Nippon Paint Holdings signed a deal worth US$12 billion with Singapore's Wuthelam Group.
TOKYO - Nippon Paint Holdings Co Ltd on Friday said it inked a deal worth 1.285 trillion yen with Singapore's Wuthelam Group, whose stake in the Japanese company will rise to just under 60% from 39%.
The 139-year-old Japanese firm is seeking growth outside its mature domestic market, and has prioritised global expansion.Asia is Nippon Paint's most important market and accounts for 52% of its revenue, compared with 26% for Japan, according to the company's website. "Asia is becoming a key region for the company's sustainable growth in terms of both market size and growth rate due to its projected demographic and economic growth leading to increasing demand," Nippon Paint said in a statement.
The Japanese firm will remain listed, and its top shareholder Wuthelam will not sell the company, said Masaaki Tanaka, chief executive officer of Nippon Paint Holdings.
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