Divestment of Dyrup

Jan 2012
Deal Value:
EUR 115 million
Structured auction

Dyrup, based in Copenhagen, Denmark, is a leading wood stain and architectural coatings company with strong positions in Denmark, France, Germany, Iberia, and Poland. Dyrup’s key brands include Dyrup, Bondex, GORI and Xylophene. PPG Industries (NYSE: PPG), based in Pittsburgh, USA, is a leading multinational manufacturer of coatings and specialty products. PPG has more than 140 manufacturing facilities and equity affiliates and operates in more than 60 countries.
By selling to PPG, a global leader in architectural coatings, Monberg & Thorsen contributes to continuing the value-creating industry consolidation. With strong brands and positions in paint and, in particular, wood care products in the DIY and PRO segments in Denmark, France, Germany, Iberia and Poland, Dyrup complements PPG’s solid positions in other European countries. Under the ownership of PPG, Dyrup will have much better opportunities to achieve its long-term earnings and growth targets through a strengthened focus on product innovation, sales synergies for both existing and new markets and economies of scale. The strategically strong match between the business units combined with Dyrup’s strong market and financial performance means that Monberg & Thorsen is getting an attractive price for Dyrup. The Board of Directors assesses that by selling Dyrup on the negotiated terms, they will ensure maximum shareholder value while acting in accordance with Dyrup’s long-term interests.