AkzoNobel has boosted its presence in Asia with the acquisition of Malaysian paints and coatings manufacturer Colourland paints. Financial terms were not revealed.

The transaction includes all of Colourland’s relevant technologies, patents, trademarks and assets. Based in Johor Bahru, Colourland has an annual turnover of more than 80 million Malaysian ringgit ($19 million).

Commenting on the acquisition, AkzoNobel’s CEO Thierry Vanlancker said: “We are proud to add the well-established brands and expertise of Colourland Paints to our business.  We are looking forward to unlocking the value it will bring as we accelerate our Winning together: 15 by 20 strategy and increase our footprint in this fast-growing region.”

Unveiled in March this year, AkzoNobel’s “Winning together: 15 by 20” strategy is designed to create a focused paints and coatings company and achieve 15% return on sales by 2020.

In separate news, AkzoNobel announced on Oct. 1 that it has completed its acquisition of Romanian decorative paints group Fabryo. The purchase includes two production facilities and six distribution centers for decorative paints, adhesives and mortars, including one of the largest decorative paints factories in the region, with capacity for further expansion.

The business generated revenue of around €45 million in 2017 and includes the key brands Savana, APLA and InnenWeiss.