145th Anniversary Commemorative Series, Vol.6

Global Integration Accelerated - Our Unwavering Pursuit of Growth (Expansion & Evolution Phase: 2000–2026)

Acceleration of Our Growth Strategy in Japan

In the early 2000s, the Nippon Paint Group undertook decisive business restructuring and sales integration initiatives aimed at strengthening its domestic operating base and preparing for the next phase of growth. In 2002, the Group entered the fine chemicals field through the establishment of Nippon Fine Chemical Coatings Co., Ltd., a joint venture with Dainippon Ink and Chemicals, Incorporated. In 2004, we integrated our decorative paint sales companies across Japan to form Nippon Paint Sales Co., Ltd., unifying our sales network and strengthening our ability to respond to market needs. That same year, the Wuthelam Group, a privately held investment company, made a capital investment in Nippon Paint Marine Coatings Co., Ltd., establishing a framework that positioned the Group for global expansion in the marine coatings business as well. Together, these initiatives reinforced the strength of our domestic operations and laid the organizational and strategic groundwork that continues to support our overseas business expansion.

Reinforcing Domestic Operations While Expanding Overseas Business—Establishing a Solid Position Across Southeast Asian Markets

While continuing to strengthen our domestic business foundation in the 2000s, we simultaneously pursued a growth strategy focused on overseas operations, particularly in Asia. Guided by our vision of “Asia Clear No.1 (Asia’s No.1 Paint Manufacturer),” we accelerated business expansion through joint ventures centered on the Wuthelam Group. In particular, NIPSEA China, our China business, grew into a core pillar of our overseas operations, while we also established leading market positions across Southeast Asia. In China, the number of our sites increased from five around 2000 to 16 by 2010. In the DIY segment (now the TUC segment) of our decorative paints business for general consumers, we leveraged superior brand strength to build a robust distribution network.
In Singapore and Malaysia, we achieved the top market share in decorative paints. Viewing India and Pakistan as promising future growth markets, we established subsidiaries in both countries, further extending our footprint into South Asia and the Middle East. In 2009, NIPSEA Management Company was established to integrate the management of our Asia joint ventures with the Wuthelam Group, and it began providing management guidance and oversight to Group companies. This initiative unified business operations across Asia and established a framework that set the stage for sustained growth in the region.

Expanding Our Business Foundation Beyond Asia to Europe and the Americas

In 2014, anticipating further growth amid increasingly competitive global markets, the Company changed its name to Nippon Paint Holdings Co., Ltd. and transitioned to a holding company structure. At the same time, the paint and coatings business was transferred to the newly established Nippon Paint Co., Ltd. In 2015, Nippon Paint Co., Ltd. was subsequently reorganized into separate companies by business segment - automotive coatings, industrial coatings, decorative paints, and surf chemicals - creating a structure that enhanced both specialization and operational agility across each business. In the same year, Nippon Paint Holdings Co., Ltd. formed a strategic partnership with the Wuthelam Group and converted eight joint ventures and 38 affiliated companies into consolidated subsidiaries. This significantly strengthened the management framework for our Asian operations, enabling more direct engagement in business activities across the region and firmly positioning overseas business as a central pillar of the Group’s overall strategy.
In 2016, Bollig & Kemper (now Nippon Paint Automotive Europe) joined the Group, followed in 2017 by Dunn-Edwards in the United States. Both companies possess strong brand recognition and solid market positions in their respective regions. By integrating their strengths, we expanded our business foundation beyond Asia to encompass the global market, including Europe and the Americas.

Strengthening Global Competitiveness Through Growth Driven by Existing Businesses and M&A

From 2019 onward, Nippon Paint Holdings Co., Ltd. further accelerated its M&A strategy, guided by Maximization of Shareholder Value (MSV) as its sole mission. In that year, the Group significantly broadened its business scope by welcoming Betek Boya in Türkiye and DuluxGroup in Australia into the Group. These acquisitions represented a concrete embodiment of our Asset Assembler model in action and marked a key turning point in accelerating growth driven by both the organic expansion of existing businesses and inorganic growth through M&A.
During the same period, Nippon Paint Holdings Co., Ltd. also strengthened its management structure by appointing Outside Directors with deep expertise in M&A and corporate management, alongside senior executives with extensive global experience. In 2021, the Company transitioned to a Company with Three Committees structure, further enhancing governance and management transparency while reinforcing the Board’s supervisory functions. Through these initiatives, the Maximization of Shareholder Value (MSV) philosophy - and the business model designed to realize it - became firmly embedded across the Group, significantly strengthening our competitiveness in global markets.

Growing into the Market Leader in 14 Countries Worldwide

Entering the 2020s, the Group focused on integrating its global management structure while continuing to expand its business domains. In 2021, we converted our Asia joint ventures with the Wuthelam Group into wholly owned subsidiaries and acquired the Group’s Indonesia business, thereby unifying decision-making and operations across our Asia businesses. In 2022, we further strengthened our business foundation in Europe through the acquisition of Cromology and JUB, both European paint manufacturers.
That same year in Japan, the back-office and support functions of Nippon Paint Group companies were transferred to Nippon Paint Corporate Solutions Co., Ltd., establishing a framework to support domestic operations more effectively and efficiently.
Nippon Paint Holdings Co., Ltd. now plays a central role in large-scale M&A, which has emerged as a new pillar of growth alongside financing. At the same time, the Group has shifted to an autonomous and decentralized management model that respects the independence of partner companies in each region, while supporting their self-driven growth and voluntary collaboration within the Group. This approach extends to key partner companies, including the NIPSEA Group, the Japan Group, Dunn-Edwards, DuluxGroup, and AOC.
In 2024, Alina, a manufacturer of paints and adjacencies products, joined the Group, followed in 2025 by AOC, a specialty formulator^* operating primarily in the United States and Europe. By welcoming trusted local leaders into the Group, we continued to broaden our business domains, with consolidated revenue reaching 1.8 trillion yen. Today, the Group holds the No. 1 market share position in 14 countries worldwide.
Looking ahead, we will continue to take on new challenges and pursue growth with unwavering commitment as we move into a new era.