Top companies report.

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2006 TOP COMPANIES
Our ranking is based on annual sales of paint, coatings, adhesives,
sealants and related products. For companies based outside the U.S.,
sales are translated into U.S. dollars using the average currency
exchange rate for the company's fiscal year/reporting period.
Profiles begin on page 26, a geographical perspective and alphabetical
listing can be found on page 24 and "Companies to Watch" can
be found on page 73.

1. Akzo Nobel (The Netherlands) $6.974 billion

2. Henkel (Germany) $6.236 billion
3. ICI Group (UK) $5.817 billion
4. Sherwin-Williams (USA) $5.728 billion *
5. PPG Industries $5.566 billion
6. DuPont (USA) $3.78 billion *
7. BASF Coatings (Germany) $2.714 billion
8. Valspar (USA) $2.713 billion
9. RPM (USA) $2.556 billion
10. SigmaKalon (The Netherlands) $2.215 billion
11. 3M (USA) $2 billion *
12. Nippon Paint (Japan) $1.9 billion *
13. Kansai Paint (Japan) $1.775 billion
14. H.B. Fuller (USA) $1.512 billion
15. Sika (Switzerland) $1.29 billion

16. Masco (USA) $1.264 billion

17. COMEX (Mexico) $1.22 billion
18. Rohm and Haas (USA) $1.158 billion
19. Jotun (Norway) $1.042 billion
20. AB. Wilh. Becker (Sweden) $1.008 billion
21. Benjamin Moore (USA) $1 billion *
22. DAW (Germany) $952.7 million
23. Hempel (Denmark) $814.4 million
24. Asian Paints (India) $774.54 million
25. Dai Nippon Toryo (Japan) $600 million
26. Tikkurila (Finland) $569.76 million
27. Brillux (Germany) $530 million *
28. Forbo (Switzerland) $505.54 million
29. Orica (Australia) $434.79 million
30. Barloworld (South Africa) $404 million
31. Arch (USA) $358 million
32. Kelly-Moore (USA) $345 million
33. Wattyl (Australia) $335.63 million
34. KCC (South Korea) $312 million
35. Chugoku Marine Paint (Japan) $310 million *
36. Helios (Slovenia) $285.9 million
37. Dyrup (Denmark) $280.96 million
38. Dunn-Edwards (USA) $280 million *
39. Yasar (Turkey) $275 million *
40. Berger (India) $264 million
41. Sico (Canada) $257.78 million

42. Dainippon Ink and Chemical (Japan) $254.43 million

43. National Paints (Jordan) $234.93 million
44. Flugger (Denmark) $228.64 million
45. Rock Paint $224.79 million
46. CIN (Portugal) $221.7 million
47. Yung Chi Paint and Varnish (Taiwan) $220.5 million
48. Altana (Germany) $218 million
49. Ameron (USA) $210 million
50. Renner (Brazil) $209 million *
51. Grebe Group (Germany) $201.75 million
52. DPI (South Korea) $190 million
53. Shinto Paint (Japan) $171.89 million
54. Cloverdale Paint (Canada) $162 million *
55. Tigerwerk (Austria) $160 million *
56. M.A.B. Paints (USA) $150 million
57. Industrias Titan (Spain) $149 million *
58. Tohpe (Japan) $142.87 million
59. Ace Paint (USA) $141 million
60. Vogel Paint (USA) $140 million
61. Boero Group (Spain) $133 million
62. Toa Paints (Thailand) $130 million *
63. Spraylat (UK) $125 million
64. Empils (Russia) $115 million
65. RedSpot (USA) $100 million

* estimated sales

ALPHABETICAL LISTING

AB. WILH. BECKER-20

ACE PAINT-59
AKZO NOBEL-1
ALTANA-48
AMERON-49
ARCH-31
ASIAN PAINTS-24
BARLOWORLD-30
BASF COATINGS-7
BENJAMIN MOORE-21
BERGER PAINTS-40
BOERO GROUP-61
BRILLUX-27
CHUGOKU MARINE PAINT-35
CIN-46
CLOVERDALE-54
COMEX-17
DAI NIPPON TORYO-25
DAINIPPON INK & CHEMICAL-42
DAW-22
DPI-52
DUNN-EDWARDS-40
DUPONT-6
DYRUP-37

EMPILS-64
FLUGGER-44
FORBO-28
GREBE GROUP-51
H.B. FULLER-14
HELIOS-36
HEMPEL-23
HENKEL-2
ICI GROUP-3
INDUSTRIAS TITAN-57
JOTUN-19
KANSAI PAINT-13
KCC-34
KELLY-MOORE-32
M.A.B. PAINTS-56
MASCO-16
NATIONAL PAINTS-43
NIPPON PAINT-12
ORICA-29
PPG INDUSTRIES-5
REDSPOT-65
RENNER-50
ROCK PAINT-45
ROHM AND HAAS-18
RPM-9
SHERWIN-WILLIAMS-4

SHINTO PAINT-53
SICO-41
SIGMAKALON-10
SIKA-17
SPRAYLAT-63
3M-11
TIGERWERK-55
TIKKURILA-26
TOA PAINTS-62
TOHPE-58
VALSPAR-8
VOGEL PAINT-60
WATTYL-30
YASAR-39
YUNG CHI-47
[ILLUSTRATION OMITTED]
1
AKZO NOBEL
SALES: $6.974 billion
HQ: ARNHEM, THE NETHERLANDS:
PHONE: 31-26-3664433
FAX: 31-26-3663250
WEB SITE: WWW.AKZONOBEL.COM
KEY PERSONNEL: GJ. Hans Wijersi chairman and CEO. General managers:
Rinus Rooseboom, car refinishes; Jan Andersson and Leif Abildgaard,
decorative coatings; Robert Torba, industrial finishes; Bill McPherson,

marine and protective coatings; and Rob Molenaar, powder coatings.

Major Products: Decorative, industrial, marine and protective
coatings and automotive refinish paint.
New Products: Sikkens' Alpha Tacto, textile-effect paint that
can reproduce the look and feel of suede, leather or woven fabric;
Interchar next generation fireproofing material, which is designed to
give unique protection to high-rise structures and public buildings.
Recent Acquisitions: Swiss Lack, Zweihorn, Toide Paint, Coatech,
Khimrezerv, Balakom, Sico.
* Perched high atop the coatings kingdom, Akzo Nobel has retained
its title as the global coatings leader with sales of $6.974 billion. In
2005, revenues increased by four percent for Akzo Nobel Coatings, which
includes its Decorative Coatings, Industrial Activities, Marine &
Protective Coatings and Car Refinishes business units.
Akzo's revenue increase was mainly fueled by growth in the
emerging markets of Asia Pacific, Eastern Europe and the Middle East,
which also reflects the company's strategy to expand in these areas
and offset pressure in mature markets caused by steeply rising raw
material costs and difficult economic conditions, especially in Western
Europe.
2005 was an active year for the company on the acquisition and
expansion front. During the year, Akzo opened two new powder coatings
facilities and two new decorative coatings plants in China and Vietnam.
It also announced its intention to acquire the Chinese decorative
coatings company Guangzhou Toide Paint Manufacturing, established a
powder coatings joint venture in Egypt, and invested in the construction

of a new powder coatings plant in Russia. At the end of 2005, the

emerging markets represented 34% of Akzo Nobel's worldwide
revenues.
Akzo Nobel's Decorative Coatings unit is made up of the
Decorative Coatings Europe and Decorative Coatings International
businesses, and accounted for 36% of Akzo Nobel Coatings' revenue
in 2005.
According to the company, Decorative Coatings Europe had a
difficult year due to a later than predicted economic recovery and tight
margin pressure. In this mature market, Akzo continued to improve its
portfolio through selective acquisitions. During 2005, the company
agreed to acquire Swiss Lack, the leading supplier of decorative
coatings in Switzerland, and also boosted its activities in Germany with
the ICI Group's wood finishes business, Zweihorm GmbH, which is
based in Hilden. In addition, it continued to further expand its
commercial distribution network of European decorative coatings business
by acquiring a number of wholesalers in Germany, the largest market for
architectural paint in Europe.
Decorative Coatings International has aggresively accelerated
growth in emerging markets. In terms of Deco International's
performance at the country level, Russia and China--the two major growth
areas for 2005--both posted double-digit growth. New capacity at the
company's Moscow facility enabled it to make additional investments
at the site earlier than expected.
Akzo Nobel also reinforced its commitment to becoming China's
top coatings company by signing an agreement to acquire the coatings

activities of Guangzhou Toide Manufacturing Co. Currently ranked as one

of the biggest private Chinese manufacturers of emulsion paint, Toide
Paint is also active in the wood varnishes sector.
Based in Guangzhou, the company commands a strong market position
in southern China, with more than 200 outlets and distributors. It also
has a solid presence around Beijing and Shanghai.
"This agreement is a clear indication of our ambition to
become the number one coatings company in China," said Akzo Nobel
CEO, Hans Wijers. "We are making a concerted effort to grow our
decorative coatings operation and this investment will substantially
increase our volumes of emulsion paint, the fastest growing segment on
the Chinese paint market."
Elsewhere, further inroads were made in some of the Central and
Eastern European markets. Deco International signed an agreement to
acquire a 51% controlling share in the coatings activities of Ukrainian
company Khimrezerv.
Additionally, new decorative coatings plants were officially opened
in Vietnam and China--one near Ho Chi Minh City, the other in Suzhou
near Shanghai.
On the new product front, the company announced that its Decorative
Coatings business had developed Alpha Tacto, a textile-effect paint that
can reproduce the look and feel of suede, leather or woven fabric.
Marketed under the Sikkens line, Alpha Tacto is able to provide two
distinct effects, depending on how it is applied to the wall.
The Industrial Activities business unit, which accounted for 31% of
Akzo Nobel Coatings' revenue in 2005, is made up of the Industrial

Finishes and Powder Coatings businesses. According to the company,

Industrial Activities put in a strong performance, especially in the
second half of 2005 due to successful marketing initiatives, which
expanded the business base, in addition to the improvement of average
pricing in all markets. Operations in the frontier markets of China,
India, Brazil and Eastern Europe sustained top-line growth.
Conditions in the global coil coatings business were particularly
unfavorable due to volatile steel prices and a hesitant commercial
construction industry. Wood coatings benefited from a healthy
residential construction industry, which kept demand for coatings for
flooring, kitchen cabinetry and building products at a strong level
throughout 2005. Consumer electronics and the adhesives business units
also improved during the year.
Powder Coatings posted growth in revenues in line with the record
year of 2004, achieving good revenue growth in the newly developing
powder markets of Central and Eastern Europe, where there is now a need
for manufacturing in the region. Akzo, therefore, started construction
work on a new powder coatings plant in Russia. Located at
Orekhovo-Zuevo, 100 kilometers east of Moscow, the facility will supply
markets throughout Russia, Ukraine and Belarus among other countries in
the region.
Akzo also invested in the Middle East with the acquisition of a
controlling 60% share in Egyptian market leader Coatech. The joint
venture company, now known as Akzo Nobel Powder Coatings SAE, operates
from the company's existing modern manufacturing facility near
Cairo.

According to Rob Molenaar, general manager of Akzo Nobel's

powder coatings business unit, the acquisition gives Akzo Nobel a
much-needed local operation.
"This joint venture gives us the sort of local presence in the
Middle East which has so far been lacking in our worldwide
activities," he said. "The combination of our cutting-edge
technology and extensive experience in powder coatings, together with
Coatech's established reputation for excellence in quality and
service, creates a formidable partnership and one which we are certain
will benefit customers throughout the region."
In China, Akzo Nobel Powder Coatings built a powder coatings
facility at Langfang. The new site, located between Beijing and Tianjin,
was constructed to replace a former plant in Beijing. Built on a 22,000
square meter site which includes scope for further expansion, the
Langfang facility was inaugurated just a few months after the
company's powder coatings business expanded its operations in South
China with the opening of a second factory at Baoan in Guangdong
Province.
The Marine & Protective Coatings unit, which accounted for 17%
of Akzo Nobel Coatings' revenue in 2005, had another good year.
International marine coatings continued to benefit from record levels of
ship newbuilding. The company sold record levels of its Intershield for
newbuilding, and also during 2005, it coated its 100th vessel with
Intersleek, an environmentally-friendly "foul release"
antifouling.
International protective coatings felt the squeeze on margins more

than other market areas, particularly in the U.S., while positive growth
was posted in China, Central and Eastern Europe, and Australasia,
according to the company. On the product front, Interchar, a new member
of the Chartek family of fire protection products, was launched in 2005.
Based on technology created for NASA, Interchar offers the construction
industry significant benefits in terms of keeping buildings safer from
fire damage.
Yacht coatings fell back from its 2004 peak due to weaker demand in
the U.S. market, while aerospace coatings continued to benefit from
higher build rates of new aircraft and livery changes on existing ones.
Overall, aerospace coatings delivered its best ever results in 2005.
Lasty, the Car Refinishes business unit, which accounted for 16% of
Akzo Nobel Coatings' revenue in 2005, remained under pressure and
restructuring programs are being carried out to address the situation.
Stagnating growth in the refinishes market in the U.S. and Western
Europe during 2005 was partly offset by market growth outside these
territtories, notably in Eastern Europe and Asia.
2
HENKEL
SALES: $6.236 billion
HQ: DUSSELDORF, GERMANY
PHONE: 49-211-797-3000
WEB SITE: WWW.HENKEL-TECHNOLOGIES.COM
KEY PERSONNEL: Ulrich Lehner, chairman of the management board of
Henkel KGaA; Alois Linder, executive vice president, consumer and
craftsmen adhesives; and Jochen Krauter executive vice president, Henkel

Technologies.
Major Products: Adhesives and sealant technologies sold in the
industrial, professional and DIY markets.
New Products: Loctite Pre-Activated Epoxy 3355, Pattex Removable
Assembly Adhesive, Pattex Repair Express Monodose, Sista Adhesive and
Joint Sealant, Multicore LF318 Lead-Free Solder Paste, Purmelt Dual
Cure, Terokal 5074 Crash Resistant Structural Adhesives, Terophon 8200
series.
Recent Acquisition: Chemofast ramcord GmbH, Polybit Industries
Ltd., European sealants business for DIY and the professional trades
sector from Rhodia, Converter Adhesives & Chemicals Pvt. Ltd.
* Henkel's Consumer and Craftsmen Adhesives business unit,
which accounted for 15% of the company's total sales in 2005,
posted a 20.5% increase in sales by the year's end. A large
proportion of this growth is attributable to the acquisition of
Sovereign Specialty Chemicals in 2004.
The business sector focuses on two market segments: adhesives and
adhesives tapes for home, school and office; and adhesives and sealants
for construction, DIY and craftsmen.
Pursuing a dual strategy of combining organic growth through
product innovation and regional expansion on the one hand, with
selective acquisitions on the other, Henkel is looking to continue
growing its presence around the world.
While stagnation in the company's traditional European core
markets persisted, the markets of, in particular, Eastern Europe, Latin
America and Asia were strong. The OSI assembly adhesives and sealants

business acquired as part of Sovereign in North America exhibited

significant growth, the company said.
The company is also targeting investments toward further growth
regions exhibiting strong building construction activity. It's
acquisition of Polybit, a leading supplier of relevent products in the
United Arab Emirates, is an example of a step in this direction.
Henkel's sealants operation continued to exhibit dynamic
growth in 2005. Having acquired the sealants business of Rhodia at the
end of 2005, the company can look forward to not just strengthening its
position in the core markets of Europe, but also further growth
opportunities in other regional markets arising from access to
Rhodia's technologies.
The tile adhesives business also performed well, particularly in
Eastern Europe where the company opened an additional production
facility in Romania.
In terms of new products, the Consumer and Craftsmen Adhesives unit
launched several products including a new adhesive that combines all the
advantages of epoxy and light cure chemistries, but works on colored and
opaque substrates such as metals, plastics, glass and ceramics that
cannot transmit light. Loctite Pre-Activated Epoxy 3355 adhesive can be
applied directly onto an opaque part, cures to fixture strength in
minutes and reaches full cure in hours at room temperature. The epoxy
adhesive provides excellent bond strength, chemical resistance and
high-temperature performance, according to the company. Single
component, medium viscosity Loctite 3355 requires no mixing and shrinks
very little (<0.7%) during cure, making it ideal for optical, laser

and other assemblies where alignment of small parts is critical. Loctite

3355 can be used for bonding and shallow potting of optical connectors,
fibers, lasers, lenses, prisms and electronics such as computers,
laptops and printers.
The Henkel Technologies business sector, which accounted for 27% of
the company's total sales and supplies adhesives, sealants and
surface treatment products for industrial applications, saw its sales
increase 17% in 2005. Organic sales rose by 5.5%, with double-digit
percentage increases in all regions apart from Western Europe. The low
level of growth in Western Europe is primarily attributable to a
regional downturn in activity in the automotive and electronics sectors
and the weakness of the facade and construction components segment.
In 2005, Henkel expanded its business in the aerospace industry,
registering increasing demand for composite adhesives, particularly in
the form of high-strength epoxy resin products. Henkel's adhesives
and sealants for this segment passed a major challenge with the
inaugural flight of the Airbus A380, the largest passenger airliner in
the world.
Henkel's activities serving the automotive industry profited
from the fact that more and more prefabricated components and foam
products are being used in order to improve vehicle acoustics. Products
offering enhanced coatings and processing capabilities also strengthened
this segment. In addition, the acquisition of Orbseal and the
development of various new applications, helped boost Henkel's
North American business to the extent that, despite the weakness of the
Western European market, the company was able to achieve double-digit

percentage growth in the automotive sector worldwide.

Henkel's operations serving the electronics industry underwent
expansion due largley to the successful introduction of its lead-free
solder pastes and first-time approvals from globally active customers
interested in their use.
The company's businesses serving the steel industry also
experienced further expansion. The introduction of a range of innovative
surface protection products enabled Henkel to expand its scope of
applications in the European and American markets, as well as in Asia.
Henkel also increased its market share in relation to consumer durables,
due to innovations in air and water filtering technology and the
successful launch of Bonderite NT, a new product for metal pretreatment
applications.
The market for consumer goods developed well, especially in the
packaging industry, leading to strong organic growth in this segment,
according to the company. Its film laminating adhesives business was
boosted as well. All regions contributed to the growth achieved, with
increased market share in North America ensuing from the Sovereign
acquisition, and the acquisition of CAC strengthening its business in
India.
Henkel's activities in the field of industrial maintenance,
repair and overhaul also continued to develop well. Major contributory
factors in this regard include a significant expansion of its market
activities in relation to engineering adhesives and the company's
increased involvement in the renewable energies sector.
SUCCESS STORY

The use of Henkel's chromium-free passivation, Passerite 5004,

is Voestalpine's final step to becoming a completely chromium-free
steel company.
The European Union is determined to put an end to the use of
hexavalent chromium and has issued two directives to enforce this
policy. One addresses the automotive industry, the other the household
appliance industry. With a third on its way, concerning the construction
industry, the pressure will be spread over several industries. However,
right now it is mostly felt by the steel industry, especially by
companies like Voestalpine.
Voestalpine supplies the automotive industry and the household
appliance industry with hot-dip-galvanized and electrolytic galvanized
thin sheet. In their effort to comply with the legislation they turned
to Henkel. Both companies maintain a long and successful partnership
together and Voestatpine's previous experiences with new
technologies from Henkel were very promising. When their request
arrived, Henkel had more than five years of experience with
chromium-free technology and were happy to accept the challenge to
develop a completely chromium-free passivation system for galvanized
steel.
The first line trials at Voestalpine were carried out two years ago
and were only followed by a few additional tests as well as a little
fine-tuning. Last July Passerite 5004 was fully integrated into the
production process and Voesta pine's HDG line 3 became their first
chromium-free production line. The other lines were subsequently
converted and by the end of January 2006 the transformation was

completed.
As a result Voestalpine has driven out all chromium but maintains
the quality of the old process. Salt spray tests, humidity tests and
humidity stack tests have shown that Passerite 5004 offers the same
level of corrosion protection as chromium (VI)-passivation does. Other
tests demonstrated the quality of the steel in additional processing,
like welding. On top of that Passerite 5004 enables HDG steel strio
production with a perfect surface appearance.
3
ICI GROUP
SALES: $5.817 billion
IMPERIAL CHEMICAL INDUSTRIES PLC
HQ: SLOUGH, UK (ICI PAINTS)
BRIDGEWATER, NJ (NATIONAL STARCH)
PHONE: 44-20-7009-5000 (ICI PAINTS)
908-685-5000 (NATIONAL STARCH)
WEB SITE:: WWW.ICI.COM * WWW.NATIONALSTARCH.COM
KEY PERSONNEL: David Hamill, director of ICI and chief executive of
ICI Paints, and William Powell, director of ICI and chief executive of
National Starch.
Major Products: Paint and coatings (ICI Paints) and adhesives
(National Starch).
New Products: Cuprinol Sprayable fence treatment, UK Trade
Sterishield, UK Trade Metalshield, This Old House exterior paint,
Hammerite, Dulux Supergloss 5-in-1, Cool 200.
* UK-based ICI Group manufactures paint and coatings under its ICI

Paints business unit and adhesives under National Starch's

Adhesives division. Both units combined to generate $5.817 billion in
sales for the group in 2005. ICI Paints accounted for 40% of ICI
Group's sales, with 90% of its revenue coming from decorative
paint.
ICI Paints maintains a global presence with major manufacturing
facilities located in the U.S. UK, Brazil, Argentina, Germany, the
Netherlands, France, China, India and Malaysia. Additional manufacturing
facilities are in 14 other countries. The majority of the company's
sales are generated from North America (39%) and Europe (36%), while
Asia (15%) and Latin America (9%) account for the remaining revenue.
In 2005, paint sales were six percent ahead of 2004 on a comparable
basis with growth for all regions of the decorative paint business.
Sales for Decorative Europe were one percent ahead of 2004 with growth
for UK trade sales and sales in Ireland and Eastern Europe partly offset
by lower sales in the UK retail market. Decorative North America sales
were four percent up on 2004 with growth in all principal market
sectors.
Decorative Asia sales were 17% up from 2004 with both volume growth
and increased selling prices across the region. Growth was particularly
strong in China, India, Pakistan and Vietnam. Sales for Decorative Latin
America were nine percent ahead compared with 2004. Packaging coatings
also delivered a strong performance, with sales up 14% on 2004.
The decorative paints business has well-established brands in
paint, woodcare, metalcare, adhesives and fillers including Dulux,
Glidden, Devoe, Valentine, Coral, Alba, Xyladecor, Hammerite, Polycell,

Polyfilla and Alabastine.

In 2005, the business launched many new products under these brands
such as Cuprinol Sprayable, an award winning water-based spray system
for fence treatment; UK Trade Sterishield, a water-based hygiene paint
utilizing a silver bactericide; UK Trade Metalshield, which provides
eight-year pro tection for ferrous and non-ferrous metals in a simple
system requiring fewer coats than competitive systems; This Old House
range in the U.S.--a premium exterior paint; Hammerite
direct-to-galvanized-metal paint in Brazil; Dulux Supergloss 5-in-1,
launched in India, offering 300 glossy, clean colors, with long-life,
anti-yellowing and good coverage properties; and Devoe Regency, a
high-solids acrylic enamel.
The adhesives division of National Starch, which is one of the
largest producers of specialty industrial adhesives in the world,
reported that its sales in 2005 were nine percent ahead of the previous
year. Several markets experienced double-digit growth including North
America, Latin America and Asia, notably China and India, while in the
latter part of the year demand weakened in Europe.
During the year, ICI invested in a new adhesives manufacturing
facility in Brazil to meet growing demand for industrial adhesives in
the country. The investment introduces local provision of adhesives,
some previously imported by the company for the woodworking, packaging
and paper converting sectors, some for export, and some to support
growth from marketing programs to local accounts.
The factory is operated by National Starch and makes hot-melt,
water-based adhesives and emulsion polymers. The largest of its type in

the region, the factory is located 34 miles northwest of Sao Paulo on a

greenfield site owned by ICI that is scheduled for expansion in output
this year.
"This investment and plans for expansion at the Jundiai site
reflect our confidence in the future of the markets in Brazil and the
region," said Tom Agin, senior divisional vice president of
National Starch's Latin America and South Africa adhesives
business.
4
SHERWIN-WILLIAMS
SALES: $5.728 billion *
HQ: CLEVELAND, OH USA
PHONE: 216-566-2000
WEB SITE: WWW.SHERWIN.COM
KEY PERSONNEL: Christopher M. Connor, chairman and CEO; Sean P.
Hennessy, senior vice president, finance and CFO; and Conway G. Ivy,
senior vice president, corporate planning and development; John G.
Morikis, president; paint store segment; Thomas W. Seitz, president and
general manager; consumer segment; Blair P. LaCour, president and
general manager, automotive finishes segment; and Alexander Zalesky,
president and general manager, international coatings.
Major Products: Architectural and decorative paint, stains and
varnishes, wood finishing products, caulks, adhesives, automotive
finishes and industrial and marine coatings.
New Products: Duration Home interior paint, ProMar 200 XP, Builders
Solution interior paint, Loxon XP waterproofing masonry coating,

Sher-Wood BAC wiping stain, Polane SP Polyurethane Enamel, Sher-Nar

PVDF, Sher-Wood KemVar Varnish LF, Waterborne CARC, Ultra-Cure
Waterborne UV, Dutch Boy Ready to Roll, Dutch Boy Celing Solutions color
transforming ceiling paint, Minwax Wood Finish in Red Chestnut and
Gunstock, Thompson's WaterSeal No Drip exterior gel stain, Krylon
H20 latex aerosol paint, AWX waterborne coatings, Planet Color.
* Founded in 1866, The Sherwin-Williams Company has a long history
in the manufacture, distribution and sale of paint, coatings and related
products to professional, industrial, commercial and retail customers
primarily in North and South America. Shewin-Williams' consolidated
net sales in 2005 topped $7.1 billion, a rise of 17.6% over 2004. (The
company's ranking excludes estimated sales from non-paint items and
other administrative items reported by the company.)
Sherwin-Williams' consolidated net income rose 17.8% to $463.3
million.
With coatings sales of approximately $5.728 billion, an increase of
roughly $1 billion over the previous year, the company is the leading
manufacturer of paint and coatings in North America. Acquisitions,
primarily Duron, Inc. and Paint Sundry Brands Corporation acquired in
Sept. 2004, contributed to a six percent increase in sales in 2005.
Net sales for Sherwin-Williams' Paint Stores segment rose
21.9% to $4.84 billion from $3.98 billion in 2004, with comparable store
sales improving by 13.6%. Operating profit from the segment increased
23.4% to $592.5 million. According to the company, this increase
primarily came from continuing strong domestic architectural paint sales
to contractor and DIY customers. Sales from acquisitions also

contributed to the segments success.

Sherwin-Williams' paint stores serve three major market
segments in the North American coatings market including architectural
paint customers, OEM product finishers and industrial maintenance and
marine coatings users. The company reported that it achieved solid
growth in all three of these segments.
In 2005, Sherwin-Williams opened 98 new stores, ending the year
with 3,081 stores in operation in North America compared to 2,983 stores
at the end of 2004.
On the new product front, the Paint Stores segment introduced 18
new products for the architectural, OEM product finishes and industrial
maintenance and marine markets in 2005. Some of these new products
include Duration Home interior paint, which prevents stains from
penetrating and enables easy cleaning with a damp sponge; ProMar 200 XP
single coat, which is equal to two coats of traditional eggshell and
fiat finishes, saving contractors time and labor cost; Builders Solution
interior paint, a two-coat system that starts with a high-build surfacer
that masks drywall imperfections and establishes a smooth, even surface
for topcoat; Loxon XP waterproofing masonry coating, which is applied
directly to concrete, eliminating the need for primer; SherWood BAC
wiping stain; Polane SP Polyurethane Enamel for heavy equipment;
Sher-Nar PVDF for coil and extrusions; Sher-Wood KemVar Varnish LF for
kitchen cabinets; Waterborne CARC for military equipment; and,
Ultra-Cure Waterborne UV for multiple wood markets.
Net sales in the consumer segment increased 7.7% to $1.4 billion
from $1.3 billion in 2004. Acquisitions accounted for all of the sales

increase in the cosumer segment. Operating profit for the year declined
$18.6 million, or 9.9%, to $169.1 million. Operating profit was
adversely affected by increased raw material costs, according to the
company.
With roughly 56,000 retail outlets in the U.S. that sell coatings
or coatings related products, approximately 35,000 of these outlets
offer one or more product lines manufactured by the consumer segment and
sold under such brand names as Dutch Boy, Pratt & Lambert, Kryon,
Minwax, Thompson's WaterSeal and Purdy.
In 2005, Sherwin-Williams' consumer segment introduced the
Dutch Boy Ready to Roll paint container, which was recognized as
"The Most Innovative Package of the Year" by the Institute of
Packaging Professionals. Krylon H20, a latex paint in aerosol form was
launched and is ideal for indoor use and cleans up with soap and water.
The launch of the Pratt & Lambert Never Compromise Color Sample
Selector lets customers explore colore palettes and preview color
combinations before they paint an entire room.
Net sales for Sherwin's automotive finishes segment increased
7.1% to $550.8 million from $514.3 million in 2004. The majority of this
increase came from strong international sales, new product line
introductions and favorable currency fluctuations, according to the
company. Operating profit for 2005 declined $800,000, or 1.4%, to $57.2
million.
During the third quarter of 2005, the automotive finishes segment
sold its majority interest in an automotive coatings joint venture in
China, resulting in a loss of $7.9 million, which impacted the

company's operating profit.

Also during 2005, the automotive finishes segment opened seven new
branches, bringing its total to 203 in the U.S., Canada, Jamaica, Chile
and Peru. The segment also introduced a new automotive waterborne
basecoat/clearcoat system called AWX, is formulated to comply with
stringent European Union (EU) VOC regulations scheduled to take effect
in 2007. The segment also launched Planet Color, a collection of
optically enhanced automotive coatings for the custom finishing market.
Net sales for the international coatings segment grew 21.8% to $388
million in 2005 from $318.6 million in 2004. According to the company,
favorable currency fluctuations increased sales for the segment by 9.8%.
Operating profit in this segment for the year grew to $23.6 million from
$18 million in 2004, an increase of 30.6%. The company said this was
primarily the result of higher sales volumes, operating efficiencies
resulting from manufacturing volume increases and tight expense control.
The international coatings segment made a concerted effort during
2005 to strengthen its brand identity and expand distribution outside
North America. In Brazil, it completed an extensive overhaul of its
packaging to better align the images of its various brands and
strengthen their association with Sherwin-Williams. In Argentina, the
segment was listed among the top 60 companies to work for based on an
annual survey. In Italy, the segment partnered with an established
distributor to relaunch its Ronseal brand wood care coatings line.
On the management side, in July, David F. Hodnik, retired vice
president and CEO of Ace Hardware Corporation, was elected to
Sherwin-Williams' board of directors. In addition, once again,

Fortune Magazine named Sherwin-Williams to their list of the "100

Best Companies to Work for."
SUCCESS STORY
The U.S. General Services Administration (GSA) honored
Sherwin-Williams with two awards for outstanding business practices.
The Director's Award was given to Sherwin-Williams in
recognition of its business acumen, cooperation, customer service and
contribution to the GSA mission--consistently providing the best value
in a fair and competitive manner. The honor also further acknowledged
the company for consistency in meeting or exceeding customer
expectations, its timely sales reporting and for maintaining up-to-date
product and pricing information in the GSA Advantage System.
Sherwin-Williams was also recognized by GSA as a Most
Environmentally Friendly Contractor for ongoing research and development
of products that meet or exceed environmental standards. The
environmental award also recognized Sherwin-Williams' development
of durable products that reduce the amount of waste and chemicals that
are released into the environment, have zero or low VOCs, low odor,
anti-microbial properties and are silica-free. Sherwin-Williams'
environmentally friendly products meet or exceed GS-11 criteria for
coatings used in LEED certified buildings.
5
PPG INDUSTRIES
SALES: $5.566 billion
HQ: PITTSBURGH, PA USA
PHONE: 412-434-3131

WEB SITE: WWW.PPG.COM

KEY PERSONNEL: Charles E. Bunch, chairman and CEO; J. Rich
Alexander, senior vice president coatings; William A. Wulfsohn, senior
vice president, coatings managing director, Europe; Charles Kahle,
director, coatings R&D; Dick Beuke, vice president, architectural
coatings; Dennis Kovalsky, vice president; automotive coatings; Garry
Goudy, senior vice president automotive aftermarket; and Marc Talman,
key manager, packaging.
Major Products: Architectural/decorative paint, coatings and
stains, automotive OEM and refinish coatings, industrial coatings and
packaging coatings.
New Products: Manor Hall Timeless super premium interior paint;
CeramiClear clearcoat for automobiles.
Recent Acquisition: Crown Coating Industries.
* In 2005, PPG's coatings sales rose five percent ($291) to
$5.566. The company said sales rose three percent across all businesses
except automotive due to higher selling prices; one percent due to
improved volumes as increases in the company's aerospace,
architectural and OEM businesses offset volume declines in automotive
refinish and industrial coatings; and one percent due to the positive
effects of foreign currency translation. Operating income decreased $168
million in 2005.
"We faced many notable headwinds during the year, including
the economic fallout from the hurricanes, historical peaks in energy
costs and demanding conditions," said Charles E. Bunch, PPG's
chairman and CEO. "We see continued profitable growth opportunities

on the road ahead, but also see continued pressure due to the high
energy and raw material pricing environment. As a result, in addition to
the annual cost reductions that we consistently deliver, we have
implemented plans to take severance and restructuring actions to further
streamline our operations.
"Our focus on profitable growth, meanwhile, has remained
unchanged," he continued. "We anticipate continued organic
growth, as evidenced by the performance of many of our businesses in
2005, including architectural coatings and aerospace products.
Furthermore, we want to accelerate that growth through potential
acquisitions, leveraging our strong balance sheet and consistent free
cash flow."
PPG's strategy for accelerating growth and strengthening its
businesses is focused heavily on building a presence in emerging markets
as well as investing in the manufacturing technologies that meet the
demands of the market place.
The Asian coatings market represents a perfect example of the
company's growth strategy in action. Since 1999, PPG's
coatings sales in the region have more than doubled, growing at a rate
of 18% per year. To generate additional growth, in 2005, PPG acquired
Crown Coating Industries of Singapore, Asia's leader in
radiation-curred coatings for the flooring industry. The company
operates facilities in Singapore and Shanghai.
"Crown enables us to provide manufacturers in Asia with local
supply of the high-quality coatings that customers have come to expect
from PPG," said J. Rich Alexander, senior vice president, coatings.

"It also enables us to grow our presence in the global wood

coatings business, where our technology is considered the industry
leader."
In addition, PPG announced it will open a coating application
facility in Taiwan for fasteners and small parts in the second quarter
of 2006. Today PPG's Asian coatings sales constitute slightly less
than ten percent of the company's worldwide coatings sales.
In architectural coatings, meanwhile, a business where success
relies heavily on distribution, according to the company, PPG expanded
its presence in 2005 with the acquisition of 42 service centers in eight
Midwestern states from Iowa Paint Manufacturing. In addition, PPG
acquired the Iowa and Sterling brands. Since 2001, PPG has added nearly
150 company-owned service centers to its network that now includes
nearly 380 locations. In addition, PPG supplies paint to two of the big
three home center chains, Lowe's and Menards, which together added
156 stores in 2005. As a result of the growth in company-owned service
centers and home centers, PPG's architectural coatings sales have
increased approximately 14% per year since 1997.
PPG has also added coating capabilities at its Wichita Falls, TX
performance glazings plant to meet the growing demand for low-emissivity
glass and accomodate future generations of energy efficient, high
performance products, the company said. Scheduled to come online in the
first half of 2006, the system, which applies thin, transparent coatings
to enhance the performance of glass, will become the sixth in the PPG
network, increasing the company's participation in a fast-growing
segment of the architectural glass industry.

In terms of new products the company has launched several in 2005

including Manor Hall Timeless super premium interior paint, which is an
expansion of its popular super-premium exterior line. Backed by a
lifetime guarantee, Timeless does not require extensive and sometimes
damaging scrubbing to remove surface dirt. The paint also meets
stringent environmental regulations for minimal impact on indoor air
quality and a low VOC of less than 50 g/1.
Manor Hall Timeless super premium interior paint is available in
matte, eggshell plus and semi-gloss finishes.
PPG has also been actively developing new products based on
nanotechnology including CeramiClear clearcoat for automobiles. As the
final layer of paint applied to automobiles, CeramiClear clearcoat
provides scratch and mar resistance and retention of gloss throughout a
vehicle's life cycle, according to the company.
CONCEPT UNITES PPG'S OFFERINGS FOR ARCHITECTS
Looking to leverage its extensive offerings for building projects,
in 2005 PPG unveiled IdeaScapes, a unified architectural brand identity
that encompasses its coatings, paint and glass-based architectural
products and services.
Products under the IdeaScapes banner are: EcoLogical Building
Solutions, a collection of PPG glass, coatings and paint products for
sustainable design; PPG Industrial Finishes (including Duranar and
Coraflon brands) and PPG Architectural Finishes. which include flooring
and fire-protective coatings under the Pittsburgh, Porter and Olympic
banners. Also included in the IdeaScapes brand is PPG architectural
glass and its related certified fabricator network.

"For years our glass, coatings and paint businesses were

presented to architects and specifiers as three distinct entities,"
said Patrick J. Kenny, business manager for PPG's construction
market team. "Over the past few years, we've received feedback
from architects who have told us we could make their jobs easier by
presenting ourselves as a unified architectural products company."
Kenny said IdeaScapes more accurately reflects PPG's
"breadth and uniqueness" of capabilities.
The development of the IdeaScapes brand began in late 2003
following a survey of more than 600 architects, designers and
specifiers.
6
DUPONT
SALES: $3.78 billion *
HQ: WILMINGTON, DE
PHONE: 302-774-1000
WEB SITE: WWW.PERFORMANCECOATINGS.DUPONT.COM
KEY PERSONNEL: Charles O. Holliday, Jr., chairman and CEO; Thomas
M. Connelly, Jr., senior vice president and chief science and technology
officer; Terry Caloghiris, group Vice president, DuPont Coatings &
Color Technologies; Douglas L. Moore Vice president/general manager,
DuPont Advanced Coatings Systems; Eric G. Melin, vice president/general
manager, DuPont Refinish; Marty M. McQuade, vice president/general
manager, DuPont Automotive Systems.
Major Products: Automotive OEM and refinish coatings and industrial
finishes.

New Products: DuPont Professional Grade driveway products, DuPont

1052R and 1056R.
Recent Acquisition: Powder Coatings de Mexico, Standox-Max.
* DuPont's Coatings and Color Technologies unit recorded sales
of $6.2 billion in 2005. Core coatings markets served by the Coatings
and Color Technologies unit include automotive OEM and refinish,
industrial coatings and architectural coatings. DuPont's 2005
coating sales are estimated to be $3.78 billion.
2005 saw a major achievement in the Japanese market as DuPont
opened a $10 million laboratory in Aichi Prefecture to facilitate
technical services and approvals for automotive OEM coatings used by
Japanese auto manufacturers worldwide, and to support their home country
assembly operations. The facility is managed by DuPont and DuPont Shinto
Automotive Systems, a joint venture between DuPont and Shinto Paint
Company.
"Our aim is to offer rapid responses to Japan-based customer
needs for the latest coatings technology in any part of the world,"
said Marty McQuade, vice president and general manager for DuPont
Automotive Systems. "DuPont is developing technology that will help
its customers improve application productivity and environmental
compliance as they meet rising consumer demands for improved vehicle
paint aesthetics and long-term durability."
In the Americas, DuPont completed its acquisition of Powder
Coatings de Mexico, strengthening the company's position as a
leader in the powder coatings market throughout the Western Hemisphere.
Additionally, 2005 saw the acquisition of the Standox-Max joint venture

in Mexico, resulting in the opening of an upgraded distribution network.

The DuPont Aviation Finishes brand was also launched in 2005 as a
key growth initiative, delivering a complete product line of
high-performance coatings for completion and refinishing of aircraft.
On the new product front, Dupont Refinish added DuPont 1052R and
1056R to its unercoat range. The two new productive surfacers have been
designed to meet today's bodyshop demands for productivity; both
products feature fast drying and high filling capabilities.
The company also added premium grade driveway maintenance products
to its offering for U.S. customers. Formulated with neoprene, the Dupont
Professional Grade product line includes a driveway sealer, elastomeric
crack filler, trowel grade crack filler and an oil spot primer.
7
BASF COATINGS
SALES: $2.714 billion
HQ: MUENSTER, GERMANY
PHONE: 49 2501-14-0
WEB SITE: WWW.BASF-COATINGS.COM
KEY PERSONNEL: Jahn Raimer, CEO, BASF Coatings AG; Klaus-Peter
Lobbe, member of the board of executive directors responsible for
coatings globally; Rainer Blair, group VP, coatings, North America;
Jacques Delmoitiez, group VP, automotive refinish/commercial transport
coatings; Wolfgang Micklitz, director OEM coatings for Asia-Pacific
Peter Steiert, group VP-industrial coatings solutions/global strategy
and regional business unit; and Rui Goerck, VP, coatings South America
and head of Decorative Paint Solutions.

Major Products: Automotive OEM and refinish coatings, industrial

coatings and decorative paint.
New Products: Glasurit 923-55 MS Clear, Glasurit 923-45 HS Clear
scratch resistant VOC 3.5, Jet Black Ultra-Cool SP, R-M 2K aerosol
urethane clear coat and epoxy primers, R-M DC5600 CTR Production Clear.
Recent Acquisition: Rhenania Coatings GmbH, BASF Akzo Nobel, BASF
NOF Coatings.
* In 2005, BASF's sales increased by $196 million to $2.714
billion. While sales increased in all regions, significantly higher raw
material costs put pressure on the company's margins. As a result,
earnings were lower than in 2004.
Of BASF's four coatings segments, including automotive OEM,
automotive refinish, decorative and industrial, auto OEM is the largest,
accounting for approximately 50% of sales in 2005. Automotive refinish
accounted for 25% of sales, the industrial coatings operation 15%, and
lastly, decorative coatings represented 10% of sales.
While the company increased both volumes and sales of automotive
OEM and refinish coatings, higher raw material costs depressed its
margins in the automotive OEM coatings business unit. This was
compounded by the impact of sluggish growth in the automotive industry
in Europe and North America.
In the refinish coatings business, the company's earnings
remained at levels equal to 2004, although margins were lower as well
due to changes in the company's product mix and higher raw material
costs. At the same time, BASF achieved above-average increases in
exports to the emerging market of Eastern Europe.

As for the industrial coatings business, BASF continued with its

efforts to optimize its product portfolio and restructure the business.
In the architectural coatings business in South America, BASF
strengthened its market position with its Suvinil brand.
2005 was a busy year for BASF on the acquisition front as the
company continues to extend its reach around the globe. In East Asia
BASF strengthened its business when it signed a contract with NOF
Corporation of Japan for BASF to fully acquire BASF NOF Coatings (BNC),
a joint venture between the two companies. BASF now operates the company
under the name BASF Coatings Japan.
The acquisition includes BNC's production sites in Totsuka,
Kanagawa prefecture, and Ako, Hyogo prefecture, Japan. Formed in 2000,
the BNC joint venture produces and markets automotive OEM coatings,
refinish coatings and industrial coatings.
"This transaction underlines BASF's clear commitment to
Japan as an important coatings market," said Klaus-Peter Lobbe,
member BASF's board of executive directors and responsible for the
coatings business. "The integration into BASF's global
organization will enable us to enhance the value of our services and
products to customers in Japan."
BASF also announced its plan to develop BASF Coatings Japan as the
new regional hub for its coatings business in Asia-Pacific.
"Japanese car manufacturers are key players in the global
automotive industry," explained Jean-Pierre Monteny, president of
BASF's coatings division. "BASF Coatings Japan will enable us
to expand our partnerships with Japanese car makers in Japan, the

Asia-Pacific region and worldwide."

BASF also bolstered its position in the Australian coatings market,
signing an agreement with Akzo Nobel for it to acquire BASF Akzo Nobel,
a joint venture between the two companies to market coatings for the
automotive industry in Australia.
Also, the company has consolidated its two coatings entities in
Australia--the businesses for OEM coatings and refinish coatings--under
one company name, BASF Coatings Australia. In addition to more efficient
operations, BASF Coatings Australia will offer a broader product
portfolio and reinforce its local market presence due to its standing as
a global player, according to the company.
Seeking to strengthen its industrial coatings business, BASF
acquired the coil coatings business from Rhenania Coatings GmbH and
further extends its position in the European coil coatings market. The
technologies BASF acquired from Rhenania Coatings are particularly
applied to aluminium used by the construction industry, for example, in
structures that provide sun protection.
SUCCESS STORY
The U.S. EPA awarded its Presidential Green Chemistry Challenge
Award to BASF's automotive refinish coatings business for the
company's eco-efficient UV-curable primer.
An eco-efficiency analysis showed that the new primer from BASF
cures ten times faster than conventional thermally cured products. Since
UV-curing is tight-activated and does not rely on heat, it eliminates
the need for bake ovens. As a result the energy consumption in a body
shop is reduced by approximately 80%.

"Finding a balance between the economic, environmental and

social needs of today's society without impairing the development
opportunities of future generations is one of our essential
objectives," said Rainer Blaie. group vice president for
BASF's coatings businesses in North America and the global
automotive coatings solutions business. "The development of this
UV-curing primer shows that we not only talk about sustainability, but
also act accordingly."
8
VALSPAR
SALES: $2.713 billion
HQ: MINNEAPOLIS, MN USA
PHONE: 612-332-7371
WEB SITE: WWW.VALSPAR.COM
KEY PERSONNEL: William L. Mansfield, president and CEO; Steven L.
Erdahl, executive VP-coatings; Paul C. ReyeIts, executive VP and CFO;
Rolf Engh, executive VP, general counsel and secretary; Gary E.
Hendrickson, senior VP- architectural, global wood coatings and federal;
Donald A. Nolan, senior VP, global packaging and automotive; Kate Bass,
vice president-information technology and furniture solutions; Steve
Person, vice president, sales and marketing, architectural group.
Major Products: Decorative, protective and industrial paint and
coatings, packaging coatings and automotive and fleet refinish products.
New Products: Quikrete professional concrete coatings.
Recent Acquisitions: Corus Packaging Plus, Samuel Cabot Inc.
* Valspar's sales for 2005 increased 11.2% to $2.713 billion

with revenue growth in all the company's major business lines. The
company's net income of $147.6 million represents a 3.3% increase
over 2004 figures.
The coatings business segment generated solid results in 2005 with
sales increasing over 11%. According to the company, by the fourth
quarter, this segment had significantly narrowed the gap between raw
material cost increases and pricing initiatives. Packaging coatings grew
faster than the market while industrial coatings also had a strong year
benefiting from the rebound in the economy, success with new business
initiatives and growth in China, according to the company.
Meanwhile, the paints business segment had a more difficult year.
Sales were solid, increasing over eight percent, but operating margins
declined due to the lag between price increases and rapidly rising raw
material costs.
The big news in 2005 for Valspar was its acquisition of Samuel
Cabot Incorporated, the 128-year old privately owned manufacturer of
exterior and interior stains and finishes. Based in Newburyport, MA,
Cabot had sales of approximately $58 million in 2004.
"Cabot Stains has a long, distinguished history and an
outstanding reputation for quality products,"said William L.
Mansfield, Valspar's president and CEO. "The combination of
the Valspar and Cabot brands significantly strengthens our product
offering for independent paint retailers."
9
RPM
SALES: $2.556 billion

HQ: MEDINA, OH USA

PHONE: 330-273-5090
WEB SITE: WWW.RPMINC.COM
KEY PERSONNEL: Frank C. Sullivan, president and CEO; P. Kelly
Tompkins, senior vice president, general counsel; Ronald A. Rice, senior
vice president, administration; and Robert L: Matejka, vice president,
CFO and controller.
Major Products: Industrial and consumer coatings and related
products sold through a number of subsidiaries operating around the
world.
Recent Acquisitions: Illbruck Sealant Systems, Tamms Industries,
Custom Building Products' patch and repair product line.
* In 2005, RPM International, Inc., generated $2.556 billion in
revenues, a 10.8% improvement over 2004. Of this growth 8.1% was
internal, 1.3% came from acquisitions and the remainder was from
favorable currency translation.
In line with the company's goal of growing more aggresively in
the European market, RPM's Tremco unit acquired Illbruck Sealant
Systems, a $190 million high-performance sealant and installation
systems manufacturer in Leverkusen, Germany.
The purchase gives Tremco a "global footprint in its core
waterproofing and sealant system technologies," according to the
company. Illbruck is a leading Pan-European manufacturer of installation
systems for mounting, fixing, assembling and sealing pre-fabricated
construction elements and window and door applications. Illbruck's
systems are highly specified throughout Europe and are sold primarily to

professional window and door applicators and to a lesser extent,

directly to DIY retailers.
Illbruck's product roster includes joint sealing tapes,
flashing tapes, cartridge sealants and adhesives, strips, foils and
accessories.
"Illbruck has a strong strategic and cultural fit with RPM and
its Tremco Sealants division," said RPM's president and CEO,
Frank C. Sullivan. Sullivan said Illbruck's brand "will
provide increased momentum in Europe's primary markets for
additional Tremco and RPM products."
As part of the Tremco Group, Illbruck will take Tremco Europe from
a $50 million business to $240 million and further advances RPM's
goal of establishing a $500 million presence in Europe, according to the
company. Currently it derives 75% of its revenue from the U.S. and 25%
from international markets.
SUCCESS STORY
Tremco's roofing services division. Weatherproofing
Technologies. Inc. (WTI), has been one of RPMs many organic growth
success stories. Revenues have grown tenfold, from $15 million in 1999
to $150 million today. The division offers inspections, warranty
protection. maintenance, general contracting and information-based
services to assist in asset management and maintenance of roofing
systems. WTI has rapidly become one of the largest roofing maintenance
service providers in North America. with millions of square feet of
roofing under contract covering thousands of roofs with service
agreements.

The State of the Coatings Industry

By Frank C. Sullivan, RPM president and CEO
There are four key situations facing the coatings industry today.
One concern is targeted litigation for profit. Such litigation is
negatively impacting our industry, particularly as it relates to lead
paint, asbestos, mold and toxic chemical claims. Overall, tort costs in
the U.S. reached $233 billion in 2002, an increase of $27.4 billion over
2001. Asbestos liabilities were $11 billion and the largest single
factor in these rising numbers. Asbestos, particularly, has been a
dilemma for RPM. But we've been able to find relief through
aggressive legal defense against frivolous and often fraudulent claims,
many initiated by those that have no asbestos-related illness
whatsoever, as well as through state liability reforms.
International expansion and competition is a situation that brings
both opportunities and challenges. Our industry continues to
consolidate, but this consolidation is now more global in nature.
Eastern Europe, for example, is ripe with opportunities because it has a
long history in coatings and chemical production. What makes it
particularly attractive is its wen-educated, but lower-cost workforce.
Additionally the market is growing strongly and is receptive to higher
performing products. RPM's recent acquisition of Illbruck Sealant
Systems of Germany is a prime example of the opportunities in Europe.
Illbruck is a leading manufacturer of innovative, high-performance
sealants and installation systems for pre-fabricated construction
elements and for window and door applications. Its systems are highly
specified throughout Europe, including sustaining high levels of growth

driven by a growing presence in Eastern Europe. China, too, is viewed as

a tremendous growth market, but it is fraught with intellectual property
challenges. Companies entering China at this stage must decide if they
are to be pioneers who are fighting an uphill battle to tame the new
frontier or wait to become settlers moving in to a clear, more
hospitable landscape.
A third issue is attracting, motivating and retaining talent to an
industry that does not have the "sex appeal" of technology,
medical or biotechnology careers. This was a need that was recognized
early on by my grandfather, who was RPM's founder. His philosophy
was to "hire good people, create an atmosphere that will keep them,
then let them do their jobs." We at RPM continue to be true to his
philosophy today, almost 60 years later. In so doing, we retain programs
that tie pay to performance, have a fine-tuned leadership development
process and maintain RPM's entrepreneurial culture within what has
become a multi-billion dollar publicly-held global company.
The final, and most obvious, challenge is the dramatic and
sustained increase in raw material costs, which is being driven by
demand in China and India, economic growth in developing countries and
the impact of geopolitical events on the price of oil. These cost
increases have been further exacerbated in North America by the impact
of the Gulf coast hurricanes last fall on America's chemical
industry. In the long run, a combination of an improved geopolitical
atmosphere; more efficient use of energy, particularly related to
fueling automobiles; and significant capacity coming on in the Middle
East and China should serve to bring raw material costs down over the

next three to five years and allow for margin recovery across the whole
coatings industry.
Despite these challenges, the future is indeed bright for the
coatings industry, particularly for companies that can adapt to these
situations, reach into new markets and develop innovative new products
that meet market needs.
10
SIGMAKALON
SALES: $2.215 billion
HQ: UITHOORN, THE NETHERLANDS
PHONE: 31-297-54-17-00
WEB SITE: WWW.SIGMAKALON.COM
KEY PERSONNEL: Pierre-Marie De Leener, CEO SigmaKalon; Kees van der
Kolk director of research; P. Malmartel, CFO; Richard Burgin, general
counsel; J. Wllemse, general manager; P. Thibaut, coatings marketing
director Ken Partington, Deco International Jean Marie Greindl, Deco
France; Phil Evans, Deco UK & Ireland; J. Vos, Deco Northern Europe;
D. Philips, marine and protective; and L. Jacobs, industrial coatings.
Major Products: Decorative, marine, protective and industrial
coatings.
New Products: LTA in the Sigma S2U Nova range, Seigneurie Premior
Mat, Shed and Fence treatment.
Recent Acquisitions: D&M Coatings, B&K Coatings.
* SigmaKalon, a worldwide player in decorative, marine, protective
and industrial coatings, employs approximately 10,000 people in 40
countries, with a focus on the European, Asian and African markets. The

company reported 2005 sales of approximately $2.215 billion.

On the acquisition front, 2005 saw SigmaKalon and Gilde
Participaties reach an agreement for the acquisition by SigmaKalon of
Doelfray & Macostan Coatings BV (D&M) in Veenendaal, the
Netherlands.
D&M Coatings is a specialized manufacturer of coatings for the
joinery, furniture and light metal industry in Western Europe. D&M
generated a turnover of approximately $28 million in 2004 and employs 80
people. With its state-of-the-art production facility D&M will
further strengthen the industrial coatings business unit of the
SigmaKalon Group.
SigmaKalon enhanced its product portfolio in 2005 with several
product launches. LTA, (Lipophobic Technology in Acrylics), was added to
the Sigma S2U Nova range and is a technology with a high resistance
against dirt and cleaning products. New VOC compliant products such as
Seigneurie Premior Mat, which is a water-based matte lacquer was also
released. Lastly, the company's Shed and Fence treatment was
introduced and is formulated to be water repellent and to resist fading.
11
3M
SALES: $2 billion *
HQ: ST. PAUL, MN USA
PHONE: 888-364-3577
WEB SITE: WWW.3M.COM
KEY PERSONNEL: George W. Buckley, chairman/CEO/president; Jay V.
Ihlenfeld, SVP, R&D; H.C. Shin, EVE industrial and transportation;

Jean Lobey; EVP, safety, security & protection services; Moe S.

Nozari, EVE consumer and office; Brad T. Sauer, EVE health care; James
B. Stake, EVE display and graphics; Robert D. MacDonald, senior VP
marketing and sales.
Major Products: Coatings, adhesives, sealants and related products
used in diverse applications and markets.
* As one of the most diverse company's in this report, 3M
manufacturers adhesives and sealants, and also produces an array of
coatings, grouts and concrete sealing products spread across seven
business units including the consumer and office business, the display
and graphics business, the electro and communications business, the
health care business, the industrial business, the safety, security and
protection services business, and the transportation business. These
units combined netted $21.2 billion in 2005, representing a 5.8%
increase over 2004. Coatings World estimates 3M's sales of
coatings, adhesives and sealants at approximately $2 billion, up from
$1.85 billion in 2004.
12
NIPPON PAINT
SALES: $1.9 billion *
HQ: OSAKA, JAPAN
PHONE: 81-6-6458-1111
WEB SITE: WWW NIPPONPAINT.CO.JP
KEY PERSONNEL: Hiroshi Fujii, representative director, chairman;
Teruyoshi Fujishima, representative director, president; and Shizuo
Katsunaga, representative director, executive vice president

Major Products: Automotive, protective, architectural, marine and

industrial paint and coatings.
* Despite the challenges caused by the slight decrease in shipments
in terms of volume compared to 2004, the Nippon Paint Group posted a 5.2
billion yen (2.5%), or approximately $44 million, increase in
consolidated net sales to 208 billion yen in 2005. This increase was
entirely attributed to Nippon's paints and coatings business. After
converting to U.S. dollars, Nippon's paint and coatings sales have
remained the same as 2004 at approximately $1.89 billion.
Within the paints and coatings business, the automotive coatings
segment enjoyed considerable sales growth of 10.8%, while sales in the
industrial paint and coatings segment increased 2.4%. The company's
trade paints segment suffered a 3.4% drop in sales due to difficulties
faced in the business environment, such as record snowfalls and
irresponsible practices in the construction industry, according to the
company.
Faced with prolonged escalating prices for crude oil and naphtha,
the company's efforts were concentrated on reducing manufacturing
costs, while also working to improve sales and administrative
efficiency.
NIPPON'S CLEAR PAINT REPAIRS SCRATCHES
Nissan Motor Co., Ltd, together with Nippon Paint Co., has
developed a clear paint that repairs scratches on painted car surfaces,
including scratches from car washing machines, off-road driving and
fingernails.
Scratch Guard Coat contains a newly developed high elastic resin

that helps prevent scratches from affecting the inner layers of a

car's painted surface. With Scratch Guard Coat a car's
scratched surface will return to its original state in anywhere from one
day to a week, depending on temperature and the depth of the scratch,
according to the company.
The water-repellent paint also has a higher resistance to scratches
compared with conventional clear paints, the company also said. For
example, a vehicle painted with Scratch Guard Coat will have only
one-fifth the abrasions caused by a car washing machine compared with a
car covered with conventional clear paint.
Scratch Guard Coat is effective for about three years and will be
offered only in some Japan models of the XTrail sport-utility vehicle,
planned for sale soon; overseas plans are still undecided.
13
KANSAI PAINT
SALES: $1.775 billion
HQ: OSAKA, JAPAN
PHONE: 81-6-6203-5531
WEB SITE: WWW.KANSAI.CO.JP
KEY PERSONNEL: Shoju Kobayashi. president; Otani Toshinobu
executive managing director: Yuzo Kawamori, managing director
(marketing); and Sinichi Mamatsu managing director (R&D).
Major Products: Automotive OEM and refinish coatings, industrial
coatings, decorative paint, marine and protective coatings.
* Sales of paint and coatings in 2005 for Kansai Paint,
Japan's second largest coatings manufacturer were valued at $1.775

billion and accounted for 95% of the company's business. Automotive

OEM and refinish coatings make up 51% of Kansai's coating activity.
Industrial coatings account for 22%, decorative coatings another 22%
while marine and protective coatings make up five percent.
During the year, Kansai Paint formed a joint venture with Indian
paint manufacturer Goodlass Nerolac to acquire the paint operations of
Sime Coatings Sdn, Malaysian coatings firm. Sime Coatings, part of the
NOVA Paint Club, is the largest manufacturer of automotive OEM coatings
in Malaysia. It also makes paint for automotive plastics, coil coatings,
protective coatings, vehicle refinishes, container and general
industrial coatings.
14
H.B. FULLER
SALES: $1.512 billion
HQ: ST. PAUL, MN USA
PHONE: 651-236-5900
WEB SITE: WWW.HBFULLER.COM
KEY PERSONNEL: Albert P.L. Stroucken. chairman, president and CEO.
John Feenan, SVP, CFO: Hans Feix. president and CEO, EFTEC North America
LLC; Jose Miguel Fuster. group president, GM Latin America: Stephen J.
Large, group president, GM Full-Valu/Specialty Group; Walter Nussbaumer,
group president. GM Europe; Ed Snyder. VP and chief process improvement
officer: and Michele Volpi, group president. GM global adhesives.
Major Products: Adhesives and coatings.
New Products: Alloren metallic powder coatings.
* H.B. Fuller's operations are organized into two distinct

business segments Global Adhesives and Full-Valu and Specialty. Global

Adhesives is H.B. Fuller's largest operating segment, representing
approximately 70% of the company's global sales. This segment is
comprised of strategic business units supplying adhesive products for
assembly applications, converting, footwear, nonwovens as well as
automotive (through a joint venture with EMS-Chemie AG). Full-Valu
provides integrated products and services via two businesses--Adalis
Corp., which offers solutions for corrugated and folding carton
packaging and engineered wood industries, and a window division, which
makes products used for the assembly of insulated glass and windows.
H.B. Fuller's Specialty unit includes three businesses.
Fuller's consumer unit encompasses adhesives, sealants and coatings
for the construction, craftsman and do-it-yourself markets in
Asia-Pacific and liquid paint for interior and exterior, architectural,
automotive, marine and industrial applications in Latin America. It also
includes H.B. Fuller Powder Coatings and Specialty Construction Brands,
with Tec products (focused mainly on flooring) and Foster products
(mastics, coatings, sealants and adhesives for the thermal insulation,
indoor air quality, asbestos abatement and HVAC markets).
In 2005, these units combined for a net revenue increase of 7.3% to
$1.512 billion, from $1.410 billion in 2004. Net income improved more
than 70% for the company, to $61.6 million.
During the year, H.B. Fuller increased the pace of its mergers and
acquisitions activity. In early 2005, the company entered into joint
ventures with Sekisui Chemical in Asia. H.B. Fuller merged its adhesives
business with Sekisui's in Japan, creating Sekisui-Fuller Company,

Ltd.
In addition, the company acquired assets of Roanoke Companies
Group. Roanoke is a manufacturer of pre-mix flooring products sold
predominantly through retail channels in North America. H.B. Fuller is
hoping that Roanoke's brand portfolio will complement its TEC and
Foster brands, enabling it to achieve a broader presence through
consumer markets.
15
SIKA
SALES: $1.29 billion *
HQ: BAAR, SWITZERLAND
PHONE: 41-41-768-68-00
WEB SITE: WWW.SIKA.COM

KEY PERSONNEL: Ernst Bartschi, CEO; Markus

Zenhausern, CFO;
Alexander Bleibler, head of construction chemicals
division; Jan
Jenisch, head of industry division; Urs Mader; head of
R&D; William
E. Loven, regional manager North America; Marcel Smit, regional manager
Asia/Pacific; Silvio Ponti, regional manager Europe North; and Joss Luis
Vazquez, regional manager Europe South.
Major Products: Adhesives, sealants and related construction
chemical products.
New Products: Sika VisoCrete-25 MP, SikaBondT52FC/-T54 FC, SikaBond
Dispenser-5400, SikaGrout300PT, Sikadur-31 SBA, Sika AnchorFix, Sika

Mix&Go, SikaTack-MOVE.
Recent Acquisitions: Fosroc New Zealand.
* With subsidiaries in 70 countries and 10,000 employees, Sika AG
is a global force behind the manufacture of many types of sealing,
bonding and other construction-related products, including adhesives and
sealants as well as concrete admixtures, industrial flooring and
mortars.
2005 proved to be a successful year for Sika. According to the
company's annual report, above-average progress was realized in
Latin America, Eastern Europe and Asia. The advances were led by the
company's two major product groups--Sikaflex sealants and
adhesives, and Sika Visco Crete admixture technology.
Sika's construction division, which includes the bonding and
sealing sectors, was up 12.1% in 2005, resulting mainly from the
introduction of products and applications in emerging markets including
Eastern Europe and China.
During the year, Sika acquired Fosroc New Zealand, making it the
market leader in contruction sealants in the Pacific region.
Within the industrial division, which includes Sika's
automotive and automotive aftermarket adhesives businesses as well as
the transportation industry business, sales were 12.2% higher than the
year before.
16
MASCO
SALES: $1.264 billion
HQ: TAYLOR, MI USA

PHONE: 313-274-7400
WEB SITE: WWW.MASCO.COM
KEY PERSONNEL: Richard A. Manoogian, chairman of the board and CEO,
Masco. Behr Process--Jeffrey D. Filley, president, Christopher E. Jones,
vice president of manufacturing and engineering; Scott Richards, SVP,
marketing. Vapor Technologies--Michael S. Walsh Jr., president and CEO;
Dan Hellman, marketing manager. Masterchem Industries--Stanley G. Korte
president; Jim McDerby, director of operations; Jason Caldwell, plant
manager; Sherry Nelms, purchasing; and Jeff Schutte, vice president of
marketing.
Major Products: Architectural and decorative paints, coatings and
stains.
New Products: Behr Premium Select.
* Masco's decorative architectural sector includes its paint
and stains business, spearheaded by high-profile Behr Process Corp.,
Santa Ana, CA. According to Masco, net sales of architectural coatings,
including paints and stains, comprised approximately 10% of the
company's consolidated net sales ($12.6 billion) for the year ended
December 31.
During the year, Behr Process Corp., together with MCS, introduced
Behr Premium Select, a new line of premium paints exclusively formulated
for application in single-family new home construction. MCS offers Behr
Premium Select paint as a new installation service for homebuilders.
17
COMEX
SALES: $1.22 billion

HQ: MEXICO CITY, MEXICO

PHONE: 52-55-5284-1600
WEB SITE: WWW.COMEX.COM.MX; WWW.PROPAINT.COM
KEY PERSONNEL: Marcos Achar Levy, CEO of Comex; Leon Cohen,
managing director of Comex; Kent Child, CEO of Professional Paint; and
Dan Colbourne, CFO of Professional Paint.
Major Products: A wide range of coatings and related products,
including architectural, automotive and industrial formulations.
Recent Acquisitions: Color Wheel Paint & Coatings.
* During the past couple of years Comex has been particularly
focused on expanding its business in North America. With the purchase of
Professional Paint, Inc. (PPI) in 2004, Comex made its grand entrance
into the North America market establishing itself as a major player. As
Mexico's largest paint producer with sales in 2005 of $1.22
billion, Comex has continued its growth initiative in North America with
the recent purchase, through PPI, of Color Wheel Paint & Coatings.
Based in Orlando, FL, Color Wheel is a major regional manufacturer of
architectural paint and coatings. Included in the acquisition are Color
Wheel's plant and 37 service centers.
"The acquisition of Color Wheel further demonstrates our
commitment to expanding Comex's presence throughout North
America," said Marcos Achar, chairman of Comex.
18
ROHM AND HAAS
SALES: $1.158 billion
HQ: PHILADELPHIA, PA USA

PHONE: 215-592-3000
WEB SITE: WWW.ROHMHAAS.COM
KEY PERSONNEL: Raj Gupta, chairman, president and CEO; Michael J.
Carr, CFO, coatings business group; Alan Barton, VP and business group
executive, coatings; Mike G. Hamilton, VP and business director, powder
coatings; John Culbertson, VP and business director, automotive
coatings; Thomas P. Frauman, global marketing director, powder coatings;
Douglas S. Cinoman, global R&D development director, powder
coatings; Mike Jackson, VP of R&D, automotive coatings.
Major Products: Powder and automotive coatings, adhesives and
sealants.
* Rohm and Haas' powder and automotive coatings sales were
$432 million in 2005, and its ahdesives and sealants unit recorded sales
of $727 million. (The company's coatings business also includes raw
materials for use in architectural and functional coatings--although
this $2.2 billion business is not included in our ranking.)
Rohm and Haas' coatings products are sold globally, with
approximately 59% of sales in North America, 25% in Europe, 11% in
Asia-Pacific and five percent in Latin America.
On the powder coatings side, the company underwent a bit of
consolidation due to tough market conditions. Sales fell from $342
million in 2004 to $322 million in 2005. During the year, it
consolidated its manufacturing facilities in North America into two
sites, closing its Wytheville, VA powder coatings plant. Production has
been transferred to its Warsaw, IN and Reading, PA facilities. Rohm and
Haas cited skyrocketing raw materials costs, overcapacity caused by a

growing number of competitors and an inability to raise prices in a

crowded marketplace as the reasons for the decision.
In the UK, Rohm and Haas made plans to shutter its Aldridge, UK
powder coatings plant, consolidating its manufacturing facilities in
Europe to three sites with production transferred to its other European
sites in Germany, Italy and Spain.
However, in the emerging markets of Asia, the company is seeing its
business grow as evidenced by the opening of a new manufacturing
facility in the Qingpu Industrial Zone of Shanghai, China. In addition,
Rohm and Haas continues to expand its coatings growth in the region
having invested in new manufacturing capacity in China, India and
Taiwan.
19
JOTUN
SALES: $1.042 billion
HQ: SANDEFJORD, NORWAY
PHONE: 47-3345-6000
WEB SITE: WWW.JOTUN.C0M
KEY PERSONNEL: Odd Gleditsch dy, Jotun's chairman of the board
of directors; Morten Fon, president and CEO; Bjorn Naglestad, group
executive vice president, Jotun Dekorativ; Erik Aaberg, group executive
vice president, Jotun Paints; Esben Hersve, group vice president, Jotun
Coatings; Knut Oivind Malmin, group executive vice president, Jotun
Powder Coatings.
Major Products: Decorative paints and marine protective and powder
coatings.

New Products: Lady interior wood stain, Benar furniture varnish,

Visir Extra, SeaLion fouling release coating.
* The Jotun Group, which includes Jotun Dekorativ (24%), Jotun
Paints (22%), Jotun Coatings (41%) and Jotun Powder Coatings (13%)
business units, posted a record year in 2005 with sales of $1.042
billion. These units are focused on the manufacture and sale of
decorarive paint (41%), marine coatings (29%), protective coatings (17%)
and powder coatings (13%). The group is mainly present in Europe, which
as a region represents 56% of its activity. The Far East accounts for
22%, the Middle East 16% and the rest of the world six percent.
The Jotun Group was active on many fronts with all business units
having opened new factories in India, Indonesia and China. The new paint
manufacturing plant in Zhangjiag and outside Shanghai in China is one of
the largest and most advanced paint production sites in China, according
to the company, and represents a $30 million investment for the company
to serve its growing customer base there.
The group also successfully launched its Jotashield exterior
decorative products in the Middle East and Asia. Other new products
including Lady interior wood stain, Benar varnish and Visir Extra were
launched in Scandinavia. SeaLion fouling release system was introduced
in the marine market.
Expanding its reach into the Chinese market, during the year the
Jotun Group established a joint venture with COSCO International
Holdings Limited in China known as Jotun COSCO Marine Coatings. Each of
the shareholders will hold 50% equity interest in this joint venture.
20

BENJAMIN MOORE
SALES: $1 billion *
HQ: MONTVALE, NJ USA
PHONE: 201-573-9600
WEB SITE: WWW.BENJAMINMOORE.COM
KEY PERSONNEL: Yvan Dupuy, chairman and CEO; Denis Abrams,
president and COO; Don Devine, senior VO and CFO; Chip Siglan, VP of
branding services: Barry Chadwick, VP of product development; Robyn
Spritzer, S. Mathew, John Canzillotti (key managers architectural
coatings); Jeff Spillane, key manager commercial and industrial
coatings.
Major Products: Architectural and decorative paints, coatings and
finishes and industrial coatings.
New Products: Exterior premium stains, Studio finishes.
* Berkshire-Hathaway-owned Benjamin Moore, a leader in
architectural finishes had a busy 2005. During the year, Benjamin Moore
and Ace Hardware Corp. formed an alliance enabling qualified Ace
retailers to sell the paint manufacturer's premium products. The
companies introduced Benjamin Moore products in qualifying Ace stores on
a market-by-market basis throughout the country, the beginning of this
year in the Chicago/Southern Wisconsin market. Availability in
additional markets will follow in 2007 and beyond.
On the new product front, Benjamin Moore recently launched its
Exterior Stain Collection, which includes a full selection of finishes
varying in opacity from clear to solid and are available in a wide array
of organically-inspired hues.

"Homeowners are upgrading their outside living and garden

areas with unrelenting zeal," said Kurt Denman, product manager.
"They're adding terraces, decks, patios, cabanas, pool houses,
gazebos and outdoor kitchens to the tune of $40 billion annually,
according to the U.S. Census Bureau. At Benjamin Moore, we're
responding to this growing focus on the expanded outdoors lifestyle with
a new generation of products."
21
AB WILH. BECKER
SALES: $985 million
HQ: HOGANAS, SWEDEN
PHONE 46-42-33-85-00
WEB SITE: WWW.BECKER.SE
KEY PERSONNEL: Ulf G. Linden; Chairman and CEO; Magnus Lindstam,
managing director; Ralph Kabalo, key manager, Becker Industrial
Coatings; Michael Henderson, key manager, ColArt; Aled Roberts, key
manager, Becker Powder Coatings; and Kaj Brandt, key manager, Becker
Acroma.
Major Products: Wood finishes, powder coatings and artists
materials.
* Wholly-owned by Lindengruppen AB, AB Wilh. Becker has overall
responsibility for accounting, finance and information, while each of
its business areas--Becker Industrial Coatings (BIC), Becker Acroma and
ColArt--conduct their operations with a considerable degree of autonomy.
The group has more than 30 production facilities in 15 countries and
markets its products worldwide.

AB Wilh. Becker reported another year of strong growth in 2005 with

expanding sales in all markets. Sales rose by six percent to $985
million, while comparable earnings for the year grew 53% to $43 million.
"Our philosophy of 'hurrying slowly' without undue
emphasis on short-term results is continuing to prove successful,"
said Magnus Lindstam, managing director.
Beckers is one of Europe's leading manufacturers of industrial
coatings for metal, plastics and wood. BIC forms the largest business
area in AB Wilh. Becker. BIC is one of the leaders in the European
market for coil coatings. BIC is also a major supplier of specialized
industrial finishing systems for metals and plastics.
Commenting on BIC's results, business area manager, Ralph
Kabalo said, "BIC increased sales in all markets in 2005, recording
nine percent growth. European and North American markets developed
satisfactorily. In China, BIC more than doubled sales and Beckers is the
largest foreign coil producer. World sales of special coatings for
plastics grew by 37%. New manufacturing capacity is coming on stream in
Malaysia, France, Germany and Poland, and is planned for Vietnam."
During the year, Berger Becker Coatings Pvt. Ltd.--the Indian joint
venture company owned by AB Wilh. Becker (51%) and Berger Paints India
Ltd. (49%)--has relocated to a larger factory in Goa to meet the need
for coil coatings in the region.
22
DAW
SALES: $952.7 million
DEUTSCHE AMPHIBOLIN-WERKE VON ROBERT MURJAHN STIFTUNG & CO. KG

HQ: OBER-RAMSTADT, GERMANY

PHONE: 06154/71-0
WEB SITE: WWW.CAPAROL.DE
KEY PERSONNEL: Klaus Murjahn, managing director, Caparol Group of
companies. Other key personnel: Peter Merviglia, Reinhold Heinzle, Uwe
Possin and Rainer Rencker.
Major Products: Facade paint, renders/plasters, interior paints,
colorants, alkyd resin range of enamels, acrylic enamels, decorative
coatings and industrial coatings.
Recent Acquisitions: Alsecco, ETICS.
* DAW, founded in 1895, is the parent company of the Caparol Group,
and carries out the central functions such as purchasing, production and
finances. The marketing activities are subdivided into six strategic
business units--the professional, DIY, wholesale, foreign countries,
industrial, and decorating and artist's paints.
23
HEMPEL
SALES: $814.4 million
HQ: LYNGBY, DENMARK
PHONE: 45-45-93-38-00
WEB SITE: WWW.HEMPEL.COM
KEY PERSONNEL: Pierre Yves Jullien, group president and CEO;
Carsten Bennike, group executive vice president supply chain; Kim Junge
Andersen, group executive vice president and CFO; Klaus Moiler, director
group marketing and business development; Martin Wiese, group VP
R&D; Klaus Kynding, key manager marine; Svend Johnsen, key manager

protective; Lars Hermansen, key manager container; Jacqui Knott, key

manager, yacht.
Major Products: Marine, protective, container, decorative and yacht
coatings.
* During 2005, Hempel celebrated the relaunch of its products and
renovated showroom at the company's Middle East headquaters in Mina
Salman Industrial Area, Bahrain.
24
ASIAN PAINTS
SALES: $774.54 million
HQ: MUMBAI, INDIA
PHONE: 91-22-39818000
WEB SITE: WWW.ASIANPAINTS.COM
KEY PERSONNEL: Ashwin Coski, chairman; Ashwin Dani, vice chairman
and managing director; Abhay Vakil, managing director; P.M. Murty,
president, decorative (India) J.N. Shahani, vice president, industrial
(India); and Jalaj Dani, vice president international operations.
Major Products: Decorative/architectural and industrial coatings.
New Products: Apex Ultima, Tractor Emulsion, Utsav Acrylic
Distemper, Utsav Enamel, Utsav Primer, Vintage Finishes, Fashion
Finishes.
* As India's leading paint company, Asian Paints generated
$774.54 million in revenue during 2005. Key to the company's
success in 2005 was the launch of several new products in key markets,
which has helped Asian Paints to expand. Asian Paints has been
performing well on the exterior front with the launch of products like

Apex Ultima and Tractor Emulsion, which was launched to upgrade the
distemper market, and a number of products in the economy
range--'Utsav' were launched. Asian Paints also extended its
Home Solutions services to ten cities in India.
On the international front, new products and Color World--the
dealer tinting system--have been introduced in all the countries where
Asian Paints is present. This enabled the company to have a competitive
edge at the market place and has given an identity in markets where it
has low market share.
Some of the finishes that have been introduced in the international
market are Vintage Finishes and Fashion Finishes. The range of Vintage
Finishes are meant for exterior surfaces. Already launched in UAE,
Bahrain and Oman, this range is available in three different finishes
including Stucco, Stone Shield and Tartaruga. Fashion Finishes is a new
range of products pioneered by SCIB Paints based in Egypt. This new
range of products is now also present in Bahrain and Egypt and is set to
be launched in Dubai and Oman. Branded "Xpresions" (except in
Egypt, where it is called "Decor"), this product range is
targeted at high-end consumers and comes in different effects like
metallic, glaze, suede and pearl glaze among others.
25
DNT
SALES: $600 million *
HQ: OSAKA, JAPAN
PHONE: 81-6-6466-6641
WEB SITE: WWW.DNT.CO.JP

KEY PERSONNEL: Masfumi Toyomatsu, president and Yasuhide Tanabe,

vice president.
Major Products: Heavy duty, industrial, automotive (OEM and
refinish) and marine coatings and decorative/architectural paint.
* Established in Japan in 1929 as a manufacturer of anticorrosive
paint, DNT's products range from DIY decorative paint to paint for
high-speed trains.
26
TIKKURILA
SALES: $569.76 million
HQ: VANTAA, FINLAND
PHONE: 358-9-85771
FAX: 358-9-8577-6900
WEB SITE: WWW.TIKKURILA.COM
KEY PERSONNEL: Visa Pekkarinen, president and CEO.
Major Products: Decorative and industrial paint and coatings.
Recent Acquisitions: Kraski Teks.
Recent Divestiture: Tikkurila Coatings Oy.
* Owned by Kemira, Tikkurila sells its coatings in the
decorative/architectural market and the industrial market (wood finishes
and coil coatings). Its 2005 sales were approximately $569.76 million,
ahead of 2004 results.
During the year, Tikkurila strengthened its position in Eastern
Europe by acuiring paint company Kraski Teks in Russia.
"Tikkurila will strengthen its position in the Russian paint
market, which has very strong growth. The acquisition will double our

market share in decorative paints and make Tikkurila the clear market
leader," said Visa Pekkarinen, president, Tikkurila Oy.
"Kraski Teks is a perfect fit into our portfolio from a strategic
point of view, allowing us to claim strong brands in all price
segments."
On the industrial coatings front, Tikkurila signed an agreement to
sell its coil coatings business--which had sales of approximately 15
million [euro] in 2004--to Teknos Group Oy.
Both Tikkurila's and Technos' product range has included
coil coatings since the late 1970s. Their combined operations will pool
resources and improve efficiency, which should make it a significant and
competitive player in Finland, according to the company.
In terms of product news, Tikkurila received an award from the
RadTech Europe Association for the development of the Uvitec 3D
ultraviolet (UV) coating system, in which curing of waterborne UV
lacquer takes place under inert atomosphere in carbon dioxide. The award
was presented at the RadTech 2005 Conference.
27
BRILLUX
SALES: $530 million *
HQ: MUNSTER, GERMANY
PHONE: 49-251-7-18-80
WEB SITE: WWW.BRILLUX.DE
KEY PERSONNEL: Peter Konig, Franz Wilhelm Konig, Julius Schroder
and Michael Thompson.
Major Products: Paints, lacquers, varnishes and adhesives for

decorative and industrial application.

* Originally known as Hobrecker & Konig back in the 1880s,
Brillux is now in its fourth generation of independent ownership by the
Konig family. Based in Munster, the company has four plants in
Germany--Munster, (its main plant for paint, lacquers and varnishes),
Herford (plaster and adhesives), Malsch (water-based products) and Unna
(industrial lacquers).
28
FORBO
SALES: $505.54 million
HQ: ZURICH, SWITZERLAND
PHONE: 41 44 868 2525
WEB SITE: WWW.FORBO.COM
KEY PERSONNEL: Hans Peter Ming, chairman; Walter Gruebler, CEO; and
Michel Riva, executive vice president, Forbo adhesives.
Major Products: Industrial adhesives.
* Forbo makes adhesives for industrial applications including
automotive, footwear, packaging, furniture and construction as well as
floor and wall covering adhesives, tile adhesives and smoothing
compounds. The company also makes intermediate products used in the
manufacturing of adhesive products.
29
ORICA
SALES: $434.79 million
HQ: MELBOURNE, AUSTRALIA
PHONE: 613 9263

WEB SITE: WWW.ORICA.COM

KEY PERSONNEL: Peter Bailey, CEO, consumer products; Graeme Jacobs,
general manager Dulux Australia; Greg Warren, general manager Dulux New
Zealand; Steve Walker, general manager powder coatings; Craig Armstead,
coatings marketing director; Christine Cussen, coatings technical
director.
Major Products: Decorative and architectural paint, wood care
products and powder coatings.
* Sales in the paint and wood care segments of Orica's
consumer products business unit remained broadly in line with 2004,
according to the company's annual report. Hampering the market, the
company said the Australian retail segment experienced volume declines,
compounded by one-time inventory reductions by some major retail
customers. These conditions were, however, offset partially by
Australian trade business profitability improvement due to strong
commercial sector, tactical marketing and efficiency gains. In addition,
market share gains and improved performance in its woodcare and New
Zealand Paints businesses helped. The powder coatings business displayed
continued growth in New Zealand while new product launches and
relaunches in Selleys have continued to gain market acceptance.
SUCCESS STORY
In 2005, Dulux relaunched Wash & Wear 101 with a new
"Advanced formula campaign, spearheaded with television
advertising, the most creative of which featured a ghost who was unable
to penetrate a wall freshly painted with the new advanced product. The
campaign was recognized within the Australian advertising and marketing

communities. winning many creative awards. Dulux itself, was awarded

"Gold" from Melbourne Advertising and Design Club, as the
business "who has recognized that creativity is directly linked to
business success and as such, has achieved outstanding creative
work."
30
BARLOWORLD
SALES: $404 million
HQ: JOHANNESBURG, SOUTH AFRICA
PHONE: 27-11-301-4600
WEB SITE: WWW.BARLOWORLD.COM
KEY PERSONNEL: Andre Lamprecht, CEO; Garth Smith, COO and managing
director, Barloworld Coatings Australia; Mike Christie, managing
director, Barloworld Plascon SA; Ebrahim Moahemd, executive director,
Barloworld Plascon SA and managing director, Barloworld Plascon Africa;
Doug Thomas, financial director; and Doug Swanson, managing director,
Barloworld Automotive Coatings.
Major Products: Architectural and decorative paint and automotive
coatings.
* With sales in 2005 of $404 million, Barloworld is the market
leader in architectural and automotive coatings in South Africa with
factories in Durban, Port Elizabeth, Cape Town and Johannesburg. The
company also has operations in Botswana, Malawi, Namibia, Swaziland and
Zambia, with sales in these and other sub-Saharan African countries. Its
architectural brands include the premium Plascon range as well as Crown,
Professional and Polycell. It also supplies specialized coatings in

southern Africa to industrial and furniture markets. In automotive,

Barloworld supplies both car manufacturers and the refinish industries
with the Plascon, Spies Hocker, Standox and DuPont brands in southern
Africa.
In Australia Barloworld is the third largest architectural paint
manufacturer with factories in Sydney, Melbourne and Brisbane and is
looking to expand. As this report goes to press, Barloworld has an offer
on the table to acquire Wattyl, Australia's second largest paint
maker. Barloworld has operated in Australia since the acquisition of the
Taubmans paint business in 1996. A year later, the company expanded its
paint interests through the acquisition of listed company Lanes Limited,
which, in addition to its motor retail operations, owned the Bristol
paint brand. Subsequently White Knight Paints was added to the coatings
business.
31
ARCH
SALES: $358 million
ARCH WOOD PROTECTION & ARCH INDUSTRIAL COATINGS
HQ: NORWALK, CT USA
PHONE: 203-229-2900
WEB SITE: WWW.ARCHCOATINGS.IT * WWW.NATURALSELECT.COM
KEY PERSONNEL: Steve Wisnewski, president, Arch Wood Protection;
Ian Hobday, managing director, Arch Industrial Coatings; Huck DeVenzio,
marketing, Arch Wood Protection; Petra Deiti, Arch Industrial Coatings;
Maurizio Brini, technical director, Arch Industrial Coatings; John
Kranjc, technical director, Arch Wood Protection.

Major Products: Wood preservatives and wood coatings.

* Arch Chemical's wood protection and industrial coatings
business is a global operation with nine manufacturing sites worldwide.
Wood preservative are made in four sites in the U.S. (Conley, GA,
Rochester, NY, Kalama, WA and Valparaiso, IN), England and Australia.
Industrial coatings are manufactured in Pianoro and Mariano Comese,
Italy and Los Mureaux, France.
Arch Industrial Coatings is one of the largest wood coatings
suppliers in Italy and France, and is also expanding into Europe, North
America, China and South America. Its product roster includes lacquers,
topcoats, stains and fine finishes, mainly for fine home and office
furniture, picture and door frames and other joinery.
Arch Wood Protection is a supplier of wood preservative to wood
treatment firms worldwide, including copper-azole wood preservative.
In response to concerns about VOCs emitted by traditional,
solvent-based coatings, Arch Industrial Coatings developed Sayerlack,
water-based coatings used in nursery furniture and other applications.
Eliminating solvent emissions during the factory process of coating
furniture, nontoxic and odor-free furniture has become an important
selling point for the company in Europe.
32
KELLY-MOORE
SALES: $345 million
HQ: SAN CARLOS, CA USA
PHONE: 650-592-8337
WEB SITE: WWW.KEELYMOORE.COM

KEY PERSONNEL: Herbert R. Giffins, president and CEO; Dan

Stritmatter, CFO; Todd Gentry, vice president-sales; SieVe DeVoe, vice
president--store operations; Cindie Rutledge, vice president--stores
accounting; Jim Maul, vice president--information systems Doug Merrill
vice president--manufacturing; Mark Zielinski, director of
marketing--sundry procurement; and Dan Englert, vice
president--technology and raw materials procurement.
Major Products: Architectural decorative coatings/ industrial and
high-performance coatings.
* Kelly-Moore, an employee-owned paint company since 1946, has 154
retail stores and three major manufacturing facilities.
33
WATTYL
SALES $335.63 million
HQ: BLACKTOWN, AUSTRALIA
PHONE: 02 9621 6255
WEB SITE: WWW.WATTYL.COM.AU
KEY PERSONNEL: John Ingram chairman; John Nolan, director and CEO;
John Foyle, CEO of Wattyl New Zealand; David Marginson, general manager,
Wattyl Australia Pty; Chris Muir, group operations manager; and John
Neumann, CEO of Solver.
Major Products: Decorative paints, varnishes, lacquers and special
purpose protective coatings.
* Wattyl is a paint and surface coatings company with
manufacturing, sales and distribution facilities in Australia and New
Zealand. The company produces a broad range of paints, varnishes,

lacquers and special purpose protective coatings. Wattyl's products

are used by individuals, contract painters and industrial customers.
With operations in Australia and New Zealand, Wattyl employs more than
2,000 people.
Wattyl currently ranks as Australia's second largest paint
manufacturer. However, as this report went to press the company was
still considering a takeover bid by Barloworld, Australia's third
larget paint maker.
34
KCC
SALES: $312 million *
HQ: SEOUL, SOUTH KOREA
PHONE: 82-22-3480-5711/4
WEB SITE: WWW.KCCWORLD.CO.KR
KEY PERSONNEL: MongJin Chung chairman and CEO; Chun Ki Kim,
president; Mong Ik Chung, head of administration; and Young Ho Kim, head
of overseas business division.
Major Products: Marine paints, cargo container coatings, industrial
coatings and decorative coatings.
New Products: Supro Dew-Zero anti-condensation paint, Sense Clear
Deluxe finishing paint, Supro Pop Environment Friendly Deluxe
water-based paint.
35
CMP
SALES: $310 million *
CHUGOKU MARINE PAINT

HQ: TOKYO, JAPAN

PHONE: 81-3-3506-5880
WEB SITE: WWW.CMP.CO.JP
KEY PERSONNEL: Tetsuo Yamazumi, president.
Major Products: Marine, container and industrial coatings.
* Chugoku develops novel and environmentally friendly products such
as tin-free self polishing antifouling paints and water-based container
coatings. Chugoku has developed numerous paint systems offering
protection against corrosion while also reducing the number of required
coats, benefiting the environment.
36
HELIOS
SALES: $285.9 million
HQ: DOMZALE, SLOVENIA
PHONE: 386-1-722-4000
WEB SITE: WWW.HELIOS.SI
KEY PERSONNEL: Uros Slavenic, president of management board; Marko
Vresk, vice president; Matjaz Hafner, vice president; Ales Skok,
executive director for decorative coatings; Stevo Buinac executive
director for metal coatings; Mladen Mihalec, executive director for wood
coatings; Peter Zupan, executive director for car refinishing coatings;
and Dasa Tomazin, executive director for powder coatings.
Major Products: Decorative paints, automotive OEM and refinish,
industrial coatings and powder coatings.
Recent Acquisitions: Odilak.
* Recently, the Helios Group acquired an 82% stake in the Russian

decorative finishes producer Odilak, based in Odincovo, Moscow. The

purchase aims at strengthening Helios' market presence in the
former Soviet Union, which is one of the three most important markets
for the group including the EU and Southeastern Europe.
According to Urus Slavinec, president of Helios and winner of
Manager magazine's Manager of the Year title, 2005 was "one of
the most demanding years for the companies of the Helios Group."
This was due to the instability and high price level of raw materials as
a result of high prices of energy sources, as well as the additional
enquiry by the large markets in Asia, he said. Despite these operating
conditions, Helios managed to increase sales revenue 36% more than 2004.
In volume this represents more than 127,000 tons of products.
"We achieved best results in decorative coatings, industrial
coatings, mostly powder coatings," said Slavinec. "Exports
represented approximately 80% of complete sales."
For the year ahead, Slavinec said Helios' goals are set high
and need to be reached in order to remain a notable player in the world
market of paints and enamels. "We plan to increase our sales by at
least ten percent," he said, and continued, "We shall focus
all our attention on searching for the answers to the basic
developmental questions in the frame of EU directives and strive to
reach the anticipated growth on the markets, in spite of instable
economic conditions."
37
DYRUP
SALES: $280.96 million

HQ: SOBORG, DENMARK

PHONE: 45-39-57-93-00]
WEB SITE: WWW.DYRUP.COM
KEY PERSONNEL: Eric Holm, president and CEO; Hanne Lund, executive
vice president; Roeland Meijers, VP, marketing application and product
development; Allan Dehn Sogaard, VP, information technology; Nis
Petersen, VP corporate purchase; Henrik D. S. Nielsen, VP, supply chain;
Francois Corda, manager, France and Belgium; Sten Chrisdam, manager,
Nordic; Volker Thiele, manager, Germany and Austria; Ireneusz Struk,
manager, Poland; and Eduardo Cevasco, manager, Portugal and Spain.
Major Products: Architectural paint, coatings and stains for DIY,
professional and industrial customers.
* Dyrup is a supplier of wood care products and paints that are
designed to protect, preserve and beautify rooms and surfaces. Dyrup
markets its products and services through nine subsidiaries in Europe
and through a selection of distributors in and outside Europe, and also
has several license agreements.
The company's principal sales channels are the DIY retail
trade, the professional trade, and industrial customers. DIY accounts
for approximately 45% of Dyrup's revenue, the professional trade
for about 40% and industrial customers for about 15%. Sales of wood care
and other solutions for outdoor applications account for approximately
70% of revenue.
Dyrup's position and image in various markets are linked to
the group's strong, international brands, Bondex and Goril, which
are supplemented by a few local brands.

38
DUNN-EDWARDS
SALES: $280 million *
HQ: LOS ANGELES, CA USA
PHONE: 323-771-3330
WEB SITE: WWW.DUNNEDWARDS.COM
KEY PERSONNEL: Michael G. Rose, president/COO; Timothy P. Bosveld,
VP, marketing; Dennis R. Kromer, SVP/CFO; Nicholas J. Hess, VP,
operations; Gary Hoxie, VP, sales; Andrew H. Gillette, VP,
manufacturing; Gil B. Mislang, director, coatings research; Robert
Wendoll, director, environmental affairs; Mark Nelson, VP, color and
quality systems; Knox Price, key manager, architectural/engineering
services; Ken Laszczak, key manager, new residential services; and Denny
Pierce, Key manager, property management services.
Major Products: Architectural/decorative paint and industrial
maintenance coatings.
* Focused on developing lower VOC products and EG-free paint.
Dunn-Edwards introduced in 2005 a Green Building Guide to help
architects, designers and contractors select the right products to be
LEED and CHPS compliant.
SUCCESS STORY
Dunn-Edwards continues to receive rave reviews for its Perfect
Palette color system, which was introduced in late 2004. The latest
accolades come from interior designers. An April 2006 survey found
that more interior design paint professionals recommend
Dunn-Edwards' colors than all other brands. The pros nave responded

to the colors and comprehensive tools for color specifying. Dunn-Edwards

has enhanced its sales team to specifically meet the needs of the
interior design professionals.
39
YASAR
SALES: $275 million
HQ: IZMIR, TURKEY
PHONE: 90-232-482-22-00
WEB SITE: WWW.DYO.COM.TR
KEY PERSONNEL: Ahmet Yigitbasi, president; Huseyin Celiker, vice
president/operations; Yildirim Cullu, vice president/finance; Ertugrul
Duru, marketing director; Gulsen Celiker, R&D coordinator; Hasan
Garipler, technical director; Ufuk, Celebisoy, technical director;
Bulent Eryol, key manager, decorative; Mutlu Uysal, key manager,
industrial; Gunther Sthamer, key manager, OEM; and Nlihat Zorlu, key
manager, CR.
Major Products: Architectural/decorative paint, industrial and
industrial maintenance coatings and auto OEM and refinish coatings.
* The largest share of Yasar Paint Group's sales come from the
architectural/decorative sector, approximately 32%, according to the
company. Industrial and industrial maintenance coatings follow next at
roughly 25%. Automotive OEM represents 14% and automotive refinish
accounts for 11%.
40
BERGER PAINTS
SALES: $264 million

HQ: CALCUTTA, INDIA

PHONE: 91 33 2229 9724
WEB SITE: WWW.BERGERPAINTS.COM
KEY PERSONNEL: Kuldip Singh Dhingra, chairman.
Major Products: Decorative and industrial paint.
* Berger Paints was founded in 1923 and is active in a wide variety
of decorative and industrial paint, which continue to gain an increasing
share of the highly competitive Indian paint market, according to the
company. As India's third largest paint manufacturer, with its
headquarters in Calcutta, Berger controls a distribution network
comprising 66 stock points and approximately 10,000 dealers, spread
across the vast country.
In an interview for India's The Telegraph, chairman Kuldip
Singh Dhingra said many global companies are keen on entering the Asian
market and Berger has been approached by them as they realize the
company's strength in certain niche areas.
"We have taken a conscious decision to explore various options
to establish a further foothold within the country and gain an entry
into foreign markets," Dhingra said.
At present, Berger has six technical relationships and equity joint
ventures. It has technical license agreements with DuPont Performance
Coatings and Nippon Paint in automotive coatings, Orica Australia for
protective coatings and Tigerwerk for specialized powder coatings.
The company also holds 48.98% in Berger Becker Coatings--the joint
venture company with Becker Industrial Coatings of Sweden.
41

SICO, INC.
SALES: $257.78 million
HQ: LONGUEUIL, CANADA
PHONE: 450-442-7999
WEB SITE: WWW.SICO.COM
KEY PERSONNEL: Pierre Dufresne, president and CEO; Jean Ouellet,
vice president, finance; Claude Brosseau, vice president, sales and
marketing; Denis Blanchette, vice president, business development; Yvon
Savaria, marketing director; Marc-Andre Chabot, technical director; and
Robert Brousseau, manager, industrial division.
Major Products: Decorative and industrial coatings, adhesives and
sealants.
New Products: Ecosure low VOC paint.
Recent Acquisition: Mills Paint.
* The big news for Sico in 2005 occured when Akzo Nobel made an
offer to acquire it, which, after several months and rounds of
negotiations, Sico accepted.
Headquartered in Longueuil, Quebec, Canada, Sico develops,
manufactures and markets architectural paints including key brands such
as Sico, Pard and Bentonel, as well as related products such as Mulco
caulking compounds. The company, which also produces and supplies
industrial coatings, employs approximately 1,000 people in Canada, the
U.S. and Mexico and achieved sales in 2005 of $258 million.
Discussing the acquisition by Akzo Nobel, Pierre Dufresne,
president and CEO of Sico, said, "We welcome the offer from Akzo
Nobel. Being part of the world's biggest coatings company will not

only boost the profile of our brands, but will also give our employees
access to world class expertise and technology. Our customers will also
benefit from enhanced products and services, all of which will prove
invaluable in terms of building and maintaining our growth
momentum."
Also during the year, Sico acquired, through its wholly-owned
subsidiary, Betonal, all shares of Mills Paint Sales Ltd., an
architectural paint manufacturer based in the Vancouver, British
Columbia region. Founded in 1930, Mills Paint operates a network of
eleven specialty paint stores across British Columbia and Alberta,
Canada. It manufactures and distributes, mostly under the Mills Paint
and Richcraft trademarks, a full line of architectural paints and
related products to professional painters and consumers. Its sales were
approximately $9 million in 2004.
42
DIC
SALES: $254.43 million *
DAINIPPON INK AND CHEMICAL
HQ: TOKYO, JAPAN
PHONE: 81-3-3272-4511
WEB SITE: WWW.DIC.CO.JP
KEY PERSONNEL: Koji Oe, president: Kozo Okumura, chairman; and
Yasuyoshi Ikeozoe, controller.
Major products: Adhesives, sealants and coatings.
43
NATIONAL PAINTS

SALES: $234.93 million

NATIONAL PAINTS FACTORIES CO. LTD (SAYEGH GROUP)
HQ: ABU ALANDA, JORDAN
PHONE: 962-6-4790790
WEB SITE: WWW.NATIONALPAINTS.COM
KEY PERSONNEL: Michael Sayegh, shareholder and president; Ibrahim
Sayegh, shareholder; Sam Sayegh, shareholder; Mujahed Abu Doleh,
investment consultant; Rajeh Saeed, sales director; Razi Salameh,
marketing director; and Kamaljet Singh, technical director.
Major Products: Architectural/decorative paint, industrial
coatings, automotive and marine paint.
* National Paints is the core business privately owned by Sayegh
Group and with sales of $234.93 million in 2005, is the Middle
East's largest paint producer, exporting to more than 60 countries.
44
FLUGGER
SALES: $228.64 million
HQ: ISLEVOALVEJ, DENMARK
PHONE: 45 70 15 1505
WEB SITE: WWW.FLUGGER.COM
KEY PERSONNEL: S.P. Oleger, CEO; Claus Bjorn, sales director
(Scandinavian); Villy Jessen, sales director (international); Linda
Stargaarrd, coatings markeing director; Thorgjon Steensen, coatings
technical director.
Major Products: Architectural and decorative coatings.
* With a strong presence in the Scandinavian region, Flugger is

looking to expand its influence even further in the upcoming years. The
company produces, distributes and markets a wide variety of decorative
paints and wood stains to both professional painters as well as DIY
consumers. In Denmark, the company plans to consolidate its position in
the market while in Sweden and Norway, the Flugger franchise concept is
to be extended substantially. The company is currently developing an
international Flugger decor franchise concept. The shop concept is under
implementation in Poland and will also be introduced in Iceland where
Flugger Group took over the country's leading paint factory. In
China, Flugger has a license production in Beijing and has established a
subsidiary in Shanghai with a view to sell decorative paints there.
45
ROCK PAINT
SALES: $224.79 million
HQ: OSAKA, JAPAN
PHONE: 81-6-6473-1567
WEB SITE: WWW.ROCKPAINT.CO.JP
KEY PERSONNEL: Iwao Tsuji, chairman, and Shinichiro Tsuji,
president.
Major Products: Architectural and industrial paint and automotive
refinish coatings.
46
CIN
SALES: $221.7 million
CORPORACAO INDUSTRIAL DO NORTE, SA
HQ: MAIA, PORTUGAL

PHONE: 351 229405000

WEB SITE: WWW.CIN.PT
KEY PERSONNEL: Antonio Serrenho, chairman; Joao Serrenho, CEO;
Angelo Machado, member of board; Fernando Jorge Ferreira, CFO; Jose L.
Nogueira, technical director; Pedro Reis de Almeida, key manager,
architectural/decorative; Adelino Rodrigues, key manager, automotive
refinish; and Jorge Vieira; key manager, protective coatings.
Major Products: Architectural/decorative paint and coatings,
automotive refinish, industrial coatings and protective coatings.
New Products: Aquaclass, C-Therm Aqua, C-Cryl W700 HB, Durocin WB,
Polyprep 410.
Recent Acquisition: Ibercoat, S.A.
* In addition to two manufacturing sites in Portugal, CIN makes
products in Barcelona, Spain, the Canary Islands, Angola and Mozambique.
According to the company, its performance is in large part
conditioned by the construction sector in the markets it serves.
Domestically, there has been somewhat of a crisis in the past few years
as the number of new constructions have decreased and the rehabilitation
market has stalled. Despite such tough market conditions, CIN's
evolution has managed to remain positive when compared to the overall
domestic coatings market. In 2005, while CIN's sales dropped in
Portugal 6.2%, this was against an estimated fall of nine percent in the
coatings market.
SUCCESS STORY
In 2005, CIN opened, in Lisbon. the largest brand paint store on
the Iberian Peninsula. One store with 1,000 square meters, divided in

two areas--DIYer and professional--that provides a personalized service.

In the DIYer area, with 400 square meters, the homeowner can explore a
show-room with 48 panels where customers can see the application of a
specific product and discuss issues with professional staff. The Ill
professional area, with 600 square meters, provides a quicker answer to
the customer's request, since the customer is usually already
familiar with the products. There is a mounted pallet rack, stocking up
to 130 pallets, which allows loading a large quantity of product
quickly. In this area the customer also has available a show room with
16 panels.
47
YUNG CHI
SALES: $220.5 million *
HQ: KAOHSIUNG, TAIWAN
PHONE: 886-7-871-3181
WEB SITE: WWW.RAINBOWPAINT.COM.JP
KEY PERSONNEL: Tien-Yung Chang, director; Tsung Te Han, managing
director; and H. L. Shen, general manager.
Major Products: A variety of paint and coatings, including
architectural, marine, coil and fire protection coatings.
48
ALTANA
SALES: $218 million
ALTANA COATINGS & SEALANTS
HQ: WESEL, GERMANY PHONE: 49-0-281-670-732
WEB SITE: WWW.ALTANA-CS.DE

KEY PERSONNEL: Nikolaus Schweickart, president & CEO, Altana

AG; Hermann Kullmer, CFO, Altana AG; Matthias L. Wolfgruber, president
and CEO, Altana Chemie AG; and Guido Forstbach, business unit manager
coatings--sealants and managing director, Altana Coatings & Sealants
GmbH.
Major Products: Coatings and sealants.
Recent Divestitures: Rembrandtin Lack, Rhenania Coatings.
Recent Acquisitions: Kelstar International, Rad-Cure.
* Part of Altana Chemie AG, Altana Coatings & Sealants is
headquartered in Wesel, Germany. With a sales volume of 175 million
[euro], coatings and sealants fell by 19% in 2005 compared to the prior
year due to divestments. With the sale of the Austrian subsidiary
Rembrandtin and the coil coating business of Rhenania Coatings, the
coatings and sealants division withdrew completely from the commodity,
non-core industrial coatings business.
In the last two years coatings and sealants' portfolio has
been largely rebuilt and is now geared to sophisticated solutions for
the packaging industry, its core business. Coatings and sealants
bolstered its portfolio with the acquisition of Kelstar International,
one of the leading U.S. manufacturers of overprint varnishes for the
paper and cardboard packaging industries, immediately enabling the
coatings and sealants division to have a strong market presence in the
U.S. The focusing of its core business in the packaging area was also
supported through the acquisition of Rad-Cure at the beginning of 2006.
49
AMERON

SALES: $210 million

HQ: ALPHARETTA, GA USA
PHONE: 678-393-0653
WEB SITE: WWW.AMERONCOATINGS.COM
KEY PERSONNEL: Stephen F. Dickey, group president; Linda Marquez,
vice president, worldwide marketing; Christine Stanley, vice president
of worldwide technology; Dick van Hor, vice president, operations;
Robert Claybaker, director, industrial marketing; Tom Brown, director,
marine marketing; Jim McCarthy, coatings technical director; Steve
Feldman, manager, industrial; and Bobby Reaves, manager, marine.
Major Products: Industrial and marine coatings.
* Ameron's Performance Coatings & Finishes Group recorded
higher sales and income in 2005 compared to 2004. The sales growth was
concentrated in the U.S. and Australasia while the European operation
was flat, according to the company's annual report. The sales gain
in the U.S. was due primarily to higher demand for protective coatings
from the industrial maintenance sector and higher average selling
prices.
Ameron predicts that the Performance Coatings & Finishes Group
should benefit from improving market conditions, especially in the U.S.
The improvement is expected to be broad-based as key market segments
such as rail, light, industrial, marine and offshore are experiencing
increased demand. The U.S. coatings operation experienced year-over-year
improvement during the second half of 2005, and the company's
incoming order rate is strong. European and Australasian markets are
expected to be stable, the company said. The top priority moving

forward, the company said, is for the Performance Coatings &

Finishes Group to improve profitability. In this regard, the group said
it will focus on increasing volume worldwide and will aggressively
increase selling prices and improve margings with value-added products.
In March, Ameron opened a new branch in Busan, Korea. Han Jin, its
existing Korean licensee, will toll manufacture for Ameron and continue
as a licensee, selling products in the Korean offshore and industrial
markets.
50
RENNER
SALES: $209 million *
RENNER SAYERLACK S.A.
HQ: GRAVATAI, RIO GRANDE DO SUL STATE, BRAZIL
PHONE: 55-51-489-8000
WEB SITE: WWW.TINTASRENNER:COM.BR * WWW.SAYERLACKCOMBR.
KEY PERSONNEL: Alexandre Cenacchi, CEO, Renner Sayerlack; and
Thomas Gahrmann, director superintendent, architectural, Renner
Sayerlack.
Major Products: Architectural and industrial coatings and wood
finishes.
* Renner manufactures paints and coatings for the architectural,
industrial, marine and wood segments under the familiar logo of a white
horse running through a red banner. The company exports its products
throughout much of Latin America, North America, Europe and Asia. Main
shareholders of the company are Renner Herrmann S.A. and Renner
Sayerlack's CEO, Alexandre Cenacchi.

The company markets its architectural line products under the

Tintas Renner brand, its industrial products under the Renner Tintas
Industrias brand and its wood finish products under the Sayerlack brand.
Among primary architectural products is the water-based Rekolor Acrilico
Semibrilho, or semi-gloss acrylic line.
Renner's main factory is located at Gravatai, in Rio Grande do
Sul, where it manufactures architectural and industrial products. The
company also produces wood finishing products at Cajamar, Sao Paulo
state. The company has Brazilian sales offices in Salvador, Bahia state;
in Varzea Grande, Mato Grosso state; in Curitiba, Parana state; in
Aparecida de Goiania, Goias state; and in Belem, Para state.
Outside of Brazil, Renner manufactures multiple lines in Santiago,
Chile as Pinturas Renner Chile, and in Montevideo, Uruguay, as Pinturas
Renner Uruguay. The company's Minerbio, Italy plant produces wood
finishes. Foreign sales offices operate in Buenos Aires, as Sering S.A.;
San Lorenzo, Paraguay as Renpar SRL; Minerbio, Italy as Renner Italia
S.p.A.; High Point, NC, as Renner USA Corp.; and Mexico City as
Rennermex.
The company offers customers its Multicolor tinting system with
2,200 basic colors available within the 11,000 colors registered in the
company databank. Renner also offers consumers access to its Programa
Centauro, which performs computer simulations of room colors.
51
GREBE GROUP
SALES: $201.75 million *
GREBE HOLDING AG

HQ: WEILBURG, GERMANY

PHONE: 49 6471 315-0
WEB SITE: WWW.GREBE.DE
KEY PERSONNEL: Helmut Tappe, CEO; Gunter Waasen, board member; Uwe
Diener, coatings marketing director; Klaus Reuker, coatings technical
director.
Major Products: Industrial coatings.
52
DPI
SALES: $190 million
HQ: ANYANG-SI, GYONGGI-DO, SOUTH KOREA
PHONE: (82) 31-467-6078
WEB SITE: WWW.DPI.CO.KR
KEY PERSONNEL: Young-Jae Han, chairman and CEO; Jung-Mo Yang,
president and CEO; and K. S. Hong, overseas business coordinator.
Major Products: Paint and coatings for the general industrial,
architectural, general and heavy duty industrial and automotive refinish
market.
53
SHINTO PAINT
SALES: $171.89 million
HQ: AMAGASAKI-CITY, HYOGO, JAPAN
PHONE: 81-6-6426-3355
WEB SITE: WWW.SHINTOPAINT.CO.JP
KEY PERSONNEL: Harunobu Horibe, chairman, and Akira Kubo, managing
director and technical director.

Major Products: Architectural/decorative, industrial maintenance,

OEM and automotive coatings.
54
CLOVERDALE PAINT
SALES: $161.5 million *
HQ: SURREY, CANADA
PHONE: 604-596-6261
WEB SITE: WWW.CLOVERDALEPAINT.COM
KEY PERSONNEL: Wink Vogel, CEO; Al Mordy, president; Alex Drody,
VP-sales and marketing; Paul Schmidt, VP, finance; Marin McKenna,
marketing and key manager, dealer/retail; Stu Eaton, technical director;
Brian Johnston and Brian Carpenter, key managers, industrial; and Kevin
Belton and Rodger Stotz, key managers, trade. Rodda: Thomas J. Braden,
chairman; Todd Braden VP, marketing; Bill Boone, VP-sales: Mark Holcomb,
VP-operations; Steve Hulbrook, buying manager; Jeff Pellatz, controller;
Chuck Graves, director-MIS: and Rick Barnard. manfuacturing and factory
director.
Major Products: Architectural and decorative paint and industrial
maintenance and OEM coatings.
* Since joining forces, Cloverdale Paint Inc. (CPI) and Rodda Paint
are taking on the northwest U.S. and Canada marketplaces, following
their merger deal, which made Portland-based Rodda a subsidiary of CPI.
Regarding production and R&D, Rodda has an R&D staff of
five and CPI has a staff of 15. CPI boasts five manufacturing
facilities. Rodda's facility in Portland will churn out up to four
million gallons in 2005, according to company officials.

On the retail front, CPI has 60 company-owned shops and 150

authorized dealers in Canada, while Rodda has 43 company stores in
Oregon, Washington, Alaska and Idaho. Rodda also supports 27 independent
dealer locations.
55
TIGERWERK
SALES: $160 million *
HQ: WELS, AUSTRIA
PHONE: 43-7242-400-0
WEB SITE: WWW.TIGER-COATINGS.COM
KEY PERSONNEL: Kurt Berghofer, CEO; Clemens C. Steiner, CEO:
Andreas Bauer; global plant manager; Christian Ebenberger, international
sales and marketing; Reinhold Freiseisen, CFO; Gerald Hemedinger,
R&D-innovations, TAS; Thomas Knoll, sales Europe; Gerhard Kokot,
DIY; Lehner Helmut, ColorBatch; Michael Mathe, QM; Inge NeubOck, global
purchasing; Franz Poschl, administration subsidiaries Europe: Thomas
Schmidt, R&D; Gerd Schlager, product development Drylac; and Robert
Strouhal, global sales.
Major Products: Powder coatings and masterbatches.
* Tiger Drylac Canada, Inc. opened a powder coating manufacturing
plant and R&D lab in Vancouver, British Columbia, Canada.
"This state-of-the-art facility will help Tiger continue to
improve the service to Western Canada and allow a quick turnaround of
custom match production," said Gabriele Grafinger. president. The
firm has other manufacturing and lab space in Guelph, Ontario and
warehouses in Calgary, Winnipeg and Montreal.

56
M.A.B. PAINTS
SALES: $150 million
HQ: BROOMALL, PA USA
PHONE: 800-MAB-1899
WEB SITES: WWW.MABPAINTS.COM
KEY PERSONNEL: Thomas A. Bruder, Jr president; James. J. Bruder,
executive vice president; Michael A. Bruder, executive vice president;
James Renshaw, general manager; and George Przybylski marketing
director; Timothy Bruder, coatings marketing director; Tim Miller,
coatings technical director.
Major Products: Architectural and industrial coatings.
* M.A.B. Paints manufactures a broad line of premium quality
architectural, commercial and industrial coatings for the professional
and DIY markets and maintains a network of more than 230 company-owned
stores and independent dealers in 17 states.
Most recently, M.A.B. launched Color Quest, its exclusive system
that features more than 1,800 colors from the lightest whites,
off-whites and pastels to the deepest bold and bright accents. To
complement Color Quest, M.A.B. also created a premium designer base line
specifically for the Color Quest color system. It offers a
basecoat/topcoat system formulated with 100% acrylic and high-quality
latex and alkyd resins for both interior and exterior surfaces.
57
INDUSTRIAS TITAN
SALES: $149 million

HQ: BARCELONA, SPAIN

PHONE: 34-934797494
WEB SITE: WWW.TOHPE.CO.JP
KEY PERSONNEL: Jose Farres Pere, CEO; Jaime Carbonell Petit,
financial general manager; Eusebio Gomez de Avila, commercial manager;
Antonio Vilaseca Martinez, technical director; and Jose Manuel Azpeitia
Fernandez, key manager for powder coatings.
Major Products: Decorative/architectural, industrial maintenance,
marine and powder coatings, and fine arts products (oil, water and
acrylic colors, poster paints, etc.).
58
TOHPE
SALES: $142.87 million
HQ: OSAKA, JAPAN
PHONE: 81-772-243-6411
WEB SITE: WWW.TOHPE.CO.JP
KEY PERSONNEL: Toru Sato, president
* Tohpe, based in Osaka, makes a variety of coatings and related
products.
59
ACE PAINT
SALES: $141 million
ACE HARDWARE CORP.--PAINT DIVISION
HQ: MATIESON L, USA
SALES: 708-720-0600
WEB SITE: WWW.ACEHARDWARE.COM

KEY PERSONNEL: Richard Bristol, director. Ace Paint division Jack D

Wickham, director of operations and R&D. Dave Boeppte, retailer
marketing; Judy King, consumer marketing; and Dennis Centofante,
technical director.
Major Products: Architectural and decorative paint
New Products: Ace Sensations Satin with Scotchgard, Ace Paint Pod
Color Samples.
* Once again Ace turned in a solid financial performance for 2005.
Wholesale sales for the year reached a record level of $3.466 billion, a
5.4% increase over the prior year. Net earnings exceeded $100.4 million.
Ace's Paint Division turned in $141 million, up from $135 million
in 2004.
The Paint Division was active on many fronts during the year.
First, it introduced the Colors for Your Life color system mid-year,
featuring a new, consumer-friendly color palette. For those retailers
who currently had the wood and stainless steel color display unit in
their stores, the new system retrofit was entirely subsidized by the Ace
Paint Division.
In combination with the new color palette, the Paint Division also
introduced its Paint Pod Center. These sample-sized containers allow
consumers to test colors on their walls prior to making a final paint
selection.
Ace's paint lineup continued to grow in 2005, with the
addition of a satin line to the company's popular Ace Sensations
product offering. Sensations is the only paint line with Scotchgard
protection. The satin finish provides the same washability and ease of

stain removal as the flat paint, the company said.

To further augment the selection of Ace Paint products, in late
2005 Ace announced an alliance to offer Benjamin Moore products in Ace
stores. The coupling of these two recognizable brands provides another
way to help retailers differentiate themselves from the "big
boxes" according to the company. The Benjamin Moore rollout will be
done on a market-by-market basis, with qualified retailers in four
markets being able to stock the Regal line in 2006. A nationwide rollout
at qualified Ace stores is expected by the end of 2008.
According to the company, its consumer research showed that
providing consumers with a brand choice in paint would not only help to
boost Ace Paint sales, but also would result in an increase in sales for
the entire paint department. Ace will be stocking one of two premium
paint options--Benjamin Moore and Pratt & Lambert.
In England Ace Paint products are being offered to customers for
the first time after they caught the attention of Lawsons, an
85-year-old lumber and building materials chain.
In 2005, an agreement was signed to convert Lawsons' paint
departments to Ace's Color Your Life merchandising format. 2005
also brought in new leadership for the paint division. Jack Wickham was
named director of the paint division and will be in charge of all
operations at the Ace Paint manufacturting plants in Matteson and
Chicago Heights, IL, as well as sales of Ace Paint and related sundries
to retailers.
60
VOGEL PAINT

SALES: $140 million

HQ: ORANGE CITY, IA USA
PHONE: 712-737-8880
WEB SITE: WWW.VOGELPAINT.COM
KEY PERSONNEL: Drew R Vogel, president and CEO; Doug Vogel, vice
president, decorative; Mark Vogel, vice president, industrial; and Bert
Aarsen. CEO
Major Products: Decorative, industrial and special purpose paint
and coatings.
New Products: Paramount, Diamond Prime, Weather Plate Mid-Sheen.
* Diamond Vogel Paints is a family-owned, Midwestern based paint
manufacturer and retailer headquartered in Orange City, Iowa. The
company operates five manufacturing facilities and over 70 service
center outlets. The company is a provider of liquid and powder coatings
for industrial OEM applications, architectural paints for commercial and
homeowner applications, and heavy-duty protective coatings for
industrial maintenance applications.
Last year the company bolstered its color collection with its
StudioCollection palette featuring 1,320 colors. The latest additions to
its product portfolio include Paramount, a premium quality exterior 100%
acrylic latex; Diamond Prime, a premium quality universal 100% acrylic
primer; and Weather Plate Mid-Sheen, a high quality exterior 100%
acrylic latex in a durable mid-range gloss finish.
61
BOERO GROUP
SALES: $133 million

HQ: GENOA, ITALY

PHONE: 712-737-8880
WEB SITE: WWW.BOERO.IT
KEY PERSONNEL: Giorgio Rupnik, CEO; Claudio Stringara, Decorative
key manager decorative; Lorenzo Camoirano, Yacht key manager; Niccolo
Ballerini, Marine key manager.
Major Products: Decorative, marine and yacht coatings.
* Celebrating its 175th anniversary this year, Genoa, Italy-based
Boero Group is Italy's paint and coatings leader in the markets it
serves. Architectural and decorative coatings generated 69% of the
group's revenue in 2005 while yacht coatings were responsible for
another 19%, and lastly, marine coatings accounted for the remaing 12%.
2005 was a dynamic year for Boero. It supplied the exterior paint
for Milan's new Exhibition Centre, which was one of Europe's
largest construction projects. In September, Costa Concordia, the
largest ship to leave Italy's docks, was launched and was painted
by Boero.
Also in September, Boero's Colour Plan, developed for the
island of Capri, was publicly presented by the Mayor of Capri. The
Colour Plan is a project involving the study, analysis and fulfillment
of the restoration of important architecture in cities. At the time of
press, Boero has completed approximately 40 plans in Italy.
Boero's yachting division had a busy year, working on 60
superyacht newbuilding projects, which increased the number of
newbuildings coated by the Group to over 400.
62

TOA PAINTS
SALES: $130 million *
HQ: BANGKOK, THAILAND
PHONE: 66-0-2392-8461
WEB SITE: WWW.TOAGROUP.COM
KEY PERSONNEL: Prachak Tangkaravakoon, executive chairman.
Major Products: Architectural/decorative paint and wood, OEM, heavy
duty and powder coatings.
* TOA Paint is part of TOA Group, one of Thailand's leading
industrial companies.
63
SPRAYLAT
SALES: $125 million *
HQ: PELHAM, NY USA
PHONE: 914-738-1600
WEB SITE: WWW.SPRAYLAT.COM
Major Products: Industrial coatings for a wide range of industry
applications.
* Founded in 1936, Pelham, NY-based Spraylat Corporation is a
global specialty coatings company that provides both coating products
and process technologies to a diverse range of industry applications.
The company is organized into four separate business units
including the liquid coatings, powder coatings, conductive coatings and
mirror coatings business units. The liquid coatings business unit
incorporates Spraylat's automotive group, the liquid specialties
group, the sign coatings group along with its one shot/chromatic group.

Spraylat's global operations include locations in North

America, Europe and Asia.
64
EMPILS
SALES: $115 million
HQ: ROSTOV-ON-DON, RUSSIA
PHONE: 7 863 278-67-87
WEB SITE: WWW.EMPILS.RU
KEY PERSONNEL: Vyacheslav Beloborodov, general manager; Sergey
Nikiti, first deputy general manager; Vladimir Khaminsky, business
development director: Alexander Plikus, marketing director; Dmitry
Kochkin, technical director
Major Products: Decorative coatings.
New Products: AvantGarde Penthouse interior paints, AvantGarde 100%
DIY water-dispersion coatings series, Oreol-Decor, Oreol Gold Label
texture coatings series, Oreol alkyd enamel for rusty surfaces, Oreol
alkyd anticorrosion enamel for roofs, Oreol alkyd-styrene enamel.
* Empils is the leading decorative coatings manufacturer in Russia.
Its products are also distributed in Ukraine, Moldova, Lithuania,
Kazakhstan, Uzbekistan, Kyrgyzstan, Tajikistan and Mongolia.
65
REDSPOT
SALES: $100 million
HQ: EVANSVILLE, IN USA
PHONE: 812-428-9100
WEB SITE: WWW.BEDSPOT.COM

KEY PERSONNEL: Charles D. Storms, president, CEO; David D.

Vranesich, VP sales; George P. Lord, VP operations: Mark A. Lutterback,
VP research; Michael M. Merkel, VP commercial products; Joseph D.
Neidig, HR and administration: Jeffrey M. Seheu, coatings marketing
director; Timothy J. Tanner key manager, UV coatings; Brandon A. Willis.
key manager, thermal coatings.
Major Products: Automotive coatings.
* Red Spot Paint & Varnish company has approximately 70 people
employed in R&D and two coatings manufacturing facilities. Well
known for its automotive coatings expertise, Red Spot is also a maker of
coatings for other markets. According to the company, leading cosmetics
and fragrance companies come to Red Spot for packaging innovations,
including thermal and UV coatings applications.