27 January 2025
Acquisition of a Coating Manufacturer in Italy
CHUGOKU MARINE PAINTS, LTD. (the “Company”) hereby announces that it has resolved to acquire Italo Belge Colori S.r.l. (“ITB”), an Italian coating manufacturer, through CHUGOKU PAINTS B.V. (“CPBV”), a core subsidiary in Europe, making ITB a subsidiary.
CPBV has entered into a share transfer agreement with the existing shareholders of ITB and expects to acquire all shares of ITB by February 28, 2025.
Amid an ongoing expansion of the CMP Group’s coating sales in Europe, production volume at CPBV’s factory in the Netherlands—the Group’s sole production facility in the region—has been growing. We expect the addition of ITB’s factory to the Group’s production base in Europe as part of this acquisition will help expand production capacity and shorten delivery times in the region, leading to an increase in sales volume.
Through this acquisition, the Group aims to further expand its business operations in Europe.
■ Overview of ITB
| Company name | Italo Belge Colori S.r.l. |
| Address | Viale Regione Piemonte, 3, 15067 Novi Ligure AL, Italy |
| Date of establishment | October 1995 |
| Capital | €1 million |
| Business | Manufacture and sale of coatings |
Future works in marine industry
Oceangoing vessels generally are large structures typically in length between 80m and 400m. These giants are painted in the open air. Temperature in the major construction and maintenance areas such as northern China, northern Europe and the Korean peninsula are in winter often below 10℃ or even below 0℃. For this reason shipyards choose solvent borne paints. Other reasons to choose solvent borne paints are the long overcoating interval in terms of a multi-layer application and process/production cost. As a leading marine coatings supplier, CMP managed a breakthrough in solvent free technologies while maintaining the process related advantages of solvent borne products.
In March 2020, CMP launched BANNOH 5000, solvent-free epoxy universal primer complied with IMO PSPC (Performance Standard for Protective Coatings). Until September 2021, CMP supplied more than 1.2 million liters for 32 oceangoing ships. Comparing to traditional products, it means a saving of 4,258 tons of VOC in a year and a half.
Additionally CMP have supplied more than 1 million liters of ECO SWAN II, a water-borne two component coating with a short curing time aiming fast production process for internal areas such as accommodation room and engine room. For 2021, the total quantity is expected to be more than seven times the amount supplied in 2020.
On 21 October during the Kormarine exhibition in Korea, CMP presented a technical seminar to introduce the solvent-free and the water-borne products. CMP, having confidence in itself as a front runner supplying solvent-free and water-borne products, is penetrating into Korean shipyards. Taking this occasion, CMP is expanding the ‘Low VOC’ products in marine industry worldwide.
CMP was formed in 1917 in Hiroshima Japan, since then it has become acknowledged worldwide for developing and providing innovative marine coatings solutions for oceangoing ships around the world.
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