The PCI 50 also appears as a regular feature on our website, www.pcimag.com, and will be updated regularly. While the PCI staff made every effort to seek out the top companies in the industry, we may have inadvertently omitted some companies. We will be working throughout the year to provide a continuous updating of this listing to ensure ongoing accuracy. If your company does not appear in this listing, but falls within the top 50 companies, please send a letter to Business News Publishing Co., 755 W. Big Beaver Road, Suite 1000, Troy, MI 48084 Attn: Teresa Shaw.

Global Top 10

Akzo Nobel Coatings B.V.

Sassenheim, The Netherlands

+31.71.3082387

www.cr.akzonobel.com

CEO/President: Rudy van de Meer, Manager of Coatings

Estimated 2001 Global Coatings Sales: $4.977 bil.

Akzo Nobel is a major global coatings, chemicals and health care-products company, and is the world's biggest coatings company. Akzo is active in all segments of the coatings industry worldwide, but does not have a position in architectural coatings in the United States. The acquisition of Courtaulds in 1999 significantly expanded Akzo Nobel's coatings operations, especially in architectural and powder coatings worldwide. With the acquisition, Akzo was forced to divest part of its aerospace coatings operations. The company is a major supplier of coil and wood-furniture coatings in the United States. North American coatings sales are estimated at $900 mil. Total worldwide sales were $12.4 billion in 2001.

Additional information: Akzo Nobel recently started up a new heavy-duty coatings plant in Houston. The company is acquiring the worldwide marine and aerospace coatings businesses of NOF Corp., Japan. It recently divested its printing-ink business.

Acquisitions: Acquired vehicle refinishes business of MAC Specialty Coatings in the United States. Acquired Mason commercial vehicle coatings in the United Kingdom. Divested PRC DeSoto (aerospace coatings) to PPG.

Parent company: Akzo Nobel, Arnhem, The Netherlands

Sources: 2001 Annual report, web page, Internet, press releases

two

PPG Industries Inc.

Pittsburgh

412/434.3131

www.ppg.com

CEO/President: Raymond W. LeBoeuf

Estimated 2001 Global Coatings Sales: $4.412 bil.

PPG is a major global coatings company and is the largest transportation-coatings manufacturer worldwide. The company also holds a major global position in metal packaging coatings. In the United States, PPG commands a strong position in almost all segments of the coatings industry. Recent acquisitions have given the company a strong architectural presence in the United States. Coatings represent 54% of corporate sales of $8.169 bil. Glass and chemicals account for the remainder. North American coatings sales are estimated at 70% of total coatings sales, or $3.088 bil.

Recent Acquisitions: In 2000, PPG acquired Monarch Paint Co., with 50 paint stores, and New Dean & Barry Ltd., with 10 paint stores.

Parent company: PPG Industries Inc.

Sources: 2001 annual report, website, Internet

three

The Sherwin-Williams Co.

Cleveland

216/566.2000

www.sherwin.com

CEO/President: Christopher M. Connor

Estimated 2001 Global Coatings Sales: $4.002 bil.

Sherwin-Williams is the dominant architectural coatings producer and marketer in North America. Total sales for 2001 were $5.066 bil., with coatings constituting about 79% of sales. The remainder are from related products including wall coverings, floor coverings and application supplies. The company operates more than 2,700 company-owned paint stores and branches in North and South America, and maintains a strong position in DIY consumer and contractor sales and automotive finishes. In addition to the flagship Sherwin-Williams brand sold only in company-owned stores, the company sells coatings under many other brand names through other outlets. In the special-purpose coatings market, the company holds strong positions in industrial maintenance, auto-refinish, traffic-marking and aerosol paints. Industrial-coatings sales are both direct and through special company-owned industrial stores. Internationally, sales are estimated at $280 mil., primarily in Central and South America.

Subsidiaries: Acquired Pulverlack Tintas S/A of Brazil, a powder-coatings manufacturer, in 2000. Acquired Mautz Paint Co. in 2001

Recent Acquisitions: Sherwin-Williams acquired Mautz Paint Co. and 33 Mautz stores in the upper Midwest in 2001. The company acquired Johnson Paints Inc. and its 24 stores in Florida in early 2002.

Sources: 2001 Annual report and 10K, web page, press releases

four

DuPont Performance Coatings

Wilmington, DE

302/774.1000

www.dupont.com

CEO/President: Edward J. Donnelly, Group Vice President

Estimated 2001 Global Coatings Sales: $3.550 bil.

DuPont Performance Coatings is the world's leading automotive coatings supplier. The company offers high-performance liquid and powder coatings for the automotive OEM and aftermarket segments and general industrial OEM applications, as well as high-performance specialty products. The acquisition of Herberts in 1999 significantly strengthened DuPont's position in the automotive market. DuPont is not active in the architectural market and operates only in certain industrial markets. Sales of coatings worldwide are estimated at $3.550 bil. Estimated U.S. sales are $1.300 bil. Parent company DuPont Co. has worldwide sales of $24.7 billion.

Additional information: DuPont reorganized into five market and technology platforms in Feb. 2002. The coatings operations are part of the new DuPont Coatings and Color Technologies platform. In October 2001, DuPont sold most of its pharmaceuticals business to Bristol-Myers Squibb Co.

Parent company: DuPont

Sources: Press releases, annual report, web page

five

ICI Paints

Slough, Berkshire

United Kingdom

44-1-7535-50000

www.ici.com

CEO/President: John McAdam

Estimated 2001 Global Coatings Sales: $3.247 bil.

ICI operates a major international paint business with particularly wide geographic spread, selling in more than 120 countries. The coatings business specializes in architectural (90%) and metal container coatings (10%) businesses. The consumer decorative paint business commands significant market shares in most countries where it operates. In North America, paint sales are ab estimated $1.350 bil. Total ICI corporate sales were $9.245 bil.

Parent company: ICI Plc

Sources: Web pages, press releases, personal contact

six

BASF Coatings AG

Ludwigshafen, Germany

011 49 621 60-0

www.basf.com

CEO/President: Klaus Peter Loebbe

Estimated 2001 Global Coatings Sales: $2.035 bil.

BASF is a major transnational chemical company that produces chemicals, plastics, coatings, dispersions, agricultural products, fine chemicals, and crude oil and natural gas. Total corporate sales were $28.9 bil. in 2001. Coatings sales include automotive OEM coatings (40% of total), automotive-refinish coatings (20%), industrial coatings (25%), and decorative coatings in South America (15%). North American coatings sales for 2001 were 34% of the total, or $692 mil.

Additional information: BASF sold its Pharmaceutical business to Abbott Laboratories Inc. in March 2001.

Parent company: BASF AG

Sources: 2001 Annual Report, press releases, web page, Internet

seven

Valspar Corp.

Minneapolis

612/332.7371

www.valspar.com

CEO/President: Richard M. Rompala

Estimated 2001 Global Coatings Sales: $1.792 bil.

Valspar Corp., in business since 1806, is a multinational coatings manufacturer. The company manufactures and distributes a broad portfolio of coatings products. In the architectural segment, products include interior and exterior decorative paints and aerosols and heavy-duty maintenance coatings sold to consumers and contractors. In the industrial coatings segment, the company is a global leader in packaging coatings, and also produces decorative and protective coatings for metal, wood and plastic substrates for the OEM market. In the special-purpose segment, the company offers heavy-duty floor finishes and auto- and fleet-refinish coatings. In the United States, Valspar holds major positions in all facets of the coatings industry, and is particularly strong in architectural, packaging, coil, wood, powder, and refinish coatings. The company has an additional $129 mil. sales in resins and colorants for the paint industry. The United States accounts for 77% of corporate sales. The acquisition of Lilly Industries strengthened Valspar's position in wood and coil coatings and other industrial coatings.

Recent Acquisitions: In December 2000, Valspar acquired Lilly Industries, adding $656 mil. sales. In 2001, Valspar acquired the packaging-coatings business of Coates Brothers in Asia and the Technical Coatings business of Benjamin Moore & Co.

Sources: Website, 2001 annual report, 10K, press releases

eight

Nippon Paint Co. Ltd.

Osaka, Japan

+81.6.64581111

www.nipponpaint.co.jp

CEO/President: Hiroshi Fujii

Estimated 2001 Global Coatings Sales: $1.514 bil.

Nippon Paint Co., founded in 1881, is the oldest Japanese coating company. The company is a major supplier of architectural coatings, automotive OEM and refinish coatings, and other industrial coatings, and also makes powder coatings. Nippon's total sales were $1.612 bil. in 2001. A fine-chemical segment represents about 6% of the total sales.

Subsidiaries: Nippon has overseas sales accounting for 10% of revenue. The company has 23 subsidiaries, 16 in Japan. In the United States the company operates five subsidiaries, including the former Seibert Powder Coatings.

Sources: 2001 Annual report, website

nine

Sigma Coatings (SigmaKalon Group BV)

Uithoorn, The Netherlands

+31(0)2975 41 911

www.SigmaKalon.com

Estimated 2001 Global Coatings Sales: $1.486 bil.

SigmaKalon is one of Europe's premier manufacturers of decorative paints, with a comprehensive range of top brands and private-label paints. The company also is a major worldwide supplier of marine and protective coatings. The company also holds significant positions in the markets for joinery coatings, coil coatings and general industrial and powder coatings.

Additional information: Sigma's product mix is 74% decorative, 14% protective marine, 10% industrial, and 2% marine. SigmaKalon is a very small part of parent company TotalFina Elf.

Subsidiaries: Sigma Coatings USA

Parent company: TotalFina Elf

Sources: Internet, press releases

ten

Kansai Paint Co. Ltd.

Osaka, Japan

+81.6.62035531

www.kansai.co.jp

CEO/President: Tamotsu Shiraiwa

Estimated 2001 Global Coatings Sales: $1.420 bil.

Kansai Paint Co., established in 1918, is the largest paint manufacturer in terms of the domestic market in Japan, but trails Nippon Paint in international sales. Kansai Paint's total sales were $1.495 bil. in 2001, with paint products accounting for an estimated 95% of the total. The company is a major manufacturer of decorative paints, automotive OEM and refinish paints for Japanese-made vehicles, and metal container coatings used in Japan. The product line is extensive and includes in all coatings types. Kansai's overseas business is mostly concentrated in other Asian countries, and 84% of total sales are in Japan.

Subsidiaries: The company consists of 57 companies in Japan and 29 subsidiaries and affiliates overseas. Overseas sales account for 16% of revenues.

Sources: 2001 annual report, website

The PCI 50

Sherwin-Williams is the dominant architectural coatings producer and marketer in North America. It is active in all segments of the industry. Total sales for 2001 were $5,066 million, with $280 million outside North America. It is estimated that about 79% of sales represent coatings sales, with the remainder related products, including wall coverings, floor coverings and application supplies. With about 2,700 company-owned paint stores and automotive stores in North America, the company maintains a strong position in both DIY consumer and contractor sales and automotive finishes sales. In addition to the "Sherwin-Williams" brand, sold only in its paint stores, the company sells coatings under many other brand names through all other outlets. Industrial sales, including powder coatings, are both direct and through special industrial paint stores. In the special-purpose coatings market, the company has strong positions in industrial maintenance coatings, auto refinishes, traffic-marking and aerosol paints.

Recent Acquisitions: Over the past decade the company has made numerous acquisitions to expand its market share. Included were the major acquisition of Thompson Minwax, Pratt & Lambert and United Coatings.
Sources: 2001 annual report, 10K, web pages, press releases

2. PPG Industries Inc.
Pittsburgh
412/434.3131
www.ppg.com
CEO/President: Charles E. Bunch, Exec. VP Coatings
Estimated 2001 North American Coatings Sales: $3.088 bil.

PPG is a major global coatings company. It is the largest worldwide supplier of transportation coatings. It also has a global position in metal packaging coatings. In the United States, PPG has a very strong position in almost all segments of the coating industry. Recent acquisitions have made it one of the top five architectural paint suppliers and one of the global leaders in aerospace coatings. North American coating sales are estimated at $3.088 bil., while global coatings sales are $4.412 bil.

Subsidiaries: PPG has made 23 acquisitions in the coatings area in the past four years, including Porter Paints, Wattyl, ICI Refinish, PRC-DeSoto International, Phillips Paints, and the New Dean & Barry stores of Columbus, OH.
Recent Acquisitions: In 2000, PPG acquired Monarch Paint Co. with 50 paint stores and Dean & Barry with 10 stores. In 2002 PPG acquired 27 Duron stores in the Midwest.
Parent Company: PPG Industries Inc.
Sources: 2001 annual report, website, press releases

3. Valspar Corp.
Minneapolis
612/332.7371
www.valspar.com
CEO/President: Richard M. Rompala
Estimated 2001 North American Coatings Sales: $1.500 bil.

The Valspar Corp., in business since 1806, is a multinational coatings manufacturer. The company manufactures and distributes a broad portfolio of coatings products. In the architectural segment, Valspar supplies interior and exterior decorative paints and aerosols and heavy-duty maintenance coatings for sale to consumers and contractors. In the industrial coatings segment, the company is a global leader in packaging coatings, and also produces decorative and protective coatings for metal, wood and plastic substrates for OEM applications. In the special-purpose segment, the company makes heavy-duty floor finishes and auto and fleet refinish coatings. In the United States, Valspar is strong in all facets of the coatings industry, with particularly prominent positions in architectural, packaging, coil, wood, powder, and refinish coatings. The company has an additional $129 mil. sales in resins and colorants for the paint industry. The U.S. market accounts for 77% of corporate sales. The acquisition of Lilly Industries strengthened Valspar's position in wood and coil coatings as well as other industrial coatings. Lilly added sales of $650 mil. to Valspar in 2001.

Recent Acquisitions: In December 2000, Valspar acquired Lilly Industries, adding $656 mil. in sales. In 2001, the company acquired the packaging-coatings business of Coates Brothers in Asia and the industrial coatings business of Benjamin Moore & Co.
Sources: Website, 2001 annual report, 10K, press releases

4. ICI Paints North America
Cleveland
216/344.8000
www.ici.com
CEO/President: Ian McMahon
Estimated 2001 North American Coatings Sales: $1.350 bil.

ICI is one of the largest paint companies in the world, and specializes in architectural and metal-container coatings. The company has many well-known brands in the U.S. market, including Glidden, Dulux, Devoe, Fuller O'Brien and Sinclair. ICI's Glidden paints are carried at Home Depot stores. ICI has a prominent share of the metal container-interior coatings market. Sales in the North American market were estimated at $1.350 bil. in 2001. Worldwide coatings sales are reported as $3.247 bil.

Parent Company: ICI Plc
Sources: Press releases, Internet search, website, annual report

5. DuPont Performance Coatings
Lionville, PA
800 338.7668
www.dupont.com
CEO/President: Eric G. Melin, V.P. Performance Coatings Americas.
Estimated 2001 North American Coatings Sales: $1.300 bil.

DuPont holds a leading position as an automotive OEM coatings and auto-refinish supplier in North America and the world. Its acquisition of Herberts of Germany in 1999 has strengthened DuPont in these markets, in addition to providing a powder-coatings presence in the United States and worldwide. DuPont also markets industrial maintenance coatings and coatings for selected industrial OEM products. Sales of coatings worldwide are estimated at $3.550 bil. Estimated U.S. sales are $1.300 bil. Worldwide sales of parent company DuPont Co. are $24.7 bil.

Recent Acquisitions: Coatings operations, with the recently acquired Herberts, are being restructured with the closing of five foreign plants and relocation of many operations.
Parent company: DuPont Co.
Sources: Press releases, annual report, 10K

6. RPM Inc.
Medina, OH
330/273.5090
www.rpminc.com
CEO/President: Thomas C. Sullivan
Estimated 2001 North American Coatings Sales: $1.120 bil.

RPM is a collection of many companies involved in the coatings industry. Total sales of $2.008 bil. are divided 45% in the consumer division and 55% in the industrial division. The consumer division includes Rust-Oleum, Zinsser, DAP/Bondex, Wood Finishes, Bondo, and Testor. About 70% of the division's sales are coatings ($680 mil.). The industrial division includes StonCor, Carboline, Plasite, Tremco, Day-Glo, Dryvit, American Emulsions, TCI Powder Coatings, Kop-Coat, Pettit, Woolsey, and Z-Spar. About 35% of the division's sales are coatings ($440 million). North America accounts for 87% of coatings sales.

Subsidiaries: Carboline, Tremco, Day-Glo, TCI Powder Coatings, Kop-Coat, Rust-Oleum, Zinsser, Flecto, Testor, DAP, Bondo, Stonhard Flooring, Fibergrate Floor Grating, American Emulsion Textile Specialties, and Euco Concrete and Masonry Co.
Parent company: RPM Inc.
Sources: 2001 Annual Report, 10K, press releases, website

7. Akzo Nobel Coatings
Louisville, KY
502/254.0470
www.akzonobel.com
CEO/President: Robert Torba
Estimated 2001 North American Coatings Sales: $900 mil.

The U.S. part of Akzo Nobel has grown with the acquisition of Courtaulds. Globally, Akzo Nobel is the largest paint company in the world. In the United States it supplies coatings to all markets except architectural, with major positions in coil, wood and automotive-refinish coatings. Akzo Nobel is now a major powder-coatings producer in the United States as well as worldwide.

Wood coatings are sold to the consumer, professional and industrial markets. Total coatings division sales in North America are 18% of worldwide coatings sales, or $900 mil.

Recent Acquisitions: Akzo Nobel acquired the Marine and Aerospace businesses of NOF Corp. of Japan. The company divested its printing-ink business. A new heavy-duty industrial coatings plant has been started up in Houston.
Parent company: Akzo Nobel
Sources: Press releases, annual report, web page

8. Benjamin Moore & Co.
Montvale, NJ
201/573.9600
www.benjaminmoore.com
CEO/President: Ivan Dupuy
Estimated 2001 North American Coatings Sales: $800 mil.

Benjamin Moore & Co. is primarily a North American paint company. Its products are well known and sold nationally through independent paint stores. Industrial coatings sales comprised less than 8% of total sales; and the segment was sold to Valspar near the end of 2001. A small portion of sales are New Zealand and Australia. Benjamin Moore was purchased by Berkshire Hathaway Inc. near the end of 2000.

Parent company: Berkshire Hathaway Inc.
Sources: Website, press releases, personal contact

9. Behr Process Corp.
Santa Ana, CA
714/545.7101
www.behrpaint.com
CEO/President: Jeff Filley
Estimated 2001 North American Coatings Sales: $730 mil.

Behr, in business since 1947, manufactures architectural coatings, including paints, specialty paint products, stains, varnishes and waterproofings. In 1999, Behr was acquired by Masco Corp. In addition to the Behr line of coatings, Masco also produces Masterchem specialty paint products and Kilz brand primers. The products are sold primarily through major home-center chains in North America. Sales of paint products are estimated at 8-9% of Masco's sales of $8.358 bil., thus Behr's sales are estimated at $730 mil. for 2001.

Parent company: Masco Corp.
Sources: Website, Masco 10K report, personal contact

10. BASF Coatings
Southfield, MI
248/827.4670
www.basf.com
CEO/President: Martin Laudenbach
Estimated 2001 North American Coatings Sales: $692 mil.

BASF is a major global chemical and coatings manufacturing company. Total corporate sales were $28.9 bil. in 2001, with coatings division sales of $2.035 bil. Coatings sales in North America include automotive OEM, auto refinish and industrial OEM products and high-performance industrial maintenance coatings. The acquisition of Morton Industrial provided a major share of the coil-coatings market. BASF has recently opened a powder-coatings plant in the United States. North American coatings sales are 34% of total corporate coatings sales, or $692 million.

Additional information: BASF has started up a powder-coatings plant in Morgantown, NC.
Parent company: BASF AG
Sources: 2001 Annual report, 10K, web page, press releases

11. Professional Paint Inc.
Denver, CO
303/307.2101
www.professionalpaintinc.com
CEO/President: Kent Child
Estimated 2001 North American Coatings Sales: $357 mil.

Professional Paint consists of six major regional paint companies located in North America: Kwal-Howells, Denver; Frazee Paint, San Diego; Parker Paint, Tacoma, WA; General Paint, Vancouver, British Columbia; Hanley Paint, El Paso; and Sophir-Morris Paint, Omaha. The company recently added the service centers and related dealer distribution operations of Jones-Blair Co., Dallas. Although Professional Paint is a new company, the history of its subsidiaries goes back as far as 1896. The company markets architectural and industrial-maintenance paints through company-owned stores and dealers. Frazee sells throughout California, Arizona and Nevada; Kwal-Howells sells primarily in the Rocky Mountain states and the Midwest; Parker Paint is the largest paint manufacturer in the Northwest; and General Paint sells in western Canada and Ontario.

Recent Acquisitions: Professional Paint acquired the non-manufacturing assets of Sophir Morris Paint Co. in 2001, and the service centers and related dealer distribution of Jones-Blair Co., Dallas, in June 2002. Professional Paint and Duron have formed an alliance to sell products nationally.
Subsidiaries: Kwal-Howells, Frazee Paint, Parker Paint, General Paint, Hanley Paint, Sophir-Morris Paint.
Parent company: Professional Paint Inc.
Sources: Website, press release, personal contact

12. Kelly-Moore Paint Co. Inc.
San Carlos, CA
650/592.8337
www.kellymoore.com
CEO/President: Joseph P. Cristiano
Estimated 2001 North American Coatings Sales: $323 mil.

Founded in 1946 by William H. Kelly and William E. Moore, this company has grown to be one of the major western U.S. paint manufacturers and suppliers. The company operates 160 paint stores selling architectural and industrial maintenance coatings in 10 western states. The company produces more than 20 million gallons of paint annually. Kelly-Moore, together with Dunn-Edwards, M.A.B. Paints in the East and Diamond Vogel Paints in the Midwest, has formed an alliance, "Paint America," to become a national paint supplier with regionally preferred formulas and local service.

Recent Acquisitions: Acquired Ponderosa Paint Mfg. Inc. of Idaho, with 15 stores in the Northwest.
Subsidiaries: Ponderosa Paint Mfg. Inc.
Sources: Website, personal contact

13. Duron Inc.
Beltsville, MD
301/937.4600
www.duron.com
CEO/President: Dr. Robert Feinberg (Chairman and CEO); Thomas Schwartzbeck (Pres.)
Estimated 2001 North American Coatings Sales: $280 mil.

Duron, founded in 1949, manufactures and distributes architectural and light industrial coatings for professional contractors. The company sells products at 235 Duron paint and wallcoverings stores and 160 independent dealers located east of the Mississippi. It also sells Ameron's heavy-duty maintenance coatings. Duron recently entered into a partnership with TruServ. Corp to expand distribution of its products to True Value stores across the country. True Value will produce selected Duron products at its plant in Cary, IL. Total sales for Duron in 2001 were $350 mil., with paint sales estimated at $280 mil. Duron has formed a bi-coastal marketing alliance with Professional Paint Inc., giving it the ability to sell paint, wallcoverings and sundries nationwide. Duron has a preferred alliance with Cendant, a major hospitality franchiser.

Additional information: In 2002, Duron sold 27 paint stores in Chicago, Indianapolis and Columbus, OH, to PPG.
Sources: Website, press releases, personal contact

14. Dunn-Edwards Corp.
Los Angeles
323/771.3330
www.dunnedwards.com
CEO/President: Mike Rose
Estimated 2001 North American Coatings Sales: $240 mil.

Dunn-Edwards, founded in 1925, operates 75 stores in California, Texas, Arizona, New Mexico, Nevada, and Colorado. Total sales are $300 mil. with coatings accounting for 80%. It manufactures and distributes a premium line of coatings through its stores. Paint sundries and wallcoverings are also sold to commercial and residential customers. Dunn-Edwards has joined the Paint America Alliance with Kelly-Moore, Diamond Vogel and M.A.B. Paints to permit marketing nationally to the major home centers.

Sources: Web page, company contact, Ward's Business Directory

15. Sico Inc.
Beauport, QC
Canada
514/527.5111
www.sico.com
CEO/President: Pierre Brodeur, President & CEO
Estimated 2001 North American Coatings Sales: $224 mil.

Sico, founded in 1937, is the leading Canadian manufacturer of coatings. Consumer paint products account for 85% of revenues and industrial products for 15%. Sico sells products in several states in the northeastern United States. Its consumer paint products are sold through 2,500 outlets in Canada and the United States. In 2001 Sico acquired Betonel, a Canadian architectural paint manufacturer, and the metal coatings operations of Chemcraft International Inc. In Europe, Sico-Becker acquired Blancomme S.A. Sico acquired the remaining share of Sicorel S.A de C.V. in Mexico to accelerate its growth in the Mexican market.

Sources: Website, 10K report, press releases, Wright Investor Services

16. Rohm and Haas Co.
Philadelphia
215/592.3045
www.rohmhaas.com
CEO/President: Rajiv L. Gupta
Estimated 2001 North American Coatings Sales: $200 mil.

Rohm and Haas is a major chemical company with worldwide operations. Sales include $1.4 billion in emulsions to the coatings industry, while coatings manufacturing operations are in the automotive and powder-coatings segments. Rohm and Haas is one of the major powder-coatings producers, with a comprehensive line of thermoset and thermoplastic products offered in various chemistries and a range of colors and textures. Flexible chemistries facilitate the manufacture of primers and paints for nearly every plastic vehicle component. Total coatings sales were $309 million for 2001. North American coatings sales are estimated at $200 million.

Recent Acquisitions: In 1999 Rohm and Haas acquired Morton International Inc., with about $555 mil. sales in coatings. In 2000, Rohm and Haas sold off part of the industrial coatings business, $155 mil. sales, to BASF, mostly coil coatings, and $75 mil. liquid industrial coatings to Huntsman Chemical.
Sources: 2001 annual report, 10K, press releases, web page

17. M.A.B. Paints
Broomall, PA
610/353.5100
www.mabpaints.com
CEO/President: Thomas A. Bruder Jr.
Estimated 2001 North American Coatings Sales: $170 mil.

M.A.B. is one of the largest privately owned paint companies, and has been in operation for more than 100 years. With 150 company-owned paint stores and 100 independent dealers, the company distributes coatings east of the Mississippi. M.A.B. produces a complete line of architectural, industrial OEM and heavy-duty maintenance coatings. The company has joined with Kelly-Moore, Dunn-Edwards and Diamond Vogel Paints to form Paint America, a national coatings alliance aimed at sales in national home centers and chains.

Sources: Web page, company contact, Ward's Business Directory

18. Lord Corp.
Cary, NC
919/468.5979
www.lordcorp.com
CEO/President: Dr. Charles J. Hora Jr.
Estimated 2001 North American Coatings Sales: $150 mil.

Lord Corp., founded in 1924, manufactures and markets adhesives, polyurethane coatings and devices and systems to manage mechanical motion and control noise. The company makes coatings for direct sale and for sale to other coatings companies, and markets its products worldwide. Lord is privately held with worldwide sales of $403 mil. North American coating sales are estimated at $150 mil.

Recent Acquisitions: Lord Corp. acquired all of Metech Inc., a manufacturer of thick-film electronic materials, in 2002.
Sources: Website, personal contact

19. TruServ Corp.
Chicago
773/695.5000
www.truserv.com
CEO/President: Pamela Forbes Lieberman
Estimated 2001 North American Coatings Sales: $130 mil.

TruServ manufactures exclusive brands for its retail operations, including True Value paints. TruServ is the nation's largest hardware cooperative with about $2.6 bil. in wholesale sales that support $18 bil. retail sales. Paint is manufactured under the True Value brand at two locations and distributed nationally in the United States. TruServ serves approximately 7,000 independent retailers operating under the store identities of True Value, Grand Rental Station, Taylor Rental, Party Central, Home & Garden Showplace, and Induserv Supply. Painting and cleaning products represented about 14% of the retailers' total sales. TruServ and Duron have announced a partnership in which selected Duron paints will be manufactured by TruServ and distributed through TruServ's hardware stores.

Sources: Website, 10K report

20. Ace Hardware Corp.
Oakbrook, IL
630/990.6600
www.acehardware.com
CEO/President: David F. Hodnik
Estimated 2001 North American Coatings Sales: $129 mil.

Ace Hardware is the second-largest hardware cooperative in the United States. Ace manufactures its own paints and distributes them to member hardware stores. The company operates about 5,000 hardware stores, mostly in the United States, although it has stores in 60 other countries. Paint, cleaning and related supplies represent 20% of Ace sales.

Sources: 2001 annual report, 10K, web page

21. Diamond Vogel Paints Co.
Orange City, IA
712/737.8880
www.diamondvogel.com
CEO/President: Drew Vogel
Estimated 2001 North American Coatings Sales: $125 mil.

Vogel Paints was started in 1926 and became Diamond Vogel Paints after the acquisition of Diamond Products in 1967. The company sells architectural coatings at more than 80 company-owned stores in 12 central states. Diamond Vogel also produces industrial coatings for a variety of OEM products, and also makes heavy-duty maintenance coatings. A new powder-coatings plant has started up to expand the company's industrial-coatings product line. The company-owned stores sell wallpaper, window treatments, carpet and ceramic tile, in addition to paint. The company recently joined with Kelly-Moore, Dunn-Edwards and M.A.B. Paints in forming a national coatings alliance called Paint America, which will permit marketing of products through national home centers and chains.

Subsidiaries: Diamond Vogel Paints, Van Sickle Paint Mfg. Co. and Diamond Products.
Parent company: Vogel Paint Inc.
Sources: web page, press releases, company contact

22. Ameron International Performance Coatings & Finishes Co.
Alpharetta, GA
678/393.0653
www.ameron.com
CEO/President: Stephen F. Dickey
Estimated 2001 North American Coatings Sales: $113 mil.

Ameron International is a major global company with businesses in coatings, fiberglass-composite pipe, concrete and steel pipe, and construction and allied products. The Performance Coatings & Finishes Group manufactures coatings for marine and heavy-duty maintenance applications, and the products are marketed worldwide. Duron has recently agreed to distribute Ameron's heavy-duty maintenance coatings through Duron's company-owned stores. Total Ameron coatings sales are $189 million, with North America accounting for an estimated 60% of sales.

Recent Acquisitions: In 1998 Ameron acquired the international maintenance coatings business of Croda. In 1997, Ameron traded its powder-coatings business to Valspar for Valspar's heavy-duty maintenance business. In 1996 Ameron acquired the Devoe marine coatings business of ICI.
Sources: 2001 annual report, 10K, web page, personal contact

23. Ferro Corp.
Cleveland
216/641.8580
www.ferro.com
CEO/President: Hector R. Ortino
Estimated 2001 North American Coatings Sales: $100 mil.

Ferro produces various ceramic glaze coatings, inorganic colors and powder and porcelain enamel coatings. The businesses are worldwide in their scope. Ferro is estimated to be one of the three largest powder-coatings companies worldwide. Its ceramics and porcelain frits are sold to many of the same customers that purchase powder coatings. The company's coatings segment sales were $921 million, with 54% of sales in the United States and Canada. Powder-coatings sales in North America are estimated as $100 million.

Sources: Web page, annual report

23. P.D. George Co.
St. Louis
314/621.5700
www.pdgeorge.com
CEO/President: Steven George
Estimated 2001 North American Coatings Sales: $100 mil.

P.D. George Co., founded more than 75 years ago, is a premier supplier of specialty polymers for the electrical and electronics industries. Key products include magnet wire enamel, insulating varnishes and encapsulating resins. The company also produces tubing and sleeving varnishes, pultrusion resins, laminating resins, adhesives, and conformal coatings. P.D. George is part of the Altana AG group of companies.

Parent company: Altana AG of Germany
Sources: Website, Wright Investor services, personal contact

24. Red Spot Paint & Varnish Co.
Evansville, IN
812/428.9100
www.redspot.com
CEO/President: Charles D. Storms
Estimated 2001 North American Coatings Sales: $95 mil.

Red Spot is a privately held company founded in 1903, and specializes in coatings for plastics. The company supplies all the domestic automakers and many foreign transplants with interior and exterior coatings for plastic components. It also supplies coatings for plastic products in other industries. Its core technologies include two-component polyurethane, waterborne and UV-curable coatings, and the company also produces primers and other liquid coatings for metal products.

The bulk of sales are in North America.

Recent Acquisitions: Red Spot purchased the operating assets of Seibert-Oxidermo Inc. in 2000.
Sources: Website, press release, personal contact

25. H.B. Fuller Co., Global Coatings Div.
Oakdale, MN
651/236.3700
www.hbfuller.com
CEO/President: Albert P.L. Stroucken
Estimated 2001 North American Coatings Sales: $90 mil.

H.B. Fuller, founded in 1887, is a worldwide manufacturer and marketer of adhesives, sealants, coatings, and other specialty chemical products. Essentially only powder coatings are manufactured and marketed by the company in the United States. The company holds a strong Latin American coatings position in the architectural and industrial segments. In 2001, corporate sales were $1.274 bil., with an estimated $190 mil. in worldwide coatings. North American coatings sales primarely powder coatings, are about $90 mil.

Subsidiaries: The company operates coatings subsidiaries in Central America.
Sources: 2001 Annual report, 10K, website

25. Yenkin-Majestic Paint Corp.
Columbus, OH
614/253.8511
www.yenkin-majestic.com
CEO/President: Merom Brachman
Estimated 2001 North American Coatings Sales: $90 mil.

Yenkin-Majestic, founded in 1920, is a full-line manufacturer of architectural, maintenance and OEM products for water- and solventborne industrial applications, including urethanes, epoxies and polyesters. The company makes products for the home, farm and other industries. Integration of Texas Resins' merchant lines with OPC Polymers and the addition of more monomer-modified, high-solids and compliant products are driving continued expansion of sales in the continental United States, Mexico and Canada. The company's products are also distributed internationally.

Subsidiaries: OPC Polymers and Mac-O-Lac Paints
Sources: Web pages, published sources, personal contact

25. Spraylat Corp.
Pelham, NY
914/738.1600
www.spraylat.com
CEO/President: Michael Borner, CEO; Raymond T. Chlodney, Pres.
Estimated 2001 North American Coatings Sales: $90 mil.

Spraylat was founded in 1936 as a supplier of peelable coatings for the shoe industry. Today Spraylat is a supplier to the product-finishing market, offering both decorative and functional coatings. Spraylat began production of powder coatings in 1987. Other products include advanced coatings for such applications as EMI/RFI shielding and lightening protection. It recently purchased the Valspar's mirror-coatings business, and opened a German subsidiary in 2001. Spraylat's total sales are $100 mil., with 90% in the United States.

Subsidiaries: Hilemn Co., mirror coating business and Spraylat GmbH in Germany
Sources: Website, personal contact

26. Tnemec Co. Inc.
Kansas City, MO
816/483.3400
www.tnemec.com
CEO/President: Thomas Osborne
Estimated 2001 North American Coatings Sales: $85 mil.

Tnemec, cement spelled backwards, was founded in 1921 and specializes in coatings for new construction and maintenance. The company manufactures approximately 120 architectural and industrial coatings products, ranging from aliphatic acrylic urethanes to coatings formulated specifically for containment of harsh solvents and chemicals. Tnemec is one of the top suppliers of interior and exterior coatings for water storage tanks. The Chemprobe subsidiary manufactures water-repellent and stain products for concrete, masony and wood.

Subsidiaries: Acquired Chemprobe Coating Systems Inc. of Garland, TX
Sources: Website, Ward's Business Directory, company press release, personal contact

27. Jones-Blair Co.
Dallas
214/353.1600
www.jones-blair.com
CEO/President: Paul Dague
Estimated 2001 North American Coatings Sales: $80 mil.

Jones-Blair provides decorative paints to consumers and contractors through a network of independent paint stores and dealers. It also markets industrial products, including powder coatings, nationally. The company also sells paint sundries and wall coverings through its outlets located in the Southwest and Southeast United States. Jones-Blair also produces resins for its operations.

Additional information: Professional Paint Inc. is negotiating to acquire Jones-Blair Co. assets.
Source: Internet

28. Coronado Paint Co.
Edgewater, FL
386/428.6461
www.coronadopaint.com
CEO/President: Robert L. Hechler
Estimated 2001 North American Coatings Sales: $75 mil.

Coronado, a unit of Wattyl Ltd of Australia, manufactures and sells paint to independent paint and decorating dealers. Architectural and maintenance products are sold nationally through independent paint stores, and the company also manufactures and sells industrial coatings. Wattyl sales are about $165 mil., with Coronado representing about one-third of the total. Coronado's sales were $55 mil. in 2001. Including the other subsidiaries in North America, sales were about $75 mil.

Subsidiaries: Wasser High Tech Coatings; Lenmar; Premier Coatings.
Parent company: Wattyl US Ltd. of Australia
Sources: Web page, personal contact

29. Cloverdale Paint
Surrey, British Columbia
Canada
604/596.6261
www.cloverdalepaint.com
CEO/President: Wink Vogel
Estimated 2001 North American Coatings Sales: $65 mil.

Cloverdale Paint, in business since 1938, manufactures and markets architectural and industrial-maintenance products in Canada for sale in the Pacific Northwest. Its products are sold through 55 company-owned stores and 20 dealer outlets in Washington, British Columbia, Alberta, and Saskatchawan. In July 2001, Cloverdale acquired Northern Paint Canada Inc., expanding sales into Manitoba.

Subsidiaries: Acquired Northern Paint Canada Inc., Winnipeg, Manitoba, Canada, in July 2001.
Source: Personal contact

29. Smiland Paint Co.
Alhambra, CA
626/293.7500
www.smiland.com
CEO/President: Robert Smiland, CEO
Estimated 2001 North American Coatings Sales: $65 mil.

Smiland Paint manufactures architectural coatings sold through about 400 independent paint stores, home centers and hardware stores in 11 Western states. Its main brand is Morwear. It also makes paint under the Conco name.

Subsidiaries: Morwear and Conco Paints
Sources: Website, personal contact

29. Rodda Paint Co.
Portland, OR
503.521.4300
www.roddapaint.com
CEO/President: Thomas J. Braden
Estimated 2001 North American Coatings Sales: $65 mil.

Rodda Paint Co. is the largest regional paint company in the Pacific Northwest. The company operates a manufacturing facility in Portland, OR, and sells paint to consumers and contracts at 35 paint stores in Washington, Oregon and Alaska. Rodda also manufactures products for other companies.

Sources: Website, personal contact

30. LaFarge Road Marking
Parsippany, NJ
973/884.0300
www.lafargeroadmarking.com
CEO/President: Robert Dirienzo
Estimated 2001 North American Coatings Sales: $61 mil.

LaFarge acquired Centerline Industries and Linear Dynamics in 1998. Now known as LaFarge Road Marking, it is the largest traffic-marking materials and application equipment company in the United States. Included in its traffic paint portfolio are solventborne paints (alkyd-based, chlorinated rubber and low-VOC acrylic); waterborne traffic paints and two-component liquid epoxy. The company also produces thermoplastic, preformed thermoplastics. Lafarge also manufactures application equipment for road striping.

Parent company: Lafarge of Paris
Sources: Website, personal contact

31. Chemcraft International
Winston-Salem, NC
336/723.1846
www.chemcraft.com
CEO/President: David Rogers
Estimated 2001 North American Coatings Sales: $60 mil.

Chemcraft, founded in 1977, manufactures coatings primarily for wood, including kitchen cabinets, furniture, wood flooring and millwork. Chemcraft products include nitrocellulose lacquers, waterborne finishes, polyester and polyurethane and UV coatings, and vinyl finishes.

Additional information: Chemcraft sold its metal coatings operations to Sico in December 2000.
Sources: Web page, personal contact

31. Willamette Valley Co.
Eugene, OR
541/484.9621
www.wilvaco.com
CEO/President: John R. Harrison
Estimated 2001 North American Coatings Sales: $60 mil.

Willamette Valley Co. has been in business for about 50 years supplying the wood and wood-products industries. Willamette produces a variety of synthetic patching products, primers, paints, sealers, adhesive extenders, and coated abrasives. The Performance Coatings Division manufactures high-performance coatings and containment barriers for the utility, mining, petrochemical, and transportation industries. Eclectic Products Inc., a subsidiary, produces wood fillers and waterborne stains and lacquers for the retail DIY and industrial wood-products markets in North America, Europe, Asia, and South America.

Subsidiaries: Eclectric Products Inc., Canadian Willamette Industries
Sources: Web page, personal contact, Ward's Business Directory

32. Vista Paints
Fullerton, CA
714/680.3800
www.vistapaint.com
CEO/President: Eddie Fischer
Estimated 2001 North American Coatings Sales: $55 mil.

Vista Paints, in business for more than 40 years, is a manufacturer of coatings for the architectural and industrial maintenance markets sold through 45 company-owned stores in southern California, Sacramento, CA, and Las Vegas. Customers include professional painters and DIY consumers. The stores also sell wallpaper and window coverings.

Sources: Web page, personal contact

32. INSL-X Superior Coating Systems
Stony Point, NY
845/786.5000
www.insl-x.com
CEO/President: James A. Weil
Estimated 2001 North American Coatings Sales: $55 mil.

INSL-X manufactures a range of industrial and high-performance coatings marketed nationally through a network of distribution warehouses. The company recently acquired Bruning Paint, adding an architectural-coatings segment and a network of company-owned stores and dealer sales.

Sources: Website, personal contact

33. PARA Paints
Brampton, Ontario
Canada
905/792.0940
www.para.com
CEO/President: David Smith, COO, President
Estimated 2001 North American Coatings Sales: $52 mil.

PARA Paints, founded in 1915, is a producer of premium-quality architectural paints, stains, varnishes, and faux finishing products sold through independent paint and wallpaper dealers and independent renovation centers.

Sources: Web page, personal contact

34. California Products Corp.
Andover, MA
978/623.9980
www.californiapaints.com
CEO/President: Joseph Junkin
Estimated 2001 North American Coatings Sales: $50 mil.

California Products, founded in 1926, manufactures architectural coatings for consumers and contractors. A new plant, office and laboratory facility was completed in 2001. The company's Plexipave Sport Surfacing Systems, Deco Surfacing Systems and Fiberlock Technologies divisions produce specialty products for industrial-maintenance markets.

Subsidiaries: Plexipave Sport Surfacing Systems, Deco Surfacing Systems, Fiberlock Technologies Inc.
Sources: Web page, personal contact

34. Muralo Co. Inc., The
Bayonne, NJ
201/437.0770
www.muralo.com
CEO/President: James S. Norton
Estimated 2001 North American Coatings Sales: $50 mil.

Muralo manufactures an extensive line of architectural coatings sold through independent paint stores nationwide. The company also offers spackle, brush, patch, and repair products, and also markets Waverly waterborne interior finishes.

Recent Acquisitions: Muralo acquired the assets of the Graham Paint Co., Chicago, in March 2002.
Subsidiaries: Elder and Jenks Inc., Synkoloid and Graham Paint Co.
Sources: Web page, personal contact

34. Samuel Cabot Inc.
Newburyport, MA
978/465.1900
www.cabotstain.com
CEO/President: Samuel Cabot III, Chairman; John P. Schutz, Pres.
Estimated 2001 North American Coatings Sales: $50 mil.

Samuel Cabot Inc., founded in 1877, manufactures a line of premium exterior wood stains and surface-preparation products for both residential and commercial applications. The company is a major U.S. stain manufacturer and markets its products nationally through independent paint stores, lumberyards, home centers, and hardware stores. Customers are builders, painting contractors, architects, interior designers, and individual homeowners. A Western division is located in Union City, CA.

Sources: Web page, personal contact, Ward's Business Directory

35. Seibert Powder Coatings
Cleveland
216/631.2002
CEO/President: Sam Rhue
Estimated 2001 North American Coatings Sales: $48 mil.

Seibert Powder Coatings produces finishes primarily for the automotive industry, and also makes private-label products for the industrial, lawn and garden, architectural, and steel office-furniture markets. A liquid-coating facility operates under the name NPA Automotive. The company is affiliated with Nippon Paint of Japan and is known as NPA Coatings Inc.

Sources: Correspondence, personal contact

35. Color Wheel Paint & Coatings
Orlando, FL
407/293.6810
www.cwpaint.com
CEO/President: Richard K. Strube
Estimated 2001 North American Coatings Sales: $48 mil.

Color Wheel Paint & Coatings, started in 1960, manufactures and distributes architectural, commercial and industrial coatings and related equipment and supplies, primarily for the Florida marketplace. Paint is sold through 29 company-owned stores located in Florida and Georgia.

Sources: Web page, personal contact

36. Columbia Paint & Coatings
Spokane, WA
509/535.9741
www.columbiapaint.com
CEO/President: H.H. Larison
Estimated 2001 North American Coatings Sales: $45 mil.

Columbia Paint and Coatings, in business since 1947, manufactures and supplies architectural and industrial coatings to DIY consumers and contractors in the Pacific Northwest and Mountain West of the United States. The company operates 34 retail-wholesale stores in North Dakota, Montana, Utah, Idaho, Washington, and Alaska.

Sources: Website, correspondence, personal contact

37. U.S. Paint Corp.
St. Louis
314/621.0525
www.uspaint.com
CEO/President: Christian von der Heyde
Estimated 2001 North American Coatings Sales: $43 mil.

U.S. Paint specializes in the manufacture of advanced urethane, epoxy, high-solids and anti-fouling paints. High-performance paints, varnishes and primers are sold to the marine, aviation, and specialized industrial markets.

Parent company: NOF Corp.
Sources: Website, personal contact

38. Iowa Paint Manufacturing Co. Inc.
Des Moines, IA
515/283.1501
www.iowapaint.com
CEO/President: Thomas Goldman
Estimated 2001 North American Coatings Sales: $41 mil.

Iowa Paint, in business since 1933, is a regional coatings manufacturer concentrating on a 19-state area of the upper Midwest. Products are sold through 32 company-owned stores and independent paint dealers, and the product line includes a line of architectural coatings for consumer and contractor use. The company also makes industrial and industrial maintenance products.

Sources: Website, personal contact

39. Deft Inc.
Irvine, CA
949/474.0400
www.deftfinishes.com
CEO/President: William A. Desmond
Estimated 2001 North American Coatings Sales: $40 mil.

Deft, a 60-year-old business, produces a line of interior wood stains and finishes and commercial and military-specification primers and coatings.

Sources: Website, personal contact

39. United Gilsonite Laboratories
Dunmore, PA
570/344.1202
www.ugl.com
CEO/President: Malcolm MacKinnon
Estimated 2001 North American Coatings Sales: $40 mil.

United Gilsonite Laboratories, or UGL, manufactures more than 80 paint-specialty and home-maintenance products that are sold nationally and internationally at hardware stores, home centers, paint stores, and lumberyards. Principal brands are Zar and Drylok. UGL exports product to nearly 80 countries.

Sources: Website, personal contact

40. Magni Engineered Coatings
Birmingham, MI
248/647.4500
www.themagnigroup.com
CEO/President: Tim Berry
Estimated 2001 North American Coatings Sales: $38 mil.

Magni manufactures both solvent- and waterborne liquid coatings used for rust prevention on metal surfaces. Coatings are sold to coil coaters and other industrial users, and the company's primary market is the automobile industry. Magni also applies coatings for automobile parts and fasteners. The company sells coatings internationally.

Subsidiaries: Magni Industries, Depor Industries, Anti-Friction Enterprises Ltd. of Canada, and Magni Europe, Paris.
Parent company: The Magni Group Inc.
Sources: Web page, personal contact

41. Davis-Frost Inc.
Lynchburg, VA
434/846.5277
www.davisfrost.com
CEO/President: Calvin Henning
Estimated 2001 North American Coatings Sales: $35 mil.

Davis-Frost manufactures and markets industrial coatings nationwide and internationally. The company also produces and markets architectural coatings in the mid-Atlantic region through company-owned stores and dealers.

Sources: Website, personal contact

41. Sigma Coatings USA BV
Harvey, LA
504/347.4321
www.sigmacoatings.com
CEO/President: Marcel de Wolf
Estimated 2001 North American Coatings Sales: $35 mil.

Sigma Coatings USA is a subsidiary of Sigma Coatings B.V., a major international coatings producer. Sigma's worldwide sales are about $1.6 billion. In the United States, the company supplies products to the industrial, marine offshore and rail markets.

Parent company: SigmaKalon, part of Total Fina Elf Group
Sources: Website, personal contact

42. Hentzen Coatings Inc.
Milwaukee, WI
414/353.4200
CEO/President: Albert Hentzen
Estimated 2001 North American Coatings Sales: $33 mil.

Hentzen Coatings is a 79-year-old manufacturer of advanced-technology coatings for the Industrial OEM and military markets. The company markets a range of industrial coatings including waterborne, solvent-reducible and powder coatings.

Sources: Internet, personal contact

43. CFC International Inc.
Chicago Heights, IL
708/891.3456
www.cfcintl.com
CEO/President: Roger Hruby
Estimated 2001 North American Coatings Sales: $32 mil.

CFC International is a worldwide holography and specialty coated-film company. The company manufactures and markets chemically complex, multi-layer, transferable coatings and holographic technologies. The coatings are decorative and also provide functionality such as abrasion and chemical resistance. Total sales for 2001 were $62 mil., with about 48% from international operations.

Recent Acquisitions: CFC in 1999 acquired Oeserwerk Kg, a specialty chemical coatings company based in Germany.
Sources: 10K report, press releases, website

43. Aervoe Industries Inc.
Gardnerville, NV
775/782.0100
www.aervoe.com
CEO/President: David A. Williams
Estimated 2001 North American Coatings Sales: $32 mil.

Aervoe Industries Inc. (new name from Aervoe-Pacific Co.) is a manufacturer and marketer of coatings, lubricants and cleaners for industrial markets. The products are packaged in liquid and pressurized containers and include acrylic enamels for industrial, commercial and institutional applications. The recent acquisition of Zynolyte brand products and NAPP's Crown line of products expands Aervoe's products sold nationwide.

Recent Acquisitions: Aervoe acquired Zynolyte brand paints in United States from ICI Paints North America in December 2001. The company acquired North American Professional Products (NAPP) from C.C.L. Industries Inc. in January 2002.
Sources: Web page, personal contact

44. Gemini Industries
El Reno, OK
405/262.5710
www.gemini-coatings.com
CEO/President: Michael S. Smith, CEO; Roger Woolery, Pres.
Estimated 2001 North American Coatings Sales: $30 mil.

Gemini Industries primarily manufactures coatings for wood treatments, including interior and exterior stains, sealers, topcoats, and preservatives. The products are sold nationally from three distribution centers.

Parent company: Gemini Industries
Sources: Website, personal contact

44. INX International Ink Co.
Elk Grove Village, IL
847/981.9399
www.inxinternational.com
CEO/President: Rick Clendenning
Estimated 2001 North American Coatings Sales: $30 mil.

INX manufactures an extensive line of ink and coatings for all printing and packaging market segments of the graphic arts industry. It is a subsidiary of Sakata Inx Corp. of Japan. The company sells overprint varnishes, aqueous coatings, UV/EB coatings. and metal-decorating coatings along with a full line of ink. INX is the third-largest ink manufacturer in North America, with total North American sales of about $300 mil. in 2001. Coatings sales are estimated at 10% of the total.

Parent company: Sakata Inx Corp.
Sources: Web page, personal contact

44. Thermoclad Co.
Erie, PA
814/456.1243
www.thermoclad.com
CEO/President: Alan I. Renkis, CEO, Michael Gashgarian, President
Estimated 2001 North American Coatings Sales: $30 mil.

Thermoclad has produced industrial coatings since 1963. The company is primarily a powder-coatings manufacturer and makes thermoplastic vinyl and nylon powders applied by spray or fluid-bed technologies. The company has diversified into liquid coatings with high-solids and aqueous products.

Sources: Website, personal contact

45. Jotun Paints Inc.
Belle Chasse, LA
504/394.3538
www.jotun.com
CEO/President: Emile Oustalet
Estimated 2001 North American Coatings Sales: $27 mil.

Jotun Paints Inc. manufactures anticorrosion coatings systems for the industrial and marine markets worldwide. The company in 2000 acquired PRS, a regional coatings manufacturer. Jotun also operates Jotun Powder Coatings Inc., which provides high-performance powder and liquid functional coatings for the pipeline and epoxy-coated rebar marketplace. Jotun's worldwide sales totaled approximately $645 mil. in 2001.

