Danish Firm Nowocoat Is Continuing Its Growth and Has Increased Its Turnover by More Than 50 Per Cent and DKK 70 Million After Acquisitions in Sweden
Danish, family-owned paint and lacquer manufacturer Nowocoat Industrial A/S is continuing its massive growth and has already reached a turnover in excess of DKK 220 million this year. The background for this development is an aggressive marketing strategy based on high quality, service, and patented, environmentally friendly and sustainable products. An additional acquisition will be announced shortly.
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Danish firm Nowocoat is continuing its growth and has increased its turnover by more than 50 per cent and DKK 70 million after acquisitions in Sweden (Photo: Business Wire)
After intense negotiations over the summer, Swedish paint and varnish factory AB Rötmotaverken is now part of Danish growth company Nowocoat Industrial A/S, which is based in Kolding. Nowocoat is thus cementing its growth strategy and has already reached a turnover of DKK 220 million in 2021, just seven years after the company’s establishment.
“From the beginning, we have focused on growth and earnings,” says Ole E. Jensen, CEO of Nowocoat Industrial A/S, announcing another acquisition in 2021, which will increase total revenue to DKK 350 million in 2022. “We have a healthy business with available capacity and finances that give us good business opportunities. We will use this to our advantage when the opportunity arises,” Ole E. Jensen states.
Nowocoat Industrial A/S will provide AB Rötmotaverken with more and new resources in the form of know-how, investments and synergies. The company will continue to operate at its current address in Sweden, and AB Rötmotaverken’s CEO, Conny Alfsson, will continue to be responsible for day-to-day operations, sales and development.
“The merger will strengthen both companies. With Nowocoat Industrial, we can accommodate and deliver on more specific enquiries. The market is characterised by few very large actors, and this subjects customers to some limitations – not least in hardware stores and the consumer market. Often, suppliers more or less dictate the conditions under which the collaboration is to take place, and with the increased capacity and the new products we will have available through our connection to Nowocoat Industrial, in the future we will be able to service hardware stores significantly better and thus provide them with a higher degree of freedom in their purchases,” Conny Alfsson emphasises.
New business opportunities created the interest in taking over the Swedish company. “The acquisition of AB Rötmotaverken is a strategic investment that is about much more than increasing our volume in the market. The company offers products for both the industrial and consumer markets, and their sales channels for hardware stores in the Nordic region and their physical location give us advantages that we do not have in Kolding today. On the other hand, we now have a larger capacity, a wider product range and better facilities as well as innovation and know-how within functional surface treatment, which can greatly strengthen the business in Sweden,” Ole E. Jensen points out.
Nowocoat Industrial A/S expects to create further growth in both companies and win market shares following the acquisition of AB Rötmotaverken through, among other things, a common focus on sustainability.
“Technologically and scientifically, Nowocoat Industrial has very strong competences which will strengthen our position vis-à-vis consumers,” says Conny Alfsson, and is backed by Ole E. Jensen: “The consumer market is a growing market, and as consumers are becoming more aware of effective, durable and environmentally friendly alternatives to the wood protection, algae remover, wall paint or floor varnish they use today, I am sure we will stand strong in this market as well.”
About Nowocoat Industrial
> Nowocoat Industrial A/S is an innovative paint and lacquer factory with a product portfolio of functional and durable coatings for mineral, wood and metal surfaces for industrial use.
> The company is headquartered and has its production in Kolding, with employees in Poland, China and Vietnam.
> In 2019, Nowocoat Industrial A/S took over Lurrell Industries.
> Nowocoat Industrial A/S is environmentally certified according to ISO 9001 and ISO 14001.
> 80 percent of production is exported to markets in Northern Europe and Asia.
> Revenue 2020: DKK 123 million.
> Profits 2020: DKK 26.3 million before tax.
> Number of employees 2021: 36.
> Subcontractor for customers such as IKEA, Jysk, WallMart and K-Markt.
> AB Rötmotaverken has been producing and developing special products for the paint industry since the 1920s. In 2020, the company had a turnover of SEK 70 million, employing 20 people.
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