints Jordan; Fayeq Sayegh, GM Nat. Paints, Egypt;
National Paints Factories Co., Ltd. (Sayegh Group) claims the number one position in the Middle East
with an annual production capacity of 300,000 tons of exports to more than 60 Arab and other
countries. It is involved in a number of sectors including architectural/ decorative (35%), industrial
(35%), auto OEM (15%), auto refinish (10%) and marine (5%). With coatings revenues of $328 million,
National Paints is the major part of the privately-owned Sayegh Group, established more than 75
years ago. The company has had in the past technical and licensing agreements with Dyrup, Sherwin-
Williams and Inver for powder coatings. It is also a member of the Transocean Marine Paints
Consortium. The firm also maintains three resins factories in Jordan, UAE and Romania, producing
some 40,000 tons for internal and third party consumption.
34 Freeworld Coatings
Johannesburg, South Africa
www.freeworldcoatings.com
PUBLIC COMPANY
COATINGS REVENUES:
$326 million
SEGMENT BREAKDOWN
Decorative Coatings
Performance Coatings
40
KEY PEOPLE
Bobby Godsell, chairman; Andre Lamprecht, CEO.
Aleading international marketer of decorative, automotive and industrial coatings, Freeworld

Coatings is the successor to the coatings division of Barloworld. Freeworld supplies brands such as
Plascon, Plascon Professional, Crown, Polycell, Midas and Earthcote to consumers and commercial
enterprises. Plascon markets its décor effect in its award-winning Plascon Living Concepts showroom
at The Design Quarter in Fourways, Johannesburg, a category first in South African paint retailing.
The showroom uses custom designed computer software to inspire customers by allowing them to
see the Plascon colour range on digital images of their homes. The Midas and Earthcote brands are
marketed and sold through 54 franchise stores in South Africa, with a further 5 outlets located in
Mauritius, Edinburgh, Antwerp, Amsterdam and Windhoek.
35 The Wattyl Group

North Ryde, Australia
www.wattyl.com.au
PUBLIC COMPANY
COATINGS REVENUES:
$302 million
SEGMENT BREAKDOWN
Industrial
Marine
Decorative/architectural
KEY PEOPLE
John Ingram, chairman; John Nolan, managing director; John Foyle, CEO of Wattyl New Zealand;
David Marginson, general manager, Wattyl Australia Pty.
Wattyl, which currently ranks as Australia’s second largest paint manufacturer, is a paint and surface
coatings company with manufacturing, sales and distribution facilities in Australia and New Zealand.
The company produces a broad range of paints, varnishes, lacquers and special purpose protective
coatings. Wattyl’s products are used by individuals, contract painters and industrial customers.
During the year, Wattyl developed a new point of sale Wattyl Colour Designer, a color selection
system. It enhanced its range of interior and preparatory products to strengthen its position in the
interior sector and launched a new range of Wattyl industrial protective and marine coatings to
strengthen its position in the industrial sector. Wattyl also introduced a new computerized point of
sale system for its Wattyl and Solver stores in both Australia and New Zealand.
36 JW Ostendorf GmbH & Co. KG

Coesfeld, Germany
www.jwo.com
PRIVATE COMPANY
41
COATINGS REVENUES:
$300 million
SEGMENT BREAKDOWN
Decorative Coatings
KEY PEOPLE
Christoph Koch, dir. of finance; Michael Ostendorf, manager; Gerald Schaefer, manager; Martin
Friedrich, manager.
The central office of JW Ostendorf GmbH & Co. KG, which is one of the key companies in Germany is
in Coesfeld. The firm is engaged in the manufacture of paints, varnishes, lacquers and enamels for a
variety of applications and recorded sales in 2009 of approximately $3oo million.
37 CIN Group
Maia, Portugal
www.cin.pt
PUBLIC COMPANY
COATINGS REVENUES:
$298 million
SEGMENT BREAKDOWN
• Architectural/decorative: 59%
• Auto refinish: 3%
• Industrial: 18%
• Protective: 16%
• Other: 4%
KEY PEOPLE
Antonio Serrenho, honorary chairman; Joao Serrenho, chairman; Angelo Machado, member of
board; Fernando Jorge Ferreira, CFO.
CIN (Corporação Industrial do Norte S.A.) is a Portuguese company that is the Iberian market leader
for paint and coating products. The company was established in 1926 and is headquartered in Maia,
Norte Region. In 2009, Corporacao Industrial do Norte, SA (CIN) turned out relatively positive results
when compared to the decline in the coatings markets it serves. During the last quarter of 2008, a
new factory was inaugurated in the outskirts of Barcelona, in Montcada i Reixac. It will cover a total
area of 24,833 square meters. Moving forward the Angolan market is one of CIN’s priority markets
where it intends to strengthen its leadership position. CIN also launched on its website a color
simulator—CIN Color Studio Simulator—a tool that allows users to experiment with different colors
without any risks.
38 Flugger Group
Roedovre, Denmark
42
www.flugger.com
PUBLIC SUBSIDIARY
COATINGS REVENUES:
$267 million
SEGMENT BREAKDOWN
KEY PEOPLE
Soeren Peschardt Olesen, CEO; Paul Wulff, CFO; Claus Bjoern, group sales director; Steen
Hoff, group supply chain director.
Flügger Group is one of Scandinavia’s biggest suppliers of decorative paint, wood stain,
wallcoverings, paint tools and cleaning articles. Flügger Group is represented by Flügger
shops in Denmark, Norway, Sweden, Iceland, Poland and China. In tota, have there are 507
Flügger shops, of which 217 are owned by the company. Apart from this, its subsidiary DAY-
system contributes with sales from 214 shops in Denmark, Norway and Sweden. The other
daughter company, PP Mester Maling, has 41 shops in Denmark. The company has five
factories, and the two main ones are in Kolding, Denmark and in Bollebygd, Sweden. Here
Flugger produces paint, wood stain, fillers and chemical products. In Kolding it produces
water-based paint, and it comes to an amount of 20 million liters per year. In Bollebygd
Flugger produces around 24 million liters of both water-based and turpentine-based paint per
year.
39 Dyrup A/S
Soborg, Denmark
www.dyrup.com
PUBLIC COMPANY
COATINGS REVENUES:
$261 million
SEGMENT BREAKDOWN
• Decorative coatings
• Wood coatings
KEY PEOPLE
Erik Holm, CEO and member of executive board; Peter Sorensen, COO of Denmark; Ulrich Mikkelsen,
head of corporate finance; Arianeh Aamodt, head of corporate R&D.
Dyrup is wholly-owned by the Monberg & Thorsen Group. The paint firm delivered revenue of $261
million in 2009. The slowdown in construction activity affected the professional (PRO) and industrial
markets, in particular, which accounted for just under 60% of Dyrup’s revenue in 2009. Dyrup
reported marked growth in DIY in the Iberian Peninsula throughout the year, which made up for the
sharp decline in demand in the PRO market. DIY revenue also showed progress in Poland, driven by
the rollout of products tailored to the Polish market. In 2008/09, Dyrup worked on the development
of a new strategy—Fresh Start—one of the consequences of which is tightened focus on DIY and
PRO, applying a customer- oriented approach. As a consequence of this, Dyrup entered into an
agreement in January 2009 on the sale of its industrial activities in April 2009.
40 Teknos Group Oy
Helsinki, Finland
43
www.teknos.com
PRIVATE COMPANY
COATINGS REVENUES:
$259 million
SEGMENT BREAKDOWN
• Industrial coatings
• Architectural coatings
KEY PEOPLE
Pekka Rantamaki, CEO; Soile Haavisto, financial director; Raimo Anjala, managing director.
Teknos Group Oy is the leading supplier of industrial coatings in Scandinavia with a strong position in
retail and architectural coatings too. Teknos is one of Finland’s largest family-owned businesses.
Group companies operate in Scandinavia, Germany, the United Kingdom, Poland, Slovenia and
Russia, and through a well-established network of agents and representatives in about twenty other
European countries. A highlight of the year was the acquisition of GORI’s industrial wood business
from Dyrup. Another highlight of the year was the establishment of a joint venture company in
Russia with a local partner. Under the name ‘Teknos Deko’, the company manufactures architectural
coatings and has production facilities in St. Petersburg. Teknos also established a new sales company
and technical service center in Shanghai, China.
41 Kelly-Moore
San Carlos, CA/USA
www.kellymoore.com
PRIVATE COMPANY
COATINGS REVENUES:
$250 million
SEGMENT BREAKDOWN
• Architectural coatings: 80%
• Non-auto OEM: 10%
KEY PEOPLE
Steve DeVoe, president; Dan Stritmatter, CFO; Todd Gentry, vice president of sales; Mike Black, vice
president of operations; Rod O’Neal, marketing director;.
In 2009, Kelly-Moore Paint Company, Inc., introduced a new Kelly-Moore Dealership Program that
allows dealers to leverage the company’s reputation for highquality products and personalized
service to gain instant credibility and higher sales volume.According to the company, sixty-eight
percent of our annual sales volume is attributed to painting contactors. The program provides related
sundries that can be purchased in customized quantities (only those needed) to improve inventory
turns. Initial product training is included in the program to ensure each dealer receives all of the
required sales material and techniques that have been developed for Kelly- Moore’s in-store sales
representatives. The training includes basic to advanced paint studies, application tools and sundries.
42 Rock Paint
Osaka, Japan
44
www.rockpaint.co.jp
PUBLIC COMPANY
COATINGS REVENUES:
$237 million
SEGMENT BREAKDOWN
• Automotive coatings
KEY PEOPLE
Togo Utsumi, president, representative director; Fujio Hara, senior managing director; Yoshio Koike,
executive director.
Rock Paint Co. Ltd., a Japan-based company, is engaged in the production and sale of paint products
and coating materials. Along with its subsidiaries and an associate, the company has two business
segments. The paint segment offers automobile paints, construction paints, industrial paints, paints
for canned food, adhesives for light packaging of food products, abrading agents, polyester putty,
thinners and others. The coating-related segment offers coating tools such as brushes, rollers, spray
guns; tools such as color toning tools and sanders; curing materials such as abrasive paper and tape
sheets, and coating facilities such as paint booths. Rock Paint Co. was established in 1952 and is
based in Osaka, Japan.
43 Industrias Titan S.A.

Barcelona, Spain
www.titanlux.com
PRIVATE COMPANY
COATINGS REVENUES:
$215 million
SEGMENT BREAKDOWN
• Decorative/architectural
• Industrial maintenance
• Marine coatings
• Powder coatings
• Fine arts products
KEY PEOPLE
José Farrés Pere, CEO; Jaime Carbonell Petit, financial general manager; Antonio Vilaseca Martinez,
technical director; and Jose Fernández, manager for powder coatings.
Since it was founded in 1917 in Barcelona, Industrias Titan has produced paints, enamels, varnishes,
powder coatings, colors for fine arts and handicrafts, as well as ancillary products. Its present
installations have a total area of 120,000 square meters and are located in El Prat de Llobregat, which
is within the metropolitan area of Barcelona. It has fourteen commercial delegations, six production
plants in Spain, one in Portugal and one in Morocco. In recent years Industrias Titan has focused its
efforts on making its products more environmental friendly, right through from product conception
to the end user stage. Many of its products have been awarded with the European Ecological Label.
During the year, the company launched Titan Luxoplast Powder Fillers. The firm also launched a new
interior DIY product, Titan Tile Enamel.
45
44 KCC
Seoul, South Korea
www.kccworld.co.kr
PUBLIC COMPANY
COATINGS REVENUES:
$212 million
SEGMENT BREAKDOWN
• Marine & container
• Automotive
• Industrial
• Decorative
KEY PEOPLE
Mong-Jin Chung, chairman; Mong Ik Chung, CEO.
Korea Chemical Co., Ltd. was established in 1974 and is now the largest paint producer in South
Korea. The company is involved in the production of paints for automobiles, ships, containers,
construction and industrial use. It also manufactures PVC material for flooring and paint sealant.
Paint for ships and containers accounts for roughly 30% of revenues; paint for automobiles 20%;
paint for industrial use 15%; paint for construction use 8%; paint for sealants 7%; paint for PVC floor
materials 7%; paint for others 5% and including wholesale paint and floor materials 7%. The company
was formerly known as Kumkang Korea Chemicals Co., Ltd. and changed its name to KCC Corporation
in March 2005. KCC Corporation is headquartered in Seoul, South Korea.
45 Shinto Paint Co. Ltd.

Amagasaki, Japan
www.shintopaint.co.jp
PUBLIC COMPANY
COATINGS REVENUES:
$211 million
SEGMENT BREAKDOWN
• Architectural/decorative
• Industrial maintenance
• Automotive OEM
KEY PEOPLE
Harunobu Horibe, chairman; Akira Kubo, managing director and technical director; Ichiro
Miyawaki, president; Minoru Aono, senior managing director.
Shinto Paint Co., Ltd. engages in the manufacture, processing, and sale of paints, adhesives,
pigments, synthetic fats/oils, fats/oils, and chemicals in Japan. In addition, the company
designs, implements, and supervises painting work and other various construction work, as
well as related technical supervision. Further, it engages in contracting of installation work for
painting facilities; and related machinery equipment, tools, and devices, as well as design and
supervision of such installation work. The company provides maintenance coatings for
protection against rust and corrosion to nuclear power stations, chemical plants, petroleum
refinery plants, water and sewage treatment plants, and paper mills, as well as large-sized
46
steel structures, such as ships, drilling rigs, offshore platforms, and other ocean development
plants.
46 Dunn Edwards Corp.

Los Angeles, CA/USA
www.dunnedwards.com
PRIVATE COMPANY
COATINGS REVENUES:
$210 million
SEGMENT BREAKDOWN
KEY PEOPLE
Kenneth Edwards, CEO; Karl Altergott, president and COO; Robert Hill, executive VP and CFO; Darlene
Mitchell, VP and CIO; Monte Lewis, VP sales; Tim Bosveld, VP marketing.
Dunn-Edwards, founded in 1925, operates 103 stores in five western states: California, Arizona, New
Mexico, Nevada and Texas. Dunn- Edwards is a leading manufacturer and supplier of architectural
and industrial coatings, providing a complete line of paints and professional painting supplies. The
company caters to architects, designers, painting contractors, homebuilders and property managers
in the Southwest; it also serves do-it-yourselfers, although professionals account for a majority of
sales. The company has launched two unique new online tools: A Spec Guide based on project type
(i.e. schools, health care facilities), and a Color Reference Center where HOAs and property
management companies can archive approved color schemes for convenient access.
47 TOA Group
Bangkok, Thailand
www.toagroup.com
PRIVATE COMPANY
COATINGS REVENUES:
$205 million
SEGMENT BREAKDOWN
• Protective coatings
• Marine coatings
KEY PEOPLE
Arsa Sarasin, honorary chairman; Prachak Tangkaravakoon, president; Motoo Horiguchi, senior
executive VP; Rams Das Ahuja, executive VP.
TOA is the leading supplier of decorative coatings in Thailand with an estimated share of 50%. The
company manufactures products that cater to the mid-tier and premium-tier markets. The TOA
Group of companies includes TOA Paint Thailand, which is TOA’s 100% Thai-owned main base of
operation; TOA-Chugoku Paint, a joint venture between TOA Paint Thailand and Chugoku Marine
Paint;TOA Union Paint Thailand, a joint venture company with Japanese-based wood coatings
producer Union Paint; TOA Vietnam; Shanghai-TOA Paint; and TOA Paint Malaysia. TOA’s product
47
portfolio includes the recenlty launched Ultra Premium Generation of coatings including Supershield,
TOA 7 in 1 and Supershield Duraclean.
48 Yung Chi
Kaohsiung, Taiwan
www.rainbowpaint.com.tw
PUBLIC COMPANY
COATINGS REVENUES:
$200 million
SEGMENT BREAKDOWN
• Marine
• Industrial
KEY PEOPLE
Tien-Yung Chang, director, Tsung Te Han, managing director; H.L. Shen, general manager.
Yung Chi Paint & Varnish Manufacturing Co., Ltd. manufactures architecural coatings, heavyduty
coatings, marine paints, coil coatings, can coatings, nuclear coatings and curtain wall coatings. The
firm also manufactures and sells fire-retardant and fire protection coatings.
49 Boero Group
Genoa, Italy
www.gruppoboero.it
PUBLIC COMPANY
COATINGS REVENUES:
$185 million
SEGMENT BREAKDOWN
• Arch./Deco.: 64%
• Yacht: 19%
• Marine: 17%
KEY PEOPLE
Andreina Boero, chairperson; Giorgio Rupnik, CEO; Olga Bottaro, marketing and technical director;
Claudio Stringara, arch. & deco; Paolo Zunino, yacht; Niccolo Ballerini, marine.
Boero Group is Italy’s paint and coatings leader in the markets its serves. In 2009 the group reported
revenue of roughly $185 million. The firm’s business is divided into three segments. Architectural and
decorative coatings generated 64% of the group’s revenue last year while yacht coatings were
responsible for 19% of the revenues with the marine segment responsible for the remaining 17%.
Architectural and decorative paint brands in the firm’s portfolio include Boero Colori; Rover Attiva;
and Grandi Superfici. Yacht brands include Boero Yacht Paint; Veneziani Yachting; and Attiva Marine.
The marine category offers the Boat brand. Boero Group operates three manufacturing facilities.
50 FLH Group
Arbon, Switzerland
www.flh.com
48
PUBLIC COMPANY
HEADCOUNT: 610
COATINGS REVENUES:
$180 million
SEGMENT BREAKDOWN
• Architectural coatings: 5%
• Automotive OEM: 1%
• Auto refinish: 2%
• Wood coatings: 50%
• Non-stick coatings: 10%
• Packaging coatings: 17%
KEY PEOPLE
Thomas Lozser, CEO; Pascal Rentzmann, group controller.
FLH Group, the coatings division of Looser Holding AG, in 2009 recorded sales of approximately $180
million. Treffert Group, a member company of FLH Group, during the year opened a subsidiary in the
U.S. The new product development and production facility is located in Charlotte, North Carolina.
With this direct presence in the USA, Treffert wants make major inroads in the North American wood
floor coating market. The new Treffert USA Technology Center features labs for development, testing
as well as full scale prototyping – and state of the art coating production facilities. Charlotte is in the
heart of the North American wood processing industry. The City has a great research community,
skilled labor force and good infrastructure.
51 Boysen
Quezon City, Phillipines
www.boysenpaints.com
PRIVATE COMPANY
COATINGS REVENUES:
$175 million
SEGMENT BREAKDOWN
KEY PEOPLE
Willy Ong, president; Johnson Ongking, vice president; Ruben Cueto, marketing manager; Romeo
Bautista, technical services manager.
Walter Neal Boysen founded Boysen Paints in Oakland, CA/USA in 1926. After expanding the brand
across the U.S., Boysen Paints was introduced to Asia in the 1960s. It has given Pacific Paints the
license to manufacture its premium paint products. The growing market share in Asia and the Pacific,
49
especially in the Philippine market, necessitated the creation of a fully integrated state-of-the-art
manufacturing facility in Cavite, Philippines, said to be the most modern paint factory in Southeast
Asia. In 2008, Pacific Paints (Boysen) Philippines launched its environment-friendly paint, dubbed the
Boysen KNOxOUT, activated by Cristal Nanotechnology. Also of note in 2008 Boysen Paints was
awarded Reader’s Digest Most Trusted Brand Platinum Status for the fourth year in a row in early
2009—making it one of only two paint companies in Asia-Pacific with this distinction.
52 Grebe Group
Weilburg, Germany
www.grebe-group.com
PRIVATE COMPANY
COATINGS REVENUES:
$170 million
SEGMENT BREAKDOWN
• OEM (non-auto): 40%
• Rail & defense: 20%
KEY PEOPLE
Helmut Tappe, CEO Grebe Group; Dr. Manfred Becker, management board; Frank Glaser,
management board; Tim Rand, Weilburger Coatings; Uwe Diener, marketing director.
The Grebe Group recorded sales of approximately $170 million in 2009. The firm’s coatings business
can be broken down into the following segments: Industrial coatings, which accounted for 40% of
sales; non-automotive OEM applications, which accounted for another 40% of revenue; and lastly,
rail and defense applictions make up the remaining 20% of revenue for the year. For household
articles the firm offers Greblon Non Stick coatings and decorative, temperature-resistant coatings.
For the stove industry it offers high-temperature resistant coatings. For general industry applications
Grebe offers coating systems for metals, plastics and glass in applications such as sewage pipes,
household appliances, rail vehicles, mobile phones and defence technology. The group operates
facilities in Germany, UK, Italy, Poland, China, Hong Kong Indonesia, India and Japan. In 2008 Grebe
acquired Schramm Coatings GmbH.
53 Yasar
Izmir, Turkey
www.dyo.com.tr
PRIVATE COMPANY
COATINGS REVENUES:
$155 million
SEGMENT BREAKDOWN
50
• Industrial
• Automotive OEM
• Auto refinish
KEY PEOPLE
Hasan Denizkurdu, CEO.
During 2008, BASF signed an agreement with Yasar to acquire Yasar’s shares in the 50-50 joint
venture Yasar BASF Automotive Coatings Ltd., which markets automotive OEM and refinish coatings
in Turkey. Yasar is now completely integrated into BASF’s global network and can offer our customers
an even wider range of services. BASF already leads the market for automotive OEM coatings in the
Turkish market through the joint venture.
54 Tohpe
Osaka, Japan
www.tohpe.co.jp
PUBLIC COMPANY
COATINGS REVENUES:
$154 million
SEGMENT BREAKDOWN
• Paints
• Lacquers
• Adhesives
KEY PEOPLE
Tsutomu Kobayashi, president; Kazutami Kato, vice president; Hideki Kimura, managing director;
Yukio Takeuchi, executive director.
Tohpe Corporation is a Japan-based manufacturer that supplies paints and other chemical products.
Its paints include synthetic resin paints, lacquers, water-based paints, oil-based paints and thinners.
The company’s chemical products include synthetic resin adhesive processing agents and synthetic
rubber. Additionally, it is involved in the paintrelated construction activities. The company has 12
subsidiaries and five associated companies. Tohpe Corporation was incorporated in 1919 and is
based in Osaka, Japan.
55 Tambour
Netanya Souty, Israel
www.tambourpaints.com
PUBLIC COMPANY
COATINGS REVENUES:
$150 million
51
SEGMENT BREAKDOWN
• Decorative paints
• Industrial paints
• Marine paints
• Sealants
• Adhesives
KEY PEOPLE
Michael Dayan, CEO; Ari Kanterewicz, international marketing director; Ronen Cohen, CEO of Tzah-
Serafon; Micha Scharir, VP and financial director; Eitan Weitzman, marketing dir.
Founded in 1936, Tambour is today the largest Israeli paint manufacturer. Tambour’s sales reached
$150 million in 2009. The firm’s paint production capacity is 85 million liters. Tambour specializes in
the production and marketing of decorative and industrial paints, but supplies to other markets as
well. Tambour’s range of products includes acrylic polymers; decorative paints; industrial paints;
marine paints; building material; gypsum products; gidge bricks; sealants; adhesives; and printing
inks. Tambour is one of the companies active in the international paint manufacturers club, Nova &
CRGI Nova club assembles 17 members with a combined annual sales of $2 billion. Tambour is also
the authorized supplier of paint to the land and air forces of the IDF and Israel’s security industries.
56 ICA Group
Civitanova Marche, Italy
www.icaspa.com
PUBLIC COMPANY
COATINGS REVENUES:
$145 million
SEGMENT BREAKDOWN
• Industrial wood coatings: 95%
KEY PEOPLE
Alessandro Bascelli, export manager; Lorenzo Lavarini, area manager; Federico Bastianelli, area
manager; Sandro Paniccia, marketing director; Fabio Paniccia, technical director.
ICA Group is a leading name in the manufacture and marketing of special wood coatings. The Group
comprises ICA S.p.A., based in Civitanova Marche and Salchi Wood Coatings S.p.A., based in Romano
D’Ezzelino. In 2009, ICA Group manufactured roughly 30,000 tons of wood coatings. These coatings
are used all over the world in a wide spectrum of different sectors ranging from decorating to
woodworking, coating everything from ships to outdoor structures, door frames, garden furniture,
parquet floors and musical instruments. The main clients for ICA Group are (in order of volume
sales): furniture makers, frame manufacturers, woodworking specialists, decorators and thirdparty
coating companies. The company also produces water-based coatings for glass (slotted into furniture
or used as a decorative surface) and plastic materials (not only for use in the furniture sector), as well
as for a whole host of other coatings.
52
57 Inver SpA
Bologna, Italy
www.inver.com
PPRIVATE COMPANY
COATINGS REVENUES:
$140 million
SEGMENT BREAKDOWN
• Industrial: 95%
KEY PEOPLE
Giorgio Domenichini, president; Giovanni Domenichini, CEO; Gabriele Domenichini, CIO; Corrado
Minghetti, operations manager and director; Matteo Roversi, CFO.
Inver S.p.A. is primarily engaged in the manufacture of industrial liquid and powder coatings with
2009 sales revenue of approximately $140 million. The sale of powder coatings makes up about half
of Inver’s sold quantities. The firm further strengthened its position as a powder coating supplier
when it announced in October 2008 that it was acquiring Beckers’ powder coatings operations in
Europe. Specifically, Inver acquired Becker Powder Coatings’ four European production plants
located in France, UK, Poland and Italy. This acquisition will almost double the scale of Inver’s existing
powder business and provides it with an excellent platform for establishing a higher profile in the
European industrial coatings market. This acquisition makes Inver the fourth largest producer in the
European powder market.
58 Diamond Vogel Paints

Orange City, IA
www.diamondvogel.com
PRIVATE COMPANY
COATINGS REVENUES:
$135 million
SEGMENT BREAKDOWN
• Heavy duty coatings
• Traffic coatings
KEY PEOPLE
Drew Vogel, president and CEO; Doug Vogel, vice president, decorative; Mark Vogel, vice president,
industrial.
Diamond Vogel Paints is a family-owned, Midwesternbased paint manufacturer and retailer
53
headquartered in Orange City, IA. The company operates seven manufacturing facilities an over 80
service center outlets. The company is a provider of liquid and powder coatings for industrial OEM
applications, architectural paints fo commercial and homeowner applications, and heavy-duty
protective coatings for industrial maintenance applications. Some of the latest products that have
been added to Vogel’s portfolio include Pool-Cote CR chlorinated rubber pool paint for painting or
repainting existing swimming pools; Finium DTM Semi- Gloss Primer/Finish, a premium heavy-duty
100% acrylic semi-gloss primer/finish; Color Interior Latex Paint Plus available in flat, eggshell and
semi-gloss; and Grain Stain Semi-Transparent Water-Based Stain.
59 Empils
Rostov-on-Don, Russia
www.empils.ru
PRIVATE COMPANY
COATINGS REVENUES:
$130 million
SEGMENT BREAKDOWN
• Arch./Deco coatings: 81%
• Industrial: 9%
KEY PEOPLE
Sergey Nikitin, general manager; Mikhail Kryachkov, trade house director; Dmitriy Altukhov,
marketing director; Elena Kuzmenko, decorative coatings.
In 2009, Empils highlighted that its line of Oreol waterbased paints grew 31% and the Rastsvet
colored enamels grew 16% compared with the same period of 2008. Empils’ paint and varnish sales
volume for the first nine months of 2009 amounted to 53,622 tons. In comparison with the same
period of 2008 sales increased four percent in physical terms and 12% in the Russian market. Also
during the year, Empils added new product categories— sealing foams and sealants—to its product
range through a partnership with Slovenia-based TKK Srpenica. The new products are designed both
for professionals installing windows, doors, bathroom and lavatory equipment and for DIY
consumers. TKK Srpenica has been manufacturing sealing materials for more than 60 years.
60 Cloverdale Paint Inc.

Surrey, British Columbia, Canada
www.cloverdalepaint.com
PRIVATE COMPANY
COATINGS REVENUES:
$120 million
SEGMENT BREAKDOWN
• Wood coatings
• Powder coatings
54
KEY PEOPLE
C. Alan Mordy, president and CEO; Paul Schmidt, VP finance; Wink Vogel, chairman.
Cloverdale Paint maintains more than 100 retail stores and a network of dealer outlets across
Western Canada and the Pacific Northwest. The firm manufactures architectural and industrial
maintenance products. Directly and through subsidiary companies in Calgary, Alberta (Far-go Paint
Inc.) and Portland, OR (Rodda Paint Company), Cloverdale operates manufacturing plants in Surrey,
Portland, Winnipeg, Edmonton and Calgary. In terms of acquisitions, Cloverdale most recently
bought Guertin Coatings of Winnipeg, Manitoba, Canada, which produces liquid and powder
industrial coatings, resins, sealants and adhesives in a 78,000 square foot facility in Winnipeg.
55

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Top Companies Report - Coatings 2009

Focus on Powder Coatings

Vacuum Metalized Coating

03 Henkel AG & Co. KGaA

Top Innovations 2009

Technomelt Supra Cool 130

04 The Sherwin-Williams Company

Expanding its Global Footprint

Innovative Industrial Coatings

06 RPM International Inc.

Expanding Refinish Operations

08 The Valspar Corporation

Supporting Habitat for Humanity

09 Kansai Paint Co., Ltd.

Eco-friendly Ales Shikkui

Characteristics of Ales Shikkui

Fireproof certified material.

10 Nippon Paint Co., Ltd.

16 H.B. Fuller Company

17 The Comex Group

20 Asian Paints Limited

22 Chugoku Marine Paints

23 Dai Nippon Toryo

24 Kemira Oyj (Tikkurila)

26 Brillux GmbH and Co. KG

29 Arch Chemicals, Inc.

31 Berger Paints India Ltd.

32 Fujikura Kasei Co. Ltd.

Aleading international marketer of decorative, automotive and industrial coatings, Freeworld

35 The Wattyl Group

36 JW Ostendorf GmbH & Co. KG

43 Industrias Titan S.A.

45 Shinto Paint Co. Ltd.

46 Dunn Edwards Corp.

58 Diamond Vogel Paints

Diamond Vogel Paints is a family-owned, Midwesternbased paint manufacturer and retailer

60 Cloverdale Paint Inc.

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