Subsidiaries: Jotun acquired PRS from Valspar in 2000.
Parent company: Jotun A/S Sandefjord, Norway
Sources: Website, press releases, personal contact

45. McCormick Paints
Rockville, MD
301/770.3235
www.mccormickpaints.com
CEO/President: J. Casey McCormick
Estimated 2001 North American Coatings Sales: $27 mil.

McCormick Paints was founded in 1960 as a manufacturer and retailer of architectural paints for DIY consumers and contractors. Prodcuts are sold through 22 company-owned stores and independent paint dealers in the mid-Atlantic region. The company also makes heavy-duty maintenance and traffic-marking coatings, and is the mid-Atlantic region distributor for DuPont industrial coatings. McCormick also sells products overseas.

Sources: Web page, personal contact

46. Sheboygan Paint Co.
Sheboygan, WI
920/458.2157
www.shebpaint.com
CEO/President: Brock Brownrigg, President
Estimated 2001 North American Coatings Sales: $26 mil.

Sheboygan Paint, started in 1921, is a manufacturer of custom industrial coatings also sells a limited amount of architectural paint in Wisconsin and Georgia.

Sources: Website, personal contact

47. Hempel Coatings (USA) Inc.
Conroe, TX
936/523.6000
www.hempel.com
CEO/President: Thomas Berfenfeldt
Estimated 2001 North American Coatings Sales: $25 mil.

The Hempel Group of companies was founded in 1915 in Denmark. Hempel Marine Coatings is a major manufacturer of marine coatings and also produces coatings for shipping containers, yacht coatings and industrial protective and maintenance coatings. Sales of the total Paint group were $485 mil in 2001. U.S. sales are estimated at $25 mil. Hempel recently built a new facility in Conroe, TX, doubling its production capacity in North America.

Parent company: Hempel's Marine Paints AS
Sources: 2001 annual report, website, internet information, personal contact

47. Progress Paint Manufacturing Co.
Louisville, KY
502/587.8685
www.progresspaint.com
CEO/President: Noel Booker
Estimated 2001 North American Coatings Sales: $25 mil.

Progress Paint is the parent company of Gray Seal and Kurfees Paint. The company manufactures architectural and industrial-maintenance coatings for sale through independent paint stores, and operates two production plants and one paint store in Louisville. {roducts are also sold through distributors to other outlets.

Subsidiaries: Blatz Paint Co.
Sources: Web page, personal contact

47. Daubert Chemical Co.
Chicago
708/496.7350
www.daubert.com
CEO/President: Mike Dwyer
Estimated 2001 North American Coatings Sales: $25 mil.

Daubert Chemical Co., founded in 1935, is an industrial coatings manufacturer specializing in corrosion-prevention coatings, industrial anti-skid coatings, sound-deadening coatings and specialty adhesives, and also makes concentrate formulations for aerosol packagers. Sales are primarily direct, with some distributor sales. The company recently acquired the adhesives and coatings businesses of American Industrial Technology Inc. Total sales for 2001 were $36 million, with coatings sales of $25 million.

Parent company: Daubert Industries Inc.
Sources: Web page, personal contact

47. Eastern Chem-Lac Corp.
Malden, MA
781/322.8000
CEO/President: David Liebman
Estimated 2001 North American Coatings Sales: $25 mil.

Eastern Chem-Lac is an industrial coatings manufacturer offering a line of environmentally compliant coatings. The company also makes conductive coatings for electronic enclosures and powder coatings.

Subsidiaries: Doe and Ingalls Inc.
Source: Personal contact

48. Anchor Paint Manufacturing Co.
Tulsa, OK
918/836.4626
www.anchorpaint.com
CEO/President: Chip Meade, Owner; Chuck Taylor, Pres.
Estimated 2001 North American Coatings Sales: $24 mil.

Anchor Paint manufactures architectural paints, enamels, varnishes, sealers, and coatings sold through six company stores and dealers. The company also manufactures industrial maintenance and industrial coatings for metal substrates, and develops customer-specific formulations.

Sources: Web page, personal contact

49. Johnson Paints Inc.
Fort Myers, FL
941/489.2332
www.flexbon.com
CEO/President: Terry Phillips, Director
Estimated 2001 North American Coatings Sales: $22 mil.

Johnson Paints primarily manufactures architectural coatings for consumers and contractors. Its products are sold under the name "Flex Bon Paints" in 24 company-owned paint stores and seven dealers in Florida. It also sells DuPont and Tremco high-performance coatings. Sherwin-Williams purchased the assets of Johnson Paints in March 2002. Johnson Paints will continue to operate under the Flexbon brand name.

Parent company: Sherwin-Williams Co.
Sources: Website, personal contact

49. Northwest Coatings Corp.
Oak Creek, WI
414/762.3330
www.northwestcoatings.com
CEO/President: Dennis Gaber
Estimated 2001 North American Coatings Sales: $22 mil.

Northwest Coatings, founded in 1970, manufactures waterborne and UV /EB coatings for industrial applications. All products are solvent-free.

Sources: Web page, personal contact

50. CEILCOTE Corrosion Control
Brecksville, OH
440/717.7037
www.ceilcotecc.com
CEO/President: Phil Knudson
Estimated 2001 North American Coatings Sales: $20 mil.

Ceilcote provides corrosion control coatings, linings and flooring systems for concrete and steel surfaces. The company is affiliated with Ceilcote International and is part of SGL Accotec, the global corrosion-protection division of SGL Carbon Group of Germany.

Parent company: SGL Carbon Group, Germany
Sources: Website, personal contact

50. Tennant Co.
Minneapolis
763/540.1200
www.tennantco.com
CEO/President: Janet M. Dolan
Estimated 2001 North American Coatings Sales: $20 mil.

Tennant Co. is a producer of floor coatings, floor-maintenance machinery and related products for the nonresidential flooring industry. Products include coatings and repair materials for concrete and wood floors. Total company sales were $423 mil. in 2001; North American sales were $328 million. Coatings sales were $20 mil.

Sources: Website, press releases, 10K report

50. Futura Coatings Inc.
St. Louis
314/521.4100
www.futuracoatings.com
CEO/President: Charles Zajaczkowski
Estimated 2001 North American Coatings Sales: $20 mil.

Futura Coatings, established in 1978, specializes in the manufacture polyurethane coatings, elastomers and structural resins and also makes other coatings, resins and binders. The company's products are used for various high-performance applications, including linings, pipelines, flooring, decking, roof coatings, architectural coatings, and artificial-environment coatings. Futura has international distribution and also provides toll manufacturing.

Parent company: PMC Group
Sources: Website, personal contact

50. United Coatings
Greenacres, WA
509/926.7143
www.unitedcoatings.com
CEO/President: Keith Coultrap
Estimated 2001 North American Coatings Sales: $20 mil.

United Coatings, founded in 1919, manufactures a range of elastomeric polymers, including 100%-acrylic coatings and polyurethane, silicone and butyl-based polymers for use in roof, architectural and industrial coatings. Products are sold through a network of distributors and contractors worldwide.

Sources: Website, personal contact

50. Aexcel Corp.
Mentor, OH
440/974.3800
www.aexcelcorp.com
CEO/President: John S. Milgram
Estimated 2001 North American Coatings Sales: $20 mil.

Aexcel manufactures coatings for industrial OEM applications. The company makes high-performance polyurethanes, waterbornes, high-solids coatings, and other advanced compliant-coatings systems. Aexcel also produces a range of traffic-safety paints sold throughout the United States.

Sources: Website, personal contact