JOHANNESBURG, South Africa – Paint and coatings manufacturer Kansai Plascon Africa Limited has partnered with Astra management and staff to acquire a 63.25 percent interest in the issued share capital in Astra Industries Limited from the Finance Trust of Zimbabwe (Private) Limited. The deal, worth approximately $5.5 million, will place Kansai Plascon at the head of the coatings market in Zimbabwe.
Astra Paints, Astra’s major subsidiary, is Zimbabwe’s leading paint company. The company’s other operating subsidiary is Astra Chemicals, which markets and distributes a diversified range of chemical products. Astra Paints has two operating factories in Harare and Bulawayo, Zimbabwe.
One of Kansai Plascon’s key strategies is to expand its leadership position into the rest of Africa. The inclusion of Astra Paints in Zimbabwe further strengthens Kansai’s presence in southern Africa, as it already has factories and brand presence in Botswana, Namibia, Zambia and Malawi. Where Kansai Plascon does not have a factory in a region, it exports out of South Africa into retail outlets and directly to contractors. The company has been exporting to various countries in Africa since 2004, including Mozambique, Seychelles, Mauritius, Kenya and Nigeria.
According to Hiroshi Ishino, President of Kansai Paint, this investment is the first major acquisition since Kansai Paint acquired Freeworld in 2011.