Denmark's Hempel has reached an agreement to acquire Hempel-Hai Hong in China, with completion expected to take place on January 5, 2009.
Increasing its share in Hempel-Hai Hong from 36 percent to 100 percent will give Hempel full control of its activities in China.
Hempel-Hai Hong is already responsible for 25 percent of Hempel's global turnover, making it one of the leading companies in the Hempel Group.
Ever since its creation in 1991 as a joint venture between the Hempel Group and China Merchants Holdings (International), Hempel-Hai Hong has been a highly successful operation.
Earlier in 2008, Hempel acquired 54 percent of Hempel Croatia, giving it an overall stake of 98 percent and full control of the operation. The Hempel Croatia acquisition will allow Hempel to apply the full force of its global strategy and promote further growth in this dynamic region of Europe.
The Hempel Group also assumed full ownership of Hempel Morocco, a sales company based in Casablanca, and has just announced its decision to invest in the construction of a large production facility in Poland, which should be operational by the second quarter of 2010.
With three acquisitions and a new factory in Poland, Hempel has invested nearly US$170 million in 2008.
For further information contact:
