Nippon Paint Joins Singapore-Based Wuthelam for $12 Billion
- Wuthelam will buy new Nippon Paint shares, take control
- Funds to be used to buy out joint ventures across Asia
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Nippon Paint Holdings Co., Japan’s biggest paint maker, struck a 1.29 trillion yen ($12.2 billion) deal to join with billionaire Goh Cheng Liang’s Wuthelam Holdings Pte, seeking to create a dominant paints and coatings company in Asia.
The deal involves Wuthelam taking a majority stake by buying new shares in Nippon Paint, which will use the bulk of the money to buy out their joint ventures in China, India, Malaysia, Singapore, South Korea and Thailand. Nippon Paint will also take over Wuthelam’s wholly owned Indonesia business for about $2 billion.