Teknos to grow in Norwegian Retail Market by Acquiring Drywood Norge AS
Teknos has made an asset deal to acquire the business of Drywood Norge AS, a company operating in architectural coatings business in Norwegian market. All operations will be integrated to Teknos Norway business in Spikkestad. The closing of the acquisition is expected to take place 1 April 2019.
The acquisition of Drywood Norge AS is supporting Teknos’ growth strategy. The acquisition allows Teknos to enter a new business area and it will further strengthen Teknos’ position in the architectural coatings market.
Teknos is one of the leading suppliers of industrial coatings with a strong position in retail and architectural coatings. Teknos has operations in more than 20 countries in Europe, Asia, and the USA. The company was established in 1948 and is one of Finland’s largest family-owned businesses.
Dutch Drywood paint products have been in the Norwegian market for over 40 years, but after Drywood Norge AS was established in 2011 the sales speeded up. The products, especially Drywood house and roof paints, have qualities suitable for the Norwegian climate. The company has developed positively to this day, today's turnover being just below NOK 30 million. Today the paints are distributed via an increasing number of dealers and professional painters. Drywood Norge AS was nominated as the “Supplier of the Year Jernia Chain” in 2015.
“Teknos’ strategy aims to ensure fast and profitable growth and improved customer experience. Through the Drywood Norge AS acquisition we are able to enter the architectural coatings market in Norway where we are now able to serve our current and new customers with an extended product assortment and direct deliveries,” says Paula Salastie, CEO, Teknos Group Oy.
“We have had success in introducing the Drywood products to the Norwegian market and been able to establish long term customer relationships. Now that Teknos takes over the business, we are sure that the business will continue to develop positively,” says Frank Mathisen, Managing Director of Drywood Norge AS.
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