8. Kansai Paint Co. Ltd.

Osaka, Japan

81.6.6203 5531

President and CEO: Kunishi Mouri

www.kansai.com

2022 Coatings Sales: Approx. $3.84 billion USD (￥509,070 million) for fiscal year ending 3/31/23

Established in 1918, Kansai Paint Co. Ltd. is one of the largest coatings manufacturers in Japan and Africa. The company also holds leading market positions in China, India, and Southeast Asia, and has operations in Europe, the Americas, and the Middle East. The company supports customers in a range of markets, including automotive, industrial, building, and marine. Kansai Paint specializes in the manufacture and sale of many types of coatings, as well as the design, manufacture, and sale of coating equipment. It employs approximately 15,908 people.

Kansai Paint Co. Ltd.’s core business areas are automotive coatings, industrial coatings, decorative coatings, and marine and protective coatings. For the fiscal year ended March 31, 2023, the company reported net income of ￥509,070 million, up 21.4% compared to the fiscal year that ended March 31, 2022. Operating income for the same time period was ￥32,077 million, up 6.6% compared to the prior-year period.

In Japan, the automotive coatings sector sales increased 10%, as sales in the industrial, decorative, automotive refinishing, and protective coatings sectors increased 17.3%. In India, although decorative coatings saw a decline in demand, it and automotive coatings saw sales increases of 31.3% and 41.9%, respectively. In Turkey, net sales in automotive coatings were up 32.9%, while sales in industrial and decorative coatings were down 72.1%, mainly attributed to increases in raw material and energy costs. China sales decreased year on year, while sales in Indonesia, Thailand, and Malaysia increased. Overall, Asia saw an 18.1% increase in automotive coatings and 3.3% increase in decorative coatings. In Africa, the receipt of temporary COVID-related insurance money assisted in a 15.8% increase in automotive coatings sales, and 55% in industrial and decorative coatings sales. In North America, automotive coatings sales were up 31.6%, but decorative and industrial coatings sales were down 55%, mainly attributed to rising raw material costs and the absence of the previous year’s COVID relief funds.

Notes: As noted earlier in this article, Kansai Paint agreed in June 2022 to sell its Africa business to AkzoNobel, subject to approvals by relevant authorities.

In December 2022, KANSAI HELIOS Coatings GmbH, a European consolidated subsidiary of Kansai Paint Co., Ltd., agreed with Becker Industrie SAS, a subsidiary of Beckers Group, to acquire its global Railway Coatings business assets. After its completion of closing conditions, KANSAI HELIOS will acquire all business assets of Beckers in the Railway Coatings segment, such as formulas and railway homologations, and the customer database (excluding customers from India and China). As a part of this transaction, KANSAI HELIOS will establish its first subsidiary in France, KANSAI HELIOS France SAS.

In February 2022, KANSAI HELIOS Coatings GmbH completed its acquisition of CWS Lackfabrik GmbH (“CWS"). KANSAI HELIOS acquired all shares of CWS and has become its new owner.

Source: Annual Report, press releases