Sherwin-Williams acquires Brazilian paint business for $1.15 billion
The Sherwin-Williams Company has entered into a definitive agreement with BASF Group to acquire BASF's Brazilian architectural paints business, Suvinil, for $1.15 billion in an all-cash transaction.
Suvinil had sales of approximately $525 million for the year ended December 31, 2024. The business develops, manufactures and sells a comprehensive portfolio of innovative products under the well-known Suvinil and Glasu! brand names to professional painters, designers, architects, general contractors and consumers across the country. The company employs approximately 1,000 employees and operates two production facilities located in the Northeast and Southeast regions of Brazil.
"Suvinil is a premier provider of architectural paints in Brazil and will accelerate our commitment to provide industry-leading solutions for our customers while delivering profitable above-market growth in the region," said Heidi G. Petz, Sherwin-Williams chair, president and CEO. "The business is highly complementary to Sherwin-Williams in Latin America, as the Suvinil brand is well-known and highly-trusted by purchasing influencers and specifiers across the value chain. We have tremendous respect for the expertise and dedication of the Suvinil team, and we are excited about the opportunities that this combination will provide to customers and employees."
"The signing marks an important step in unlocking the value of our standalone businesses, and I am delighted that we have made such rapid progress in finding a new home for Suvinil," said Anup Kothari, member of the board of executive directors of BASF SE and responsible for the Coatings division. "We are convinced that the decorative paints business will continue to thrive as part of Sherwin-Williams. We are deeply grateful to our employees for their hard work and dedication, which have made Suvinil the most recognized brand for decorative paints in Brazil."
Sherwin-Williams intends to finance the transaction through a combination of cash on hand, liquidity available under existing facilities and new debt. The transaction is expected to close during the second half of 2025 and is subject to customary closing conditions, including Brazilian regulatory approval. Upon close, Suvinil will become part of the Sherwin-Williams Consumer Brands Group.
