Japanese coatings company Kansai Paint has boosted its presence in Europe with the purchase of Slovenia’s Helios Coatings Group. The two companies signed a share purchase agreement, under which Kansai Paint will acquire 100% of Helios’s shares, on Dec. 6.

The transaction is expected to be finalized in the next two to three months, subject to antitrust approval. Financial terms were not disclosed.

Once completed, Helios will become Kansai Paint’s European center for R&D, innovation and business development. President of Kansai Paint, Hiroshi Ishino, said the Helios group, with nearly €400 million in turnover, represents a pillar in the important European market. He commented: “We already had a strong presence in Asia, Africa, and Middle East but very limited in Europe, so the purchase was made with a purpose to develop and expand the coating business in that continent.”

The acquisition follows the purchase in October of Malaysian paint manufacturer Sancora Paint Industries (SPI). Kansai Paint said Malaysia is a market that will likely enhance the group’s presence in the ASEAN region.

SPI is one of the country’s leading decorative paints manufacturers with sales of around 62 million Malaysian Ringitt, or $14 million. Kansai Paint said the acquisition will expand and complement its product portfolio and sales network as well as further enhancing its market presence and competitiveness.