Rocell enters paint market with Colorbrite buy for Rs. 125 m

Wednesday, 6 April 2011 00:12 - - {{hitsCtrl.values.hits}}

Floor tiles leader Royal Ceramics Plc (Rocell) is entering the competitive but high potential paint market with the acquisition of Colorbrite brand manufacturer for Rs. 125 million.

RCL said it has acquired 100% ownership of Ever Paint and Chemical Industries (Pvt) Ltd., which specialises in paint and allied products on 1 April.

The company’s main business is manufacturing and distribution of thinners, decorative paints, enamel paints, emulsion paints and masonry products, etc., at its Hanwella plant.

Rocell will be the third owner of Colorbrite as Ever Paint acquired it in 2002 from its original manufacturer.

Colorbrite is an established brand with over 30 years of history and boasts of a considerable market among medium scale paint industries in Sri Lanka.

The paint market, estimated to be over 15 million litres per annum, is dominated by global giant AkzoNobel’s brands Dulux and Glidden, in addition Nipploac, Robbialac, Multilac and India’s Asian Paints.