Top companies report. - Free Online Library

Top companies report. - Free Online Library To say 2009 was a tough year for the paint and coatings industrydoesn't even begin to put into perspective the hardship feltthroughout the supply chain. Spurred by the global recession, revenueplunged across the board in the double-digit ranges. From the leadingmultinationals to smaller regional players, no paint firm was immune.Twenty-to-thirty-year industry veterens told me the sales drops wereunprecedented, the likes of which they had never seen before and hope tonever see again.

As we go to press we're well into the new year and business is much healthier. Looking at the Top Companies for fiscal 2009, not much has changed in terms of who the key players are. Rohm and Haas is gone, its powder business now in the hands of AkzoNobel; Wattyl will be appearing for the last time, its acquisition by Valspar recently announced; and it's likely that this report could be Freeworld Coatings' curtain call as well.

2010 Top 20 * 01 AkzoNobel * 02 PPG * 03 Henkel * 04 Sherwin-Williams * 05 DuPont * 06 RPM * 07 BASF * 08 Valspar * 09 Kansai Paint * 10 Nippon Paint * 11 Sika * 12 Jotun * 13 3M * 14 Masco * 15 DAW * 16 HB Fuller

* 17 Comex * 18 Hempel * 19 Beckers * 20 Asian Paints Tim Wright Editor 2010 Top COMPANIES 1. AkzoNobel (The Netherlands) $12.154 billion 2. PPG (USA) $9.115 billion 3. Henkel (Germany) $8.680 billion 4. Sherwin-Williams (USA) $5.824 billion 5. DuPont (USA) $3.4 billion 6. RPM (USA) $3.368 billion 7. BASF (Germany) $2.976 billion 8. Valspar (USA) $2.640 billion 9. Kansai Paint (Japan) $2.397 billion 10. Nippon Paint (Japan) $2.334 billion 11.

Sika (Switzerland) $2.110 billion 12. Jotun (Norway) $2.050 billion 13. 3M (USA) $2.0 billion 14.

Masco (USA) $1.56 billion 15. DAW (Germany) $1.255 billion 16. HB Fuller (USA) $1.234 billion 17. Comex (Mexico) $1.2 billion 18. Hempel (Denmark) $1.152 billion 19. Beckers (Sweden) $1.075 billion 20. Asian Paints (India) $1.059 billion 21. Shawcor (Canada) $940 million 22.

Chugoku Marine Paints (Japan) $936 million 23. Dai Nippon Toryo (Japan) $743 million 24.

Tikkurila (Finland) $740 million 25. Benjamin Moore (USA) $650 million 26. Brillux (Germany) $625 million 27. Orica (Australia) $555 million 28. Forbo (Switzerland) $524 million 29. Arch (USA) $379 million 30. Helios (Slovenia) $371 million 31. Berger Paints (India) $355 million 32. Fujikura Kasei (Japan) $350 million 33. National Paints (Jordan) $328 million 34. Freeworld Coatings (South Africa) $326 million 35. Wattyl (Australia) $302 million 36. JW Ostendorf (Germany) $300 million 37. CIN Group (Portugal) $298 million 38. Hugger Group (Denmark) $267 million 39. Dyrup (Denmark) $261 million 40. Teknos Group (Finland) $259 million 41. Kelly-Moore (USA) $250 million 42. Rock Paint (Japan) $237 million 43. Industrias Titan (Spain) $215 million 44. KCC (South Korea) $212 million 45. Shinto Paint (Japan) $211 million 46. Dunn-Edwards (USA) $210 million 47. TOA Group (Thailand) $205 million 48. Yung Chi (Taiwan) $200 million 49. Boero Group (Italy) $185 million 50. FLH Group (Switzerland) $180 million 51. Boysen (Phillipines) $175 million 52. Grebe Group (Germany) $170 million 53. Yasar (Turkey) $155 million 54. Tohpe Corp.

(Japan) $154 million 55. Tambour (Israel) $150 million 56. ICA Group (Italy) $145 million 57. Inver SpA (Italy) $140 million 58. Diamond Vogel (USA) $135 million 59. Empils (Russia) $ 130 million 60. Cloverdale Paint (Canada) $120 million ALPHABETICAL LISTING 3M-13 AKZO NOBEL-1 ARCH-29 ASIAN PAINTS-20 BASF-7 BECKERS-19

BENJAMIN MOORE-25 BERGER PAINTS-31 BOERO GROUP-49 BOYSEN PAINTS-51 BRILLUX-26 CHUGOKU MARINE PAINT-22 CIN-37 CLOVERDALE PAINTS-60 COMEX-17 DAI NIPPON TORYO-23 DAW-15 DIAMOND VOGEL PAINTS-58 DUNN EDWARDS-46 DUPONT-5 DYRUP-39 EMPILS-59 FLH GROUP-50 FLUGGER-38 FORBO-28 FREEWORLD COATINGS-34 FUJIKURA KASEI-32 GREBE GROUP-52 H.B. FULLER-16 HELIOS-30 [ILLUSTRATION OMITTED] HEMPEL-18

HENKEL-3 ICA GROUP-56 INDUSTRIAS TITAN-43 INNVER SPA-57 JOTUN-12 JW OSTENDORF-36 KANSAI PAINT-9 KCC-44 KELLY-MOORE-41 MASCO-14 NATIONAL PAINTS-33 NIPPON PAINT-10 ORICA-27 PPG-2 ROCK PAINT-42 RPM-6 SHAWCOR-21 SHERWIN-WILLIAMS-4 SHINTO PAINT-45 SIKA-11 TAMBOUR-55 TEKNOS GROUP-40 TIKKURILA-24 TOA PAINT-47 TOPHE-54 VALSPAR-8

WATTYL-35 YASAR-53 YUNG CHI-48 [ILLUSTRATION OMITTED] 01 AkzoNobel N.V. Amsterdam, the Netherlands www.akzonobel.com PUBLIC COMPANY YEAR ESTABLISHED: 1994 HEADCOUNT: 57, 060 [Red Down Triangle] (2008: 58,300) COATINGS REVENUES: $12.154 billion [Red Down Triangle] (2008: $14.124) TOTAL REVENUES: $19.375 billion [Red Down Triangle] (2008: $22.658) NET INCOME: $397 million [Green Up Triangle] (2008: $1.6 billion loss) R&D BUDGET: $465 million [Red Down Triangle] (2008: $521) SEGMENT BREAKDOWN * Decorative Paints: 34% * Performance Coatings: 29% * Specialty Chemicals: 37% KEY PEOPLE Hans Wijers, CEO and chairman of the board of management: Tex Gunning, managing director of AkzoNobel Decorative Paints; Leif Darner, board member responsible for Performance Coatings; In 2009 AkzoNobel was not immune to the effects of the financial and economic crisis. The largest global paint and coatings company saw its coatings revenue fall to $12 billion from $14 billion the year before. Lower demand in Decorative Paints--Europe, Americas and Asia--for the full-year resulted in nine percent lower volumes than 2008. In Performance Coatings--Marine and Protective Coatings, Car Refinishes, Industrial Coatings, Wood Finishes and Adhesives, and Powder Coatings-revenue was down 12 percent, due to lower demand across all businesses.

After its acquisition of ICI in 2008, AkzoNobel became the largest global supplier of decorative

paints with a 15 percent market share. In addition to integrating the ICI business, a key strategy for Akzo in 2009 was a continued focus on expanding in emerging economies to offset weak demand in mature markets. More than 35 percent of revenue was recorded from high growth markets.

AkzoNobel continued its push into high growth markets. In Brazil, AkzoNobel's Packaging Coatings business increased its reactor capacity while the Decorative Paints unit is investing in the "Tudo de Cor" (Everything in Color) program. This aims to build strong relationships with local communities and add color to peoples' lives by, for example, painting buildings in deprived neighborhoods.

Emerging Europe is another high growth region AkzoNobel has targeted for expansion. The new solventbased Decorative Paints plant in Pilawa, Poland, has been successfully scaled up while acquisitions were completed for Wood Adhesives in the Czech Republic/Romania and Slovakia.

During the year, plans were announced to build new capacity for Specialty Plastics and Coil Coatings in India.

In China, the largest growth market of all, the roll out of 184 new controlled Decorative Paints stores was completed. The new Protective Coatings factory in Suhzou, which opened in late 2008, is running at full capacity and the firm increased its footprint in the country with a new technology center for Powder Coatings that opened in Ningbo.

In the broader Asia Pacific region AkzoNobel invested in a new R&D laboratory in Singapore for its Marine and Protective Coatings business. Investment in increased distribution and sales strength were also made in Decorative Paints Indonesia and Vietnam.

On the acquisition and divestiture front, in Decorative Paints, AkzoNobel acquired two distributors during 2009 in Continental Europe. In Performance Coatings, Akzo divested Chemcraft Brazil and the non-stick businesses. It also completed the acquisitions of SABA and Kronospan in East Europe and announced the acquisition of the Dow Powder Coatings assets.

RELATED ARTICLE: Focus on Powder Coatings The general industrial market for coating metal is large and fragmented. AkzoNobel is focusing on powder coatings because this is the most sustainable form of coating for metal in this particular market. During the year, Akzo announced the acquisition of the Dow Chemical Company's powder coatings business. Originally purchased by Dow in 2009 as part of its acquisition of Rohm and Haas, the business brings key technological know-how and synergy potential to AkzoNobel's powder coatings activities. It will also enhance the company's position in the U.S. The acquired business has global sales of several hundred million dollars and employs approximately 700 people, operating factories in the U.S., Europe and China. As well as complementing AkzoNobel's position in key strategic markets--especially the U.S., automotive and trade coaters--the deal also introduces MDF and thermoplastic capabilities to AkzoNobel's powder coatings portfolio.

Also during 2009, AkzoNobel inaugurated its Powder Coatings Technology Centre in Ningbo, Zhejlang province, China. This R&D center has a state-of-the-art laboratory and will have an initial team of 20 scientists and technicians organized in centers of expertise for the strategic market sectors. The new facility is located at the existing AkzoNobel powder coatings manufacturing site in Ningbo. All the centers of expertise--automotive, architectural, furniture, domestic appliance, IT and general industrial--and their corresponding marketing teams will be located at the center.

AkzoNobel, owner of the brands Interpon and Resicoat, is the world's largest manufacturer of powder coatings.

02 PPG Industries Pittsburgh, Pennsylvania/USA www.ppg.com PUBLIC COMPANY YEAR ESTABLISHED: 1883 HEADCOUNT: 39,900 [Red Down Triangle] (2008: 44,900) COATINGS REVENUES: $9.115 billion [Red Down Triangle] (2008: $10.935) TOTAL REVENUES: $12.239 billion [Red Down Triangle] (2008: $15.849) NET INCOME: $336 million [Red Down Triangle] (2008: $538) R&D BUDGET: $403 million [Red Down Triangle] (2008: $468) SEGMENT BREAKDOWN * Performance Coatings: 34% * Industrial Coatings: 25% * Architectural Coatings EMEA: 16% * Optical & Specialty Materials: 8% * Commodity Chemicals: 10% * Glass: 7% KEY PEOPLE Charles Bunch, CEO and chairman; J. Rich Alexander, senior VP, performance coatings; PierreMarie De Leener, senior VP, architectural coatings EMEA and president, PPG Europe; Charles Kahle, chief technology officer and VP, research and development, coatings.

In 2009, coatings revenue for PPG fell to $9 billion, a drop of nearly $2 billion. Sales in the Performance Coatings segment--Aerospace, Architectural Coatings Americas and Asia Pacific, Automotive Refinish and Protective and Marine Coatings--decreased $621 million or 13 percent in 2009. Sales decline as a result of lower sales volumes, particularly in the automotive refinish business and architectural coatings--Americas and Asia Pacific businesses. The volume decline in automotive refinish was most pronounced in the U.S. and Europe, while the decline in architectural coatings was mainly in the U.S. and Latin America.

Sales in the Industrial Coatings segment--Automotive Coatings, Industrial Coatings and Packaging

Coatings--decreased $931 million or 23 percent in 2009 due to lower sales volumes, most notably in the automotive and industrial businesses, reflecting the severe decline in demand resulting from the global recession. Volume declines in the segment occurred in all major regions.

In the Architectural Coatings-EMEA (Europe, Middle East and Africa), sales decreased $297 million or 13% in 2009.

PPG continued to expand its footprint in the Asia Pacific region, which posted record earnings for the year and now represents approximately 18 percent of PPG's coatings portfolio.

In 2009, PPG launched a cool roof color registration initiative with the Cool Roof Rating Council (CRRC) and the Energy Star Cool Roof program. The initiative is designed to help metal roof manufacturers expedite registration of their cool roof coating colors enabling them to promote tax credits and meet "green" building criteria.

The initiative results from a modification Energy Star Cool Roof recently made to its Cool Roof program, which now accepts products registered with CRRC under its Color Family Program. Under the CRRC program, PPG can register a "representative" color in one of 17 standard color families, provided it has met CRRC's prescribed three-year aged exposure criteria. New or additional colors within the same color family can be added to the CRRC registry without three-year test data as long as they meet CRRC's initial ratings criteria for solar reflectance (SRV), thermal emittance (TE) and color. PPG can help metal roofing manufacturers register these colors with CRRC and Energy Star Cool Roof under their own company names.

PPG can accelerate duel color registration with CRRC and Energy Star Cool Roof because it is the coatings manufacturer with registered representative color standards, including three-year test data, for all 17 CRRC color families in both polyvinylidene fluoride (PVDF) and siliconized-polyester coating technologies. Flagship Duranar ULTRA-Cool coatings from PPG are based on PVDF technology. Super II ULTRA-Cool coatings by PPG are made with siliconized-polyester resins.

PPG currently has 154 colors registered with CRRC. RELATED ARTICLE: Vacuum Metalized Coating In 2009, PPG Industrial Coatings introduced VIVATI VM coatings, a highly chromatic, highperformance vacuum metalized coating system that delivers a new level of vibrant color to consumer products.

Vacuum metalized coatings are used to place a thin metal layer on plastic substrates, and they decorate many smartphones, music players and other hand-held devices in bright, shiny colors.

Vacuum metalized coatings also adorn toys, personal computers, automotive trim sporting goods, decorative fixtures and many other products.

PPG's new vacuum metalized coating system represents a significant advance in the industry.

According to Andrew Stadler, global product manager for PPG Industrial Coatings, "Manufacturers typically purchase three coating layers--primer, base coat and clear coat--from multiple suppliers. VIVATI VM coatings offer the first integrated system from a single supplier."

As a single-source coating system, Stadler said VIVATI VM coatings enable manufacturers to more effectively manage the vacuum metalizing process. "Because the primer, base and clear coats all come from one supplier, they work together for performance and application and give manufacturers a larger operating window with fewer mistakes and higher new products and

color."

Stadler added that vacuum metalizing operations using single source VIVATI VM coatings require less training than those using multiple suppliers, which can help manufacturers to reduce risk and launch new products and new colors more quickly.

03 Henkel AG & Co. KGaA Dusseldorf, Germany www.henkel.com PUBLIC COMPANY YEAR ESTABLISHED: 1876 HEADCOUNT: 51,361 [Red Down Triangle] (2008: 55,142) COATINGS REVENUES: $8.680 billion [Red Down Triangle] (2008: $9.849) TOTAL REVENUES: $18.929 billion [Red Down Triangle] (2008: $20.791) NET INCOME: $875 million [Red Down Triangle] (2008: $1.814) R&D BUDGET: $552 million [Red Down Triangle] (2008: $631) SEGMENT BREAKDOWN * Adhesives Technologies: 46% * Laundry & Home Care: 30% * Cosmetics/Toiletries: 22% * Corporate: 2% KEY PEOPLE Kasper Rorsted, CEO and chairman of the management board; Thomas Geitner, executive vice president, adhesive technologies.

Henkel's Adhesive Technologies business sector, which posted sales of $8.6 billion in 2009, down from $9.8 billion the year before, offers decoration and renovation products, adhesive and correction products for home and office, building adhesives and industrial and structural adhesives, sealants and surface treatment products.

The Adhesive Technologies business sector leads the market in over 30 emerging economies, according to the company. Henkel generates 38 percent of total sales in growth regions. In 2004, the overall share of these emerging markets was just 26 percent.

Adhesive Technologies was fairly quiet on the acquisition and divestiture front after the purchase of National Starch in 2008. However, the business sector increased its shareholding in joint venture companies in Turkey and China during the year. The major disposal in the year under review was of the North American consumer adhesives business operated under the Duck brand.

The financial crisis exerted a negative impact on all the sales markets of the Adhesive Technologies business sector. There was a significant decline in production, particularly in the steel, automotive and electronics industries. The capital goods sector and the construction industry likewise registered heavy contraction. Private consumption also suffered from the consequences of the economic crisis.

Henkel's Craftsmen, Consumers and Building business (28 percent of Adhesive Technologies' sales) produces a wide range of adhesives, sealants, correction products and system solutions for home, school and office as well as for refurbishment, home construction applications and for the building industry. In 2009, performance was affected not only by consumer reluctance and destocking by Henkel's customers but also the continuing recession affecting the building industry.

Even against this background, Henkel continued to pursue the launch of innovative products such as the new building adhesive under the Pattex brand.

The effects of the global economic and financial crisis were particularly noticeable in the Transport and Metal business (17 percent of Adhesive Technologies' sales), which supplies adhesives, sealants, cleaners, lubricants and surface treatment products for major international customers in the automotive and metal processing industries.

The General Industry business (14 percent of Adhesive Technologies' sales) provides adhesives, sealants, cleaners, lubricants and surface treatment products for industrial maintenance, repair and overhaul as well as for a multitude of industries ranging from household appliance producers to wind power sector. The business suffered from the decline in industrial production and a low level of propensity to invest, particularly in the case of durable goods. Sales overall were well below the prior-year levels for this segment. Henkel's operations involving products for industrial maintenance, repair and overhaul under the Loctite brand performed at a more stable level and even posted a small degree of growth in the region of North America.

The Packaging, Consumer Goods and Construction Adhesives business (34 percent of Adhesive Technologies' sales), which provides adhesives and coatings for consumer goods packaging, paper and woodworking industry, remained somewhat more robust in a market environment characterized by falling demand for consumer goods. Henkel's adhesives for flexible packaging continued to perform well. As a result of the integration of the National Starch businesses, Henkel is now able to offer an even more comprehensive product portfolio.

Lastly, Henkel's Electronics business (seven percent of Adhesive Technologies' sales), which offers a broad range of high-tech adhesives and soldering pastes used in the manufacture of microchips and printed circuit boards, was heavily affected by developments in the semiconductor market, with significant shrinkage during the first half of the year being followed by a degree of recovery in the second half.

RELATED ARTICLE: Top Innovations 2009 Loctite 5188 Loctite 5188 flange sealant is particularly suitable for use in engines, gear units and pumps. It

remains super-flexible yet adheres very well to metallic substrates even after long exposure to high temperatures and chemical attack.

Technomelt Supra Cool 130 A newly developed hotmelt adhesive for packaging that works at a significantly lower applications temperature to reduce energy consumption. It also offers extremely high adhesive strength, outstanding flowability and a wider range of application suitability.

04 The Sherwin-Williams Company Cleveland, Ohio/USA www.sherwin-williams.com PUBLIC COMPANY YEAR ESTABLISHED: 1866 HEADCOUNT: 30,700 (2008) COATINGS REVENUES: $5.824 billion [Red Down Triangle] (2008: $6.521) TOTAL REVENUES: $7.094 billion [Red Down Triangle] (2008: $7.979) NET INCOME: $435 million [Red Down Triangle] (2008: $476) SEGMENT BREAKDOWN * Paint Stores Group: 59% * Global Finishes Group: 23% KEY PEOPLE Christopher M. Connor, chairman and CEO; John G. Morikis, president and COO; Sean P. Hennessy, senior vice president and CEO. (sales of painting tools and equipment in the Paint Stores Group are not reported as part of coatings revenues) The largest of Sherwin-Williams' three business segments, the Paint Stores Group, finished 2009 at $4.21 billion, a decline of 12.9 percent from 2008, while segment profit decreased 7.4 percent to $600.2 million. Due to its heavy mix of sales to professional painting contractors, this segment had a tough time during the recession. According to the company, industry-wide coating sales to professional painters declined more sharply than sales to DIY homeowners in 2009 for two reasons.

First, because the hardest hit end markets--new residential and commercial construction--are painted exclusively by professionals. Second, cautious homeowners were understandably hesitant to hire contractors to do work they believe they can do themselves.

Sherwin-Williams believes the professional painter will be the fastest growing customer segment in the coatings market over the longer term, and pros prefer to shop at specialty paint stores for supplies and equipment. As a result, Sherwin-Williams continued to invest in new store locations in 2009. During the year it opened 53 stores in new markets and consolidated an additional 45 redundant store locations, for a net increase of eight new stores for the year. The store count in the U.S., Canada and the Caribbean now stands at 3,354.

Sherwin-Williams' Consumer Group fulfills a dual mission for the company--supplying branded and private label products to retailers throughout North America and supporting the Paint Stores Group with new product research and development, manufacturing, distribution and logistics. The group operates 25 manufacturing plants and six distribution centers in North America.

Sales for the Consumer Group declined 3.7 percent to $1.23 billion for the year, primarily as a result of weak end market demand across most of the group's retail customers. Segment profit for the year increased 12.2 percent to $157.4 million. In response to the continued deterioration in sales volume in North America, Consumer Group closed or idled an additional four manufacturing facilities and five distribution service centers.

Sales for the Global Finishes Group decreased 11.4 percent to $1.65 billion. Global Finishes Group manufactures and sells OEM finishes, automotive finishes, protective and marine coatings and architectural coatings to a growing customer base around the world.

It expanded its distribution platform, opening 10 new company-operated branches in Latin America and three in India. At the same time, in North America, it closed seven automotive finishes branches, eight product finishes facilities, as well as two manufacturing plants. Global Finishes Group ended the year with 539 branches in operation compared to 541 a year ago.

Sherwin-Williams has a long history of developing innovative new coatings products. In 2009, the company launched a new line of high-performance lubricants, cleaners and coating removers made with biodegradable, renewable resources under the Sprayon Eco-Grade brand. It also extended the successful Krylon Fusion paint for plastic line with the introduction of Krylon Fusion Brush-On, the first brush-on paint for plastic. Last year, Sherwin-Williams Protective and Marine Coatings unveiled its Sher-Release Silicone Fouling Release Coating System, a nontoxic alternative to conventional antifouling coatings.

Also, Sherwin-Williams' new Dutch Boy Refresh interior paint with Arm & Hammer odor-eliminating technology earned GreenGuard Indoor Air Quality Certified status.

RELATED ARTICLE: Expanding its Global Footprint Sherwin-Williams recently completed construction of a new 215,000 square foot factory in Zhaoqing, China to serve its growing business with electronics and furniture manufacturers in South China. The company also announced plans to build a new blending facility in Langfang in North China, scheduled to open in June 2010.

Sherwin-Williams now operates five manufacturing plants and six blending facilities in China, Malaysia, Vietnam, the Philippines and Singapore, and research and development centers in China, Vietnam and Malaysia.

In Central Europe, during the first quarter of 2009, Sherwin-Williams acquired Altax Sp. zo.o.

(Altax). Headquartered in Poznan, Poland, Altax is a leading innovator of protective wood care coatings and serves multiple channels, including industrial, professional and DIY. Included in the Consumer Group, the acquisition provides a platform for further growth in Central Europe.

05 DuPont Wilmington, Delaware/USA www.dupont.com PUBLIC COMPANY YEAR ESTABLISHED: 1802 HEADCOUNT: 58,000 [Red Down Triangle] (2008: 60,000) COATINGS REVENUES: $3.429 billion [Red Down Triangle] (2008: $4.3) TOTAL REVENUES: $26.109 billion [Red Down Triangle] (2008: $30.5) NET INCOME: $1.769 billion [Red Down Triangle] (2008: $2.0) R&D BUDGET: $1.378 billion [Red Down Triangle] (2008:$1.393) SEGMENT BREAKDOWN * Performance Coatings: 13% * Performance Chemicals: 19% * Agriculture & Nutrition: 31% * Electronic & Communication Technologies: 7% * Performance Materials: 18% * Safety & Protection: 11% KEY PEOPLE Ellen Kullman, chair of the board and CEO; Terry Caloghiris, president, DuPont Performance Coatings; Boo Ching Chong, VP, DuPont Performance Coatings, Asia Pacific; Timothy McCann, VP, DuPont Performance Coatings, Americas; John McCool, VP, DuPont Performance Coatings, EMEA. DuPont Performance Coatings is the world's leading motor vehicle coatings suppliers. Products offered include high performance liquid and powder coatings for motor vehicle OEMs, the motor vehicle after-market, and general industrial applications, such as coatings for heavy equipment, pipes and appliances and electrical insulation.

Sales of $3.4 billion in 2009 were down 21 percent when compared to prior year, reflecting a 20 percent decline in volume. The decline in volume reflects the impact of fewer motor vehicle and industrial truck builds of motor vehicle OEMs, and lower sales of industrial and after-market products in all regions due to the economic recession. The North American automotive industry continued to experience structural changes, including the loss of U.S. market share by U.S. automakers. In 2009 the global production of automobiles and light trucks declined by 14 percent reflecting declines of 33 percent in North America, and 10 percent in the rest of the world, which was partially offset by an increase in production of 44 percent in Greater China. DuPont said its sales to OEMs improved substantially during the second half of 2009, mostly due to the impact of government incentives programs and higher sales in Asia Pacific. However, sales of after-market and industrial coatings have experienced a slower recovery.

Automotive industry production forecasts for 2010 projects a global increase of about nine percent, with increased production in all regions. For 2010, DuPont Performance Coatings expects sales increases that will exceed the OEMs build growth due to expected recovery of OEMs and light truck markets.

A new DuPont laboratory and manufacturing facilities in China helped accelerate the adoption of coatings with improved environmental performance by Chinese automakers. During the year.

DuPont's technical center, located in Shanghai, and the manufacturing operations in Changchun allow nearby DuPont scientists to respond to local customers' needs quickly and efficiently.

For example, Shanghai General Motors uses advanced DuPont finishes, made in China, on its Cruze model. The new Shanghai General Motors plant at Shenyang is located just west of the DuPont Changchun plant, and uses the DuPont water-based coatings produced at that facility.

Shanghai General Motors is a joint venture between General Motors and the Shanghai Automotive Industry Corporation. The site has an annual capacity of 150,000 cars.

During 2009 DuPont's auto OEM coatings business was recognized for its quality service and products. DuPont Automotive OEM Coatings was named a General Motors Supplier of the Year in recognition of its performance as a global provider of finishes and marked the second year in a row that DuPont Automotive OEM Coatings earned this distinction. DuPont supplies GM in all regions of the world with a variety of products including undercoats, color coats and clear coats.

Honda America also named DuPont Automotive OEM Coatings as Supplier of the Year from among 2,400 companies in its supplier base. DuPont was one of 12 to earn the award. DuPont received recognition for top performance in the areas of quality, delivery and productivity improvement.

On the aftermarket side of the business, DuPont Performance Coatings formed an agreement with American Honda Motor Company, Inc., and its new Body Shop Recognition Program. The Program is an updated version of the previous Honda and Acura programs. The complete program requirements say body shops must be sponsored by a Honda or Acura dealer that is participant in American Honda's Collision Select program; body shops can be a dealer-owned or independent shop; body shops must adopt the OEConnection Collision Link software and conduct a minimum of one transaction per week through the Collision Link system within the first 30 days.

The Collision Link software is free to body shops from participating dealers; and body shops must be recognized as a participant in the DuPont Performance Alliance.

During the year, DuPont Refinish introduced "Go Pro," a virtual bodyshop aimed at informing bodyshops on how to increase productivity in all business areas. It shows how DuPont Refinish can help promote bodyshop businesses more efficiently, improve the quality of service offered to customers and attract new customers.

The interactive tour has nine steps, each relating to a different bodyshop section. The steps detail how bodyshops can benefit from DuPont Refinish in day-to-day business. "Go Pro" reinforces that DuPont Refinish is the productive and dynamic after-market paint brand of DuPont.

RELATED ARTICLE: Innovative Industrial Coatings During the year, DuPont introduced better performing DuPont Teflon coatings made without PFOA. Using new, proprietary and patented scratch resistance technology, DuPont launched Teflon Platinum Plus coatings, the first Teflon coating made without PFOA, according to the company. This new coating provides a 50% improvement in scratch resistance compared to current Teflon Platinum coatings. With enhanced scratch resistance, Teflon Platinum Plus is metal utensil safe and designed to look newer longer.

In an effort to maximize oil productivity, DuPont has innovated StreaMax, a coating for downhole tubes, designed to help oil companies in the Middle East and Mexico and other growing regions maximize oil production by increasing will productivity, reducing corrosion, and keeping maintenance costs down. In the next three years, business is expected to grow five-foldversus 2009.

06 RPM International Inc. Medina, Ohio/USA www.rpminc.com PUBLIC COMPANY YEAR ESTABLISHED: 1947 HEADCOUNT: 9,700 [Red Down Triangle] (2008: 10,360) COATINGS REVENUES: $3.368 billion [Red Down Triangle] (2008: 3.643) TOTAL REVENUES: $3.368 billion [Red Down Triangle] (2008: 3.643) NET INCOME: $119.6 million [Green Up Triangle] (2008: $47.7) SEGMENT BREAKDOWN * Industrial Segment: 67% * Consumer Segment: 33% KEY PEOPLE Frank C. Sullivan, chairman and CEO; Ronald A. Rice, president and COO; P. Kelly Tompkins, executive VP-administration and CFO; Key managers: John J. McLaughlin, DAP; Thomas E. Reed, Rust-Oleum; Charles G. Pauli, RPM II; Randall J. Korach, Tremco; David P. Reif, StonCor.

RPM International Inc. is a multinational holding company with subsidiaries that manufacture and market high-performance coatings, sealants and specialty chemicals, primarily for maintenance and improvement applications. Industrial products accounted for 67 percent of fiscal 2009 sales, with consumer products accounting for the remaining 33 percent. Industrial segment net sales totaled $2.27 billion, a decline of 4.3% from $2.37 billion last year. Consumer segment net sales totaled $1.10 billion, a decline of 13.6% from $1.28 billion during fiscal 2008.

The Industrial Segment's operating groups include RPM Building Solutions Group, which provides roofing systems, sealants and concrete admixtures. Leading brands include Tremco, Tremco illbruck and Euco. RPM Performance Coatings Group includes polymer floor coatings, corrosion control coatings and fiberglass reinforced plastic grating. Its primary brands include Stonhard, Carboline and Fibergrate. RPM II Group offers specialty chemicals, exterior insulation and finish systems and recreational marine coatings. Major brands include Day-Glo, Dryvit, Kop-Coat and Pettit.

Consumer products are sold primarily in North America and have a growing presence in Europe, predominantly in the UK. The Consumer Segment's operating groups include Rust-Oleum Group, which provides rust-preventative and small project paints, primer-sealers, wallcovering preparation and removal products, wood stains and finishes, mildew resistant paints and hobbyist products.

Major brands include Rust-Oleum, Zinsser, Varathane, Tor and Testors. DAP Group markets caulks, sealants and patch and repair products under the DAP brand.

RPM subsidiaries continued to build their businesses geographically and add product and service lines through acquisitions during fiscal 2009. On February 9, 2009, Tremco illbruck International GmbH acquired Karochemie AG, a leading supplier of sealants to the construction markets in Switzerland and Lichtenstein. With annual sales of more than $13 million, Karochemie's distribution network and sealants expertise is expected to complement Tremco illbruck's strengths in other parts of Europe.

On February 13, 2009, Carboline Company purchased a 49 percent interest in is Chinese licensee, Carboline Dalian Paint Production Co., Ltd. The remaining 51 percent of the joint venture is owned

by UniChemical Company, a longstanding Carboline partner in another joint venture, Carboline Korea Ltd. Carboline Dalian has annual sales of approximately $10 million, and manufactures corrosion control coatings and linings for a variety of industries, including offshore drilling, oil and gas, petrochemical, general manufacturing and electrical generation.

On April 1, 2009, Tremco Incorporated acquired Canam Building Envelope Specialists Inc., including its Zerodraft weatherproofing division. With annual sales of approximately $6 million, and based in Mississauga, Ontario, Canam is one of the leading building envelope consulting firms in North America. It now operates as part of Tremco's Weatherproofing Technologies Inc. subsidiary.

Its Zerodraft division, which provides specialized retrofit weatherstripping and distributes a variety of related insulation and sealant products, is operating as part of Tremco's Commercial Sealants and Waterproofing Division.

The Canam acquisition fits nicely with RPM's existing aggressive promotion of building envelope solutions, which can dramatically reduce building energy consumption, and, therefore, greenhouse gas emissions, and offer rapid payback to building owners in terms of energy savings.

During 2009, RPM changed the names of two of its industrial segment operating groups to better reflect the nature of their businesses and end-market customers, and to better define their platform for further growth, both organically and through acquisitions. They are: RPM Building Solutions Group, formerly the Tremco Group, and consisting of Tremco Roofing, Tremco Sealants, Tremco

illbruck, Tremco Barrier Solutions, Weatherproofing Technologies Inc., Euclid Chemical Company, Productos Cave, Prosytec, Increte and Compact Technologies; and RPM Performance Coatings Group, formerly the StonCor Group, and consisting of Stonhard, Carboline, Fibergrate, Plasite, Flowcrete, Star Maling and StonCor operations in Africa, Asia, Canada, Europe, Latin America and the Middle East.

RELATED ARTICLE: Global Operations RPM's family of product lines, including paints, coatings, roofing systems, sealants and adhesives serve a broad range of markets in the U.S. and internationally. Globally, these markets generate approximately $170 billion in annual sales, with RPM capturing $3.4 billion in fiscal 2009.

Of this amount, approximately 63% was in the U.S. and the remaining 37% was abroad. This leaves RPM with vast growth potential, both organically and through acquisitions, around the world. RPM is capturing opportunities abroad by growing its presence in established European economies and in emerging markets such as China, India and Latin America. In serving these markets, RPM has nearly 9,700 employees who operate its 92 manufacturing facilities in 22 countries. Net sales in North America totaled $2.387 billion; Europe, $693 million; South America/Latin America, $99 million; Africa/Middle East, $100 million; and Asia/Pacific, $87 million.

07 BASF Group Ludwigshafen, Germany www.basf.com PUBLIC COMPANY YEAR ESTABLISHED: 1865 HEADCOUNT: 104,780 [Green Up Triangle] (2008: 96,924) COATINGS REVENUES: $2.976 [Red Down Triangle] (2008: $3.729)) TOTAL REVENUES: $70.693 billion [Red Down Triangle] (2008: $91.670) NET INCOME: $1.966 billion [Red Down Triangle] (2008: $4.338) R&D BUDGET: $1.949 billion [Red Down Triangle] (2008: $2.018) (BASF Coatings AG is part of the Functional Solutions unit) SEGMENT BREAKDOWN * Chemicals: 15% * Plastics: 14% * Performance Products: 18%

* Functional Solutions: 14% * Agricultural Solutions: 7% * Oil & Gas: 22% * Other: 10% KEY PEOPLE Raimar Jahn, CEO of BASF Coatings AG; Dr. Helmut Rodder, member of the board of BASF Coatings AG; Udo Reiter, head of global technology, coatings; Dr. Klaus Plitzko, head of global applied research and technology, coatings; Juan Ximenez-Carrillo Gerber, automotive OEM coatings; Christoph Hansen, automotive refinish coatings; Peter Alexander Fischer, industrial coatings; Rui Artur Goerck, decorative paints.

BASF Coatings AG, the coatings division of BASF's Functional Solutions business group, is one of the world's largest suppliers of innovative and environmentally friendly coatings solutions for automotive and industrial applications. BASF Coatings manufactures automotive OEM coatings, automotive refinishes, industrial coatings and decorative paints. Its brands, including Glasurit and R-M for the car refinish business, put it in the premium segment worldwide. In Brazil, BASF Coatings is the leading manufacturer of architectural coatings, with a top market position of the brand Suvinil.

In 2009, BASF Coatings' sales dropped to 42.976 billion from $3.729. The overall decline in demand affected all product lines in Europe, North America and South America. Lower sales resulted in particular from the deterioration in the market environment for the automotive industry in Europe and North and South America as well as BASF's diverstitures in its industrial coatings activities in North America in 2008.

From a regional perspective, 45 percent of BASF Coatings' sales are generated from Europe; 24 percent from South America, Africa and the Middle East; 17 percent from Asia; and 14 percent from North America.

The rapid recovery of the automotive industry in China led to sales growth for automotive coatings in Asia. In contrast, as a result of the difficult business BASF posted a slight decline in sales of automotive refinish coatings. Demand for coatings for tractors and other agricultural machines weakened dramatically, the company said.

Sales of industrial coatings in North America declined due to diverstitures. Sales in Europe also decreased, attributable mainly to lower demand from the steel industry for coil coatings. Even the positive development with coatings for wind turbines could not offset this decline. Sales in the architectural coatings business matched the previous year's level; in South America, BASF was able to gain market share.

BASF initiated restructuring projects in Europe and Asia In response to changing market conditions it sold production sites in Ako, Japan, and Verbania, Italy.

In 2010, BASF expects a slight recovery in the global automotive industry and consumer demand, which it said should offset the sales decline that has resulted from the diverstment of its production sites in Japan and Italy. It expects that sales will increase slightly compared with the 2009 level and

will continue to expand its presence in the growth regions of Asia and Eastern Europe, particularly in Russia, China and India.

RELATED ARTICLE: Expanding Refinish Operations BASF opened in September a new $3.5 million ($5 million) Refinish Competence Center (RCC) at its coating headquarters in Muenster Hiltrup, Germany. The project brings all of Glasurit's centrally located training teams, made up of trainers, administrators and customer service representatives, into one building. It also accommodates the products of 24 companies providing body shop equipment and accessories.

The educational operating of the refinish business currently has seven global trainers, 150 national trainers and 300 technicians in 65 countries. With the help of 46 training centers around the world, 10,000 people take part in Glasurit courses, seminars and work shops annually. The MuensterHiltrup RCC unit has been having on average 3,000 participants in its educational activities a year.

But the new building's capacity will be much higher with 2,000 people expected to use the global center before the end of this year.

"Glasurit is currently the leading brand for automotive refinish products," said Christoph Hansen, head of BASF's automotive refinish business. "The new competence center will enable us to strengthen our position future."

The RCC will play a prominent role in BASF's plans for forgoing closer links between vocational colleges and the body shop sector, as well as between refinish business and Glasurit's training teams.

Also during the year, BASF increased its waterborne basecoat production capacity by thirty-percent in Wurzburg. State-of-the-art disperson and dosing techniques were implemented as well.

Basecoat development has been concentrated in newly constructed lab building. Additonal application facilities were set up to cover lab and production needs. Overall, the capacity at the Wurzburg site has been boosted by around 30 percent and the total investment amounted to roughly [euro]21 million.

08 The Valspar Corporation Minneapolis, Minnesota/USA www.valsparglobal.com PUBLIC COMPANY YEAR ESTABLISHED: 1806 HEADCOUNT: 8,788 [Red Down Triangle] (2008: 9,341) COATINGS REVENUES: $2.654 billion [Red Down Triangle] (2008: $3.168) TOTAL REVENUES: $2.879 billion [Red Down Triangle] (2008: $3.482)

NET INCOME: $160 million [Green Up Triangle] (2008: $150) R&D BUDGET: $91 million [Red Down Triangle] (2008: $96) SEGMENT BREAKDOWN * Coatings Segment: 55% * Paints Segment: 37% * Other Segment: 8% KEY PEOPLE William Mansfield, chairman and CEO; Gary Hendrickson, president and COO; Rolf Engh, executive VP, general counsel and secretary; Steven L. Erdahl, executive VP; Anthony L. Blaine, senior VP; Howard Heckes, senior VP; Lori A. Walker, senior VP and CFO; J.R. Benites, group VP; Brian Falline, goup VP; Bernard Ouimette, group VP; James Randolph, group VP. Valspar's net sales for the year fell 17.3 percent to $2.879 billion, reflecting the impact of the global recession. Sales in the Paints segment declined 4.9 percent to $1.072 billion. The Paints segment declined 4.9 percent to $1.072 billion. The Paints segment includes a wide variety of products such as paints, primers, topcoats and aerosol spray paints sold primarily through retailers and distribution networks. It sells branded and other products in the Paints segment, including Valspar, Cabot, Huarun, DeBeer and House of Kolor. This segment includes architectural and automotive refinish product line posted increased sales for the year, while the overall paint market declined more than 10 percent.

Coatings segment sales were down 22.9 percent to $1.582 billion. The Coatings segment includes a broad range of decorative and protective coatings for metal, wood plastic, primarily for sale to original equipment manufacturing (OEM) customers. Products within the Coatings segment include primers, top coats, varnishes, inks, sprays, stains, fillers and other coatings used by customers in a wide range of manufacturing industries, including building products, appliances, furniture, transportation, agricultural and construction equipment, metal packaging and metal fabrication.

Valspar utilizes a wide variety of coatings technologies to meet its customer's coatings requirements, including electrodeposition, powder, solvent-based, waterborne and UV light-cured coatings. This segment includes the packaging product line and three industrial product lines: coil, general industrial and wood. According to the company, the performance of its global packaging product lines.

Net income in 2009 totaled $160.2 million, up $9.4 million from $150.8 million in 2008. The company said these positive results were due to an improved cost-price ratio, higher efficiency on its operations from restructuring and productivity actions, and good control of expenses.

In 2009, Valspar expanded is global automotive color operations by opening a color technology center in Shunde, China. Establishing a color technology center in this location enables Valspar to offer more service options to its automotive customers in Asia Pacific and Australia. The center is designed to increase the quantity of available colors for automotive customers while at the same time ensuring that common technology, methods and procedures are being practiced. The center plans to develop 6,000 colors the first year with plans to grow to a capacity of 9,000 colors per year. The center includes employees skilled as colorists, sprayers and color information experts. The

new color technology center will also support experts. The new color technology center will also support global color development projects for Valspar's automotive refinish brands including De Beer and Valspar Refinish.

Also during the year, in response to consumer demand, Valspar introduced 24 new paint colors to its Laura Ashley Home collection, available in Valspar Signature Colors. The updated colors range from soft peaches and corals, to deep red, muted purple, and teal, adding intriguing colors with depth while maintaining the Laura Ashley aesthetic of contemporary English elegance. The new collection is comprised of mix of light, calm, summery tones along with deep reds, blues and purples. These colors can be used alone or combined to create a classic, yet feminine atmosphere synonymous with the Laura Ashely brand.

RELATED ARTICLE: Supporting Habitat for Humanity During 2009, The Valspar Corporation Foundation extended its long-standing relationship with Habit for Humanity International with a multi-year commitment totaling more than $20 million in cash and paint donations. The Valspar Foundation will provide paint to Habitat affiliates across the U.S. and financial support to build Habitat's A Brush With Kindness program, an effort that assists families in need, into a nationwide program. The Valspar Foundation and Habitat for Humanity international launched national partnership in 2002. With this extended commitment, The Valspar Foundation's paint and cash partnership with Habittat for Humanity International will reach nearly $40 million by 2012. Valspar makes its highest quality paint available to all Habitat affiliates in the United States and works with them in Brazil, China, South Africa, Thailand and Vietnam.

09 Kansai Paint Co., Ltd. Osaka, Japan www.kansai.co.jp PUBLIC COMPANY YEAR ESTABLISHED: 1918 HEADCOUNT: 7,752 COATINGS REVENUES: $2.397 billion [Green Up Triangle] (2008: $2.299) TOTAL REVENUES: $2.397 billion [Green Up Triangle] (2008: $2.299) NET INCOME: $127 million [Green Up Triangle] (2008: $108) R&D BUDGET: No info for 2009 (2008: $55 million) SEGMENT BREAKDOWN * Automotive coatings: 47% * Industrial coatings: 24%

* Decorative coatings: 19% * Marine and protective coatings: 10% KEY PEOPLE Shoju Kobayashi, president and representative director; Masanobu Ohta, chief director of general paint, president of a subsidiary, director; Shinichi Hamamatsu, senior managing director, representative director; Yuzo Kawamori, senior managing director, deputy chief director of paint business, chief firector of industrial coating material.

Kansai Paint Co., Ltd. divides its business into automotive (47%), industrial (24%), decorative (19%), and marine and protective (10%) segments. Coatings revenues for 2009 amounted to $2.397 billion, representing a slight increase from the previous year due to a favourable currency exchange rate.

Operating in Japan, Europe, the U.S. southeast Asia, India and China, Kansai offers automotive coatings for new cars, including automotive parts, as well as refinishes; industrial coatings, which comprise pre-coated metal coatings and electrodeposition coatings for aluminium sashes, as well as coatings for beverage cans, home electric appliances, and construction and industrial machinery; decorative coatings for housing, commercial buildings, and public facilities, primarily coatings for new buildings, and coatings for repair and maintenance; and coatings for ships, marine containers, marine structure, bridges, and chemical plants.

During the year, Kansai Paint appointed Shoju Kobayashi as chairman of the board, and appointed Yuzo Kawamori to replace Shoj Kobayashi as president of the company, effective April 1, 2010.

Continuing its push into China, Kansai Paint announced that it will establish a wholly owned subsidiary, which will be mainly engaged in China businesses, strategy formulation, marketing and capital management in Shanghai, China, in June 2010.

In 2009, Kansai Nerolac Paints Limited, India's second largest paint manufacturer, began setting up its second manufacturing facility in Tamil Nadu at Hosur with an initial investment of approximately Indian Rupees 90 crore. The company has a similar facility in Perungudi at Chennai.

The new facility commenced operations in October. It manufacturers decorative paints and paints for general industrial products.

The 50-acre facility is dedicated to the manufacturer of water-based paints and has an initial capacity of 15,000 tons, and will be scaled up to 75,000 tons in three phases.

On the total investment for all the three phases, the company said it will be based on the market demand. The company will commence phase two work after 18 months from the day phase one production starts. The plant will cater to markets in Tamil Nadu, karnataka, Andhra Pradesh, Kerala and parts of eastern India.

RELATED ARTICLE: Eco-friendly Ales Shikkui On the new product front, Kansai Paint introduced Ales Shikkui, an eco-friendly plaster coating for interior finish. The primary ingredient of Ales Shikkui is slaked lime, and it is a paint-like "Shikkui,"

which is a traditional plaster coating in Japan that has all of the primary functions of plaster, such as deodorant, formaldehyde absorption and detoxification, dew condensation suppression and antibacterial qualities. Because it h as no VOC components, such as auxiliary agents for production fill or antifreeze agents, which are considered essential for water-based coatings, there are high expectations for this product as an eco-friendly interior finishing coating material.

The company also introduced a multicolor finishing method for Ales Shikkui that features a special roller and new standing colors in addition to the normal white. Kansai also developed Ales Shikkui EZ clean as a such as a clear coating for application on Ales Shikkui for protection from dirt and to make cleaning stains easier.

Characteristics of Ales Shikkui Deodorant function: Absorbs and eliminates bad smells found in daily life, such as thosed caused by cigarette smoke, pet-related smells and garbage. Antibacterial and antivirus function: suppresses the growth and proliferation of bacteria and mold.

VOC Adsorption and decomposition function: Adsorbs and renders and VOC formaldehyde harmless, and absorbs and eliminates toluene, xylene, etc. Fireproof certified material.

Dew condensation suppression function: The film of this product has a porous structure. With moisture absorption and dispersion qualities, this is effective for the suppression of dew condensation.

Carbon dioxide absorption function: The coating film formed absorbs carbon dioxide fro m the air over a long time period, contributing to the reduction of [CO.sub.2] 10 Nippon Paint Co., Ltd Osaka, Japan www.nipponpaint.com PUBLIC COMPANY YEAR ESTABLISHED: 1881 HEADCOUNT: 1,675 COATINGS REVENUES: $2.334 billion [Red Down Triangle] (2008: $2.396) TOTAL REVENUES: $2.334 billion [Red Down Triangle] (2008: $2.3962) NET INCOME: $94 million [Green Up Triangle] (2008: $18) SEGMENT BREAKDOWN * Coatings Materials: 95%

* Fine Chemicals: 5% KEY PEOPLE Kenji Sakai, president, representative director; Yoshio Andou, senior vice president, general manager of trade use paint division and executive director; Ryoichi Baba, senior vice president, representative director; Kiyohiko Chijiiwa, executive vice president and director; Kanji Nishijima, vice president.

Nippon Paint manufacture all types of paints and coatings including those for automobiles, construction, architecture, steel structures, ships, metal, electrical equipment, machinery, roadways and household appliances among others. Nippon Paint saw its sales drop slightly in 2009, but was able to grow net income from $18 billion to $94 billion due to restructuring.

In 2009 the company appointed Kenji Sakai as the new president of Nippon Paint. Mr. Sakai replaced Makoto Matsuura, effective April 1,2009.

During the year, Nippon opened a new plant in China as part of a restructuring of its industrial paint production locations in that country to increase efficiency and output capacity. The company spent about $30 million on the facility, for which it acquired a 140,000 square meter plot in Tianjin.

It built a production wing for powdered paints used on home appliances and furniture, and began operations there in June. Production facilities for related liquid paints and resins will be built on the same site before year's end.

In terms of new products, Nippon continued to broaden its offerings in diverse markets around the globe. For instance, in Pakistan Nippon Paint launched its latest innovation in 2009--Nippon Spotless--a water-based emulsion that repels stains and is highly washable. It is an odorless emulsion and has near zero VOCs. In Singapore in September, Nippon Paint launched an environmentally friendly exterior paint-SolaReflect--that reduces heat build-up by reflecting infra red light from coated surfaces. This allows less heat to be absorbed into external surfaces and surroundings, creating a cooler surface temperature of up to 5[degree]C. SolaReflect is environmentally friendly as it helps reduce heat build-up and subsequently decreases the amount of power needed for air-conditioning or cooling off, which indirectly reduces carbon emissions.

Also in Singapore, Nippon Paint introduced Aqua Bodelac, a breakthrough in water-based enamel paint technology, according to the company. It was awarded the Green Label by the Singapore Environmental Council. Aqua Bodelac is a water-based modified acrylic gloss enamel paint with low VOC that is ideal for interior wood and metal surfaces.

Aqua Bodelac is easy to apply, requiring just two hours to dry, is washable, alkaline and fungus resistant, stain-resistant and non-yellowing.

RELATED ARTICLE: Expanding in Thailand In 2009 Thailand became the first market to launch Nippon's latest technological breakthrough-Advanced Trio Fresh--available in its new acrylic elastic paint, Nippon 3-In-1 DuraFresh. The technology helps protect walls from cracks and is resistant to dust and water streak marks. At the time of launch, Nippon planned to invest more than $6 million in marketing communications to expand the market, aiming to increase market share from eight percent to 10% with the sales target

of $38 million by year's end.

"This year, Nippon Paint will make an aggressive move in the Thai paint market, which is worth more than $380 million annually," said Chalermpong Mahavanidvong, chief operation officer, Nippon Paint (Thailand) Co., Ltd. "Thailand was selected as world's first market to officially launch Nippon 3-In-1 Durafresh with the world's most advanced acrylic paint technology, Advanced Trio Fresh, which offers the ultimate protection from cracks and gives high resistance to dust and all water streak marks," said Mahavanidvong.

Nippon 3-In-1 DuraFresh was developed through Nippon's Advanced Trio Fresh Technology from Japan. The technology combines three acrylic paint technologies, including Advanced Core-Shell Technology with two layers of molecules: the harder outer layer and the softer inner layer. The harder outer layer provides washing ability and resistance to dust and water streak marks while the softer inner layer provides maximum elastic efficiency in protecting walls from cracks.

The second technology in Advanced Cross-linking Technology, which helps arcylic molecules penetrate deeply into a nano level of paint molecules thoroughly integrating acrylic molecules and paint molecules throughout the entire paint film, leaving no space for dust and water, according to the company.

The third technology is Advanced Nano, Technology that helps strengthen the two technologies at the nano level, providing maximum strength and durability in every environmental condition.

11 Sika AG Baar, Switzerland www.sika.com PUBLIC COMPANY YEAR ESTABLISHED: 1910 COATINGS REVENUES: $2.110 billion TOTAL REVENUES: $3.836 billion SEGMENT BREAKDOWN * Construction Segment: 81.4% * Industry Segment: 18.6% KEY PEOPLE Walter Gruebler, chairman of the board; Ernst Bartschi, CEO; Group management: Alexander Bleibler, construction, contractors; Christoph Ganz, construction, distribution; Ernesto Schumperli,

construction, concrete; Bruno Fritsche, industry; Silvio Ponti, Europe North; Hubert Perrin De Brichambaut, Europe South; Iven Chadwick, IMEA; Paul Schuler, North America; Jose Luis Vazquez, Latin America; Jan Janisch, Asia Pacific.

Sika's product line includes concrete admixtures, sealants, adhesives, corrision inhibitors, speciality mortars, epoxy resins, structural strengthening systems, grouts, anchoring adhesives, overlays, and protective coatings. The sale of adhesives, sealants and coatings amounted to approximately $2.110 billion in 2009, down from $2.356 billion the previous year. These products are spread out across the construction segment, which is responsible for about 80% of revenue, and the industry segment, which makes up the remaining 20%.

In January 2009 Sika took over the English Iotech Group Limited, with subsidiaries in Great Britain, the U.S. and Belgium. Iotech is a specialist in the formulation, production and distribution of polyurethane liquid membranes and their precussor products.

In September Sika purchased a majority interest in Jiangsu TMS Admixture Co., Ltd. The company is a leading provider of concrete admixtures to the dynamically expanding Eastern Chinese market.

Also during the year, in Antwerp, Belgium, Sika brought a new plant on line for production of the high-performance superplasticizers Sika ViscoCrete and SikaPlast. Construction of this facility, which has an annual capacity of 40,000 tons, was necessary because the demand for Sika ViscoCrete had grown by a multiple of what it was upon market launch in 2000.

In Tocancipa, Colombia, Sika opened a new factory that encompasses administration and laboratory buildings, a logistics center and production facilities for epoxy resin coatings, acrylic resins and sealants on an area of 64,400 sqaure meters.

12 Jotun AS Sandefjord, Norway www.jotun.com PRIVATE COMPANY YEAR ESTABLISHED: 1926 COATINGS REVENUES: $2.050 billion TOTAL REVENUES: $2.050 billion SEGMENT BREAKDOWN * Jotun Dekorativ * Jotun Paints * Jotun Coatings

* Jotun Powder Coatings KEY PEOPLE Morton Fon, president and CEO; Bard Tonning, group executive VP, Jotun Dekorativ; Erik Aaberg, group executive VP, Jotun Paints; Esben Hersve, group executive VP, Jotun Coatings; Martin Chew, group executive VP, Jotun Powder Coating Jotun's coatings revenues in 2009 totaled $2.050 billion. During the year, Jotun's board of directors approved investment in a new factory in the U.S. because, the company said, the U.S. is an important marine market and also becoming increasingly important for the protective coatings segment. Jotun said its existing factory in Belle Chasse, LA, requires significant upgrading so for business reasons as well as operational reasons it makes sense to build a new factory.

Jotun Saudia inaugurates a new state of the art paint factory in Yanbu. The company invested roughly US$27 million in the highly-automated factory that will exclusively produce waterborne paints. With the inaguration of the new factory Jotun's installed production capacity in the Saudi Arabia is 110 million liters of paint, making it one of the largest in the Middle East.

Also during the year, Palmali Shipping Group signed a large contract for 10X7.000 deadweight tonnage newbuilding chemical vessels with Besiktas Shipyard. Jotun Turkey won the paint contract and is sole supplier for the entire project.

Jotun also won a major power plant coatings project in Indonesia. The 10,000 megawatt project will be completed during 2009-2014 for which Jotun will supply more than five billion liters of paint, to protect ten electric power facilities. Jotun Indonesia has secured important power plant projects in recent years such as Muara Karang, Paiton and Rambang.

In the Middle East, with aims to address the increasing demand for environmentally safe paint products in the region, Jotun introduced the Jotashield SuperDurable, a low VOC coating based on a special hybrid silicone binder with twice the life span of traditional coatings, the company said.

13 3M St. Paul, Minnesota/USA www.3M.com PUBLIC COMPANY YEAR ESTABLISHED: 1902 COATINGS REVENUES: $2.0 billion TOTAL REVENUES: $23.123 billion SEGMENT BREAKDOWN * Industrial & Transportation

* Health Care * Safety, Security & Protection * Consumer & Office * Display & Graphics * Electro & Communications KEY PEOPLE George Buckley, chairman, CEO and president; Joe Harlan, executive VP, electro and communications; Michael Kelly, executive VP, display and graphics; Jean Lobey, executive VP, safety, security and protection services; Moe Nozarri, executive VP, consumer and office; Brad Sauer, executive VP, health care; Hak Cheol Shin, executive VP, industrial and transportation.

As one of the most diverse companies in this report, 3M manufactures adhesives and sealants, and also produces an array of coatings, grouts and concrete sealing products spread across seven business units, which posted sales of $23.123 billion in sale in 2009. Coatings World estimates 3M's sales of coatings at approximately $2.0 billion.

3M does over $800 million globally in pipe coatings alone. This is mainly powder coatings. The remaining $1.4 of revenue is made up of captive ($1 billion) and merchant coatings ($400 million) used for highway signage, traffic markings and textile coatings.

In 2009, 3M launched its first Customer Technical Center in Dubai, United Arab Emirates and draws upon 3M's global R&D strength and 45 technology platforms to provide solutions for local customers.

This is the first center of its kind in the Middle East. It is expected to open later this year and will act as an innovative base for customers to test 3M's products and solutions that are new to the Middle East market.

The center also will provide 3M with an expanded facility in the Middle East to better support customer needs across the region. The facility will be divided into a number of zones, which will showcase 3M technology, capabilities and products for the Middle East market. Customers will be able to touch and test multiple 3M technologies and learn about their various applications in the onsite teaching rooms.

In addition, the center will serve as a central ideas hub for accelerating the development of new products and services locally. Customer Technical Centers are unique to 3M and serve as a mechanism for customer inspired innovation. The facility in Dubai represents 3M's 23rd center.

14 Masco Corporation Taylor, Michigan/USA www.masco.com

PUBLIC COMPANY YEAR ESTABLISHED: 1929 COATINGS REVENUES: $1.56 billion TOTAL REVENUES: $7.8 billion SEGMENT BREAKDOWN * Cabinets & Related Products: 21% * Plumbing Products: 33% * Installation and Other Services: 16% * Decorative Architectural Products: 22% * Other Specialty Products: 8% KEY PEOPLE Richard A. Manoogian, executive chairman; Timothy Wadhams, president and CEO. Masco Corp's decorative architectural products business unit includes its paints and stains business, which posted sales of $1.560 billion in 2009. The products are sold in the U.S. and Canada under the brand names BEHR, KILZ and Expressions to the DIY and professional markets through home centers, paint stores and other retailers. BEHR products were also recently introduced in China. The KILZ brand is sold in North America through home center retailers and discount retailers, and through hardware stores, paint stores and dealers.

Spearheaded by the high-profile BEHR brand, which is sold through The Home Depot, the segment's and the company's largest customer, the company claims that it is the largest supplier of architectural coatings to the North American DIY market.

In 2009, Behr received The Home Depot's 2009 Innovation of the Year Award for Behr Premium Plus Ultra interior paint. This innovative product provides an extradurable paint finish that resists moisture, stains, scuffs and dirt. This paint and primer in one covers in fewer coats, saving time.

The success of this new offering is the result of the collaborative partnership by Behr and The Home Depot.

Also in 2009, to aid in the productivity and profitability of the professional painter, Behr launched its Direct to Pro program in 2009. The program is designed to provide simplicity and efficiency to builders and professional contractors through an extensive network of service locations. Currently available through The Home Depot pro desk, the Direct to Pro program offers professional users one-stop shopping and Home Depot tiered pricing for premium paint based an volume. All orders are placed at The Home Depot pro desk and orders are filled and tinted at Behr's fulfillment centers and delivered directly to the job site or the local Home Depot store, where available.

15

DAW Ober-Ramstadt, Germany www.caparol.de PRIVATE COMPANY YEAR ESTABLISHED: 1895 COATINGS REVENUES: $1.255 billion TOTAL REVENUES: $1.255 billion SEGMENT BREAKDOWN * Architectural/Decorative: 100% KEY PEOPLE Dr. Klaus Murjahn, CEO. The parent company of the Caparol Group is the Deutsche Amphibolin-Werke von Robert Murjahn Stiftung & Co KG (DAW). DAW was founded in 1895 and today carries out the central functions such as purchasing, production and finances. DAW is the leading German decorative paint manufacturer. The Caparol brand is the leading brand within the DAW Group. The marketing activities are subdivided into six strategic business units.

In the professional business unit high quality paints, enamels, glazes, chemical building products and materials for facades and insulation technology are marketed under the brands Caparol, Alligator and Alsecco for professional users. The product range of the brand Alpina, which is active in the DIY business unit, is mainly composed of environmentally friendly, non-noxious, easily worked and high quality decorative paints, enamels and glazes and is aimed at the end-user. The wholesale business unit comprises an extensive range of services for the professional paint wholesalers provided by the company Caparol Marketing Service (CMS). The industrial business unit is supported by the company Caparol Industrial Solutions whose products and services are exclusively orientated to the requirements of industrial customers. Lastly, the Nerchau decorating and artist's paints is located in Saxony and produces high quality paints for educational, hobby and artistic requirements.

With 3,700 employees and a large number of production sites at home and abroad, as well as $1.255 billion turnover, the Caparol Group is one of the leading companies for paints, enamels and building protection in Europe. In the professional and also DIY markets the company with its headquarters in the Rhine-Main region is the market leader with its brands Caparol and Alpina.

16 H.B. Fuller Company St. Paul, Minnesota/USA

www.hbfuller.com PUBLIC COMPANY YEAR ESTABLISHED: 1887 COATINGS REVENUES: $1.234 billion TOTAL REVENUES: $1.234 billion SEGMENT BREAKDOWN * North America: 43% * Europe: 29% * Latin America: 18% * Asia Pacific: 10% KEY PEOPLE Michele Volpi, president and CEO; James Giertz, senior VP and CFO; James Owens, senior VP, North America; Kevin Gilligan, VP, Asia Pacific; Jan Muller, VP, Europe; Ramon Tico, VP, Latin America; Barry Snyder, VP and chief technology officer.

H.B. Fuller Company is a global manufacturer and marketer of adhesives and other specialty chemical products. The company is managed through four regional operating segments--North America, Europe, Latin America and Asia Pacific. The largest business component is each of the regional segments is adhesives. H.B. Fuller posted sales of $1.234 billion in 2009.

H.B. Fuller opened a new technical center in Shanghai Zhangjiang Hi-Tech Park, China. The new lab, part of the company's five-year strategic plan, is the company's first regional technical center in Asia Pacific and will house research and development, applications testing, sales and regional leadership. The new technical center will focus on next-generation adhesive applications, helping the company promote product development and localization of initiatives in a variety of market segments, ranging from insulating glass, packaging and non-wovens and fiberglass sizing and binding to footwear and textiles, lean flooring and reverse-osmosis filtration.

During the year, H.B. Fuller also acquired Nordic Adhesives Technology a developer and manufacturer of polyurethane adhesives based in Buxtehude, Germany. Nordic's laminating adhesives complement H.B.Fuller's existing line. Additional new and innovative Nordic formulations include solventless systems with wide ranging capabilities including biodegradable laminates, high performance aliphatic solvent based systems, and adhesive solutions for high barrier films.

17 The Comex Group Mexico City, Mexico

www.thecomexgroup.com PRIVATE COMPANY COATINGS REVENUES: $1.2 billion SEGMENT BREAKDOWN * Architectural: 75% * Industrial: 15% * OEM: 5% * Auto refinish: 5% KEY PEOPLE Marcos Achar, CEO, Comex Group; Leon Cohen, president, Comex Mexico; Marcos Achar Meyohas, vice president treasurer; Elias Achar, vice president operations; Kent Child, president, U.S. and Canada.

Comex Group is the leading paint producer in Central and South America and the fourth largest architectural paint manufacturer in North America. Comex serves professional and DIY customers through more than 3,300 locations from Canada to Panama. Comex Group's wide range of products are manufactured and marketed through a group of regional companies. Comex Group's companies in the U.S. and Canada were formerly part of Professional Paint, Inc. (PPI). PPI was brought into the Comex Group in 2004.

PPI's network of regional paint formulators sell under different brands in the U.S. including Color Wheel in Florida, Frazee in California, Kwal Paint in Colorado, Parker Paint in the U.S. Pacific Northwest and General Paint in Canada. Comex's industrial line of paint, coatings and building products complement PPI's residential and commercial paint lines. Comex Group also operates Comex Mexico and Comex Central America. Comex Group's sales are estimated to be $1.2 billion in 2009. Broken down, approximately 75% of sales came from the architectural segment, 15% from industrial, 5% from OEM (excluding automative) and 5% from auto refinish.

The Comex Group, through its Comex Industrial Coatings (CIC) business, is an integral part of the ongoing four phase rehabilitation project at the McDonald Observatory, a research unit of the University of Texas at Austin. CIC coatings are being used to protect the sensitive and expensive equipment housed in the various buildings. Approximately 14,000 sq.ft. of external surface area is currently covered with CIC product.

Comex also opened the first Visual Color Evaluation Lab in Mexico. The Visual Color Evaluation Lab, considered to be the first facility in America devoted to observing architectural paint colors, opened its doors in Tepexpan, State of Mexico.

18 Hempel A/S

Kgs. Lyngby, Denmark www.hempel.com PRIVATE COMPANY YEAR ESTABLISHED: 1915 COATINGS REVENUES: $1.152 billion TOTAL REVENUES: $1.152 billion SEGMENT BREAKDOWN * Marine * Protective * Container * Yacht * Decorative KEY PEOPLE Pierre Yves Jullien, group president and CEO; Kim Junge Andersen, group executive VP and CFO; Key managers: Jannik Allentoft, marine; Sueno Johnsen, protective; Lars Hermansen, container; Christian Ottosen, yacht; Soren Nyburg Rasmussen, technical director.

In 2009 Hempel's revenues fell to $1.152 billion. The firm announced during the year that in order to meet worldwide demand, it is building two new factories in China and Poland, and planning a third in Argentina. The Polish and Chinese factories should come online in 2010.

On the merger and acquisition front, beginning in January 2009, in a deal worth [euro]105 million, Hempel acquired the remaining shares of Hempel-Hai Hong from China Merchants Holding (International) Co. Ltd. integrating all of its activities in China and the Asia Pacific region into one organization. As part of the Asia Pacific regional integration, Hempel renamed its Chinese company Hempel China.

Hempel China received the Outstanding Performance Award 2009. The prestigious award was given to ten multinational companies that have worked in China for more than ten years, and have made significant contributions to the Chinese coatings industry.

During the year, Hempel was also named Supplier of the Year 2010 by Vestas Towers A/S. In December 2009, Hempel acquired the remaining share-holding in Hempel Indonesia to reach 100 percent ownership.

Lastly, it was announced in January 2010, in a deal with United Industries Company KSCC, Hempel increased its shares in Dahna Paint Middle East to 51.1 percent. At the same time, Hempel

increased its shares in Hempel Qatar and Hempel Emirates from 21.2 percent to 29 percent.

During the year, Hempel introduced a new universal primer. Hempadur Quattro anticorrosive coating that is suitable for a wide range of surfaces and offers a year-round application window. It has been type-approved in accordance with IMO/PSPC rules for ballast tanks which call for 15-year protection.

19 Beckers Hoganas, Sweden www.becker.se PRIVATE COMPANY COATINGS REVENUES: $1.075 billion TOTAL REVENUES: $1.075 billion SEGMENT BREAKDOWN * Industrial Coatings: 80% * Art Material: 20% KEY PEOPLE Jenny Linden Urnes, chairman; Erik Urnes, CEO; Mats Hanson, CFO; Ralph Kabalo, business area manager, Becker Industrial Coatings; Kaj Brandt; business area manager, Becker Acroma; Thomas Brautigam, business area manager, ColArt. Beckers is wholly owned by Lindengruppen AB and develops, produces and markets customized, environmentally adapted solutions for pre-coated coil and industrial equipment, special design finishes for consumer electronic devices, and wood finishes for the wood industry. Beckers' ColArt division develops, produces and markets art materials. Operations are divided into three business areas. Group revenue in 2009 amounted to $1.075 billion.

Becker Industrial Coatings is the European market leader in coil coating, used to precoat steel and aluminium for subsequent forming without damage to the finish. It is also a major supplier of industrial finishing systems for metals and plastics.

Becker Acroma develops, produces and markets customized, environmentally adapted solutions for the global wood finishing industry.

ColArt produces and markets many of the world's top brands of fine art materials; and helps artists, school children, hobbyists and all others interested in arts and crafts around the world give color to their creativity.

In 2009, Beckers Industrial Coatings Holdings AB and MatOx Oy have entered into a three-year

research and development collaboration. Under the terms of this agreement, MatOx will use computational approaches to design new and unique coatings products with controllable functionality, which Beckers will have the option to bring to market. MatOx, the wholly owned Finnish subsidiary of UK-based MatOx Ltd., will work with academic staff at Helsinki University of Technology to develop and apply computational modeling and simulation in the design of new materials. MatOx will be focusing on several projects directly related to "smart" coatings, such as self-cleaning behavior or physical properties that change in response to external stimuli.

20 Asian Paints Limited Mumbai, India www.asianpaints.com PUBLIC COMPANY YEAR ESTABLISHED: 1942 COATINGS REVENUES: $1.059 billion TOTAL REVENUES: $1.059 billion SEGMENT BREAKDOWN * Architectural/Decorative: 90% * Industrial & Automotive: 10% KEY PEOPLE Ashwin Choksi, chairman; Ashwin Dani, vice chairman and managing director; PM Murty, CEO; KBS Anand, president, architectural, India; Vivek Subramanian, vice president, industrial, India; Jalaj Dani, president, international operations.

Asian Paints is India's largest paint company and ranked among the top ten decorative coatings companies in the world with sales of $1.059 billion in 2009. Sales came largely from the company's architectural and decorative operations (90%) while its automotive and industrial coatings sales (10%) made up the remaining.

Asian Paints along with its subsidiaries have operations in 17 countries across the world with 23 paint manufacturing facilities, servicing consumers in 65 countries through Berger International, SCIB Paints--Egypt, Asian Paints, Apco Coatings and Taubmans.

One of the key marketing initiatives for Asian Paints last year was the launch of its Colour Next 2010 palette of colors. It comprises various combinations of shades that lend a unique identity to spaces. This series of colors is the result of an extensive trend forecasting exercise spanning several months and covering various cities across Indis. Color Next 2010 was launched in Mumbai in December 2009. The palette is categorized into five color philosophies or design themes-Urbanite, Aura, Smart Comfort, Gallerie and Nature Networks.

During the year, Asian Paints also launched Premium Semi Gloss Enamel (PSGE). According to the company, it is India's first water-based enamel. It has zero solvent odor, low levels of VOCs and dries quickly. Other than having all other functional properties of enamels, it is also EN71 certified, which makes it a product with low metallic content.

Also on the new product front, to cater to higher sheen requirements of consumers in interiors, Asian Paints launched Royale Shyne. The other activity in the top end interior paints categotry was the launch of Royale and Royale Shyne with Teflon surface protector.

21 Shawcor Toronto, Ontario, Canada www.shawcor.com PUBLIC COMPANY COATINGS REVENUES: $940 billion SEGMENT BREAKDOWN * Principle & Pipe Services * Petrochemical & Industrial KEY PEOPLE V.L. Shaw, chair of the board; W.P. Buckley, president and CEO; J.D. Tikkanen, president, Bredero Shaw.

Bredero Shaw is the world's largest pipe coating manufacturer with sales of roughly $940 million in 2009. In 2009, Bredero Shaw secured two major pipe coating projects. The first was Epic Energy's $42 million QSN3 project in Australia and the $185 million Esso Highlands PNG LNG Project in Papua New Guinea. One significant technology development included Bredero Shaw's introduction of the Thermotite Ultrafamily of proprietary new insulation systems with unique mechanical and thermal properties for deepwater oil and gas flowlines and the development of a portable plant capability for the division's wrap applied, bendable Rock Jacket concrete pipe coating. In early 2010, Bredero Shaw announced the formation of a joint venture to provide concrete weight coatings for off-shore pipelines in the Russian Arctic.

22 Chugoku Marine Paints Tokyo, Japan www.cmp.com.jp PUBLIC COMPANY

YEAR ESTABLISHED: 1917 COATINGS REVENUES: $936 million SEGMENT BREAKDOWN * Marine Paints * Industrial Paints * Container Paints * Adhesives KEY PEOPLE Tetsuo Yamazumi, president; Chugoku Marine Paints, Ltd. is a Japan-based company engaged in the manufacture and sale of paints, as well as the provision of contract painting services. The paint-related segment manufactures and sells paints for ship, industrial and container uses, as well as adhesives. In 2009, Chugoku Marine Paints (Shanghai), Ltd., a subsidiary located in Jiading District, Shanghai, China, completed construction of its second factory and began operations. This factory, the companies third manufacturing plant in China following the first Shanghai factory and the Guangdong factory, was established in order to strengthen the companies productivity and competitiveness, as well as increase customer satisfaction. The new factory will supply paints for vessels, industrial paints for bridges, industrial plants, steel structures, etc. and resins for paints.

23 Dai Nippon Toryo Osaka, Japan www.dnt.co.jp PUBLIC COMPANY YEAR ESTABLISHED: 1929 COATINGS REVENUES: $743 million SEGMENT BREAKDOWN * Industrial * Automtove OEM * Auto refinish * Marine

* Decorative/architectural KEY PEOPLE Yamashita Fumitaka, president; Yoshinori Hirotani, executive officer, manager of general paint division, president of subsidiary.

Dai Nippon Toryo Co., Ltd. operates in the paint industry primarily in Japan. DNT's coatings revenue in 2009 was $743 million. It offers various coating products, which include heavy duty, industrial, automobile, refinishing, marine, home use paints, plastics and powder. The company also provides machines and equipment for paints manufacturing and coating applications. In addition, it offers its products in various fields, including electrical home appliances, housing, automobiles and information-related equipment, as well as for infrastructures, including high-rise buildings and largescale bridge construction. Dai Nippon Toryo Co., Ltd. was founded in 1929 and is headquartered in Osaka, Japan. On August 29, 2008, Dai Nippon Toryo acquired a 67% state in Tokyo-based Daia Keiko Co., Ltd. 24 Kemira Oyj (Tikkurila) Helsinki, Finland www.tikkurila.com PUBLIC COMPANY COATING REVENUES: $740 million SEGMENT BREAKDOWN * Kemira Pulp & Paper * Kemira Water * Kemira Coatings * Kemira Specialty KEY PEOPLE Erkki Jarvinen, Tikