Paint maker DuluxGroup has told its shareholders it plans to buy architectural and decorative paint maker Porter’s Paints.
DuluxGroup managing director Patrick Houlihan said in a statement that the acquisition of the Sydney-based company will serve to expand Dulux’s product offering in the architectural market.
“With sales of less than $10 million, Porter’s would not have a material impact on earnings in the near term,” Houlihan said.
“However, it has a strong colour, texture and design focus, which we can build on over the longer term.”
The proposed acquisition first needs to be approved by the Australian Competition and Consumer Commission.
According to Smart Company, Porter’s Paints was established by Peter Lewis in 1980.
The Porter’s Paints website explains that Lewis named the company after his grandfather Fred Porter, an architect who designed several iconic Australian buildings in the 1920s.
Lewis will continue to be involved with the Porter’s Paints brand. Dulux plans to employ him in a creative and development role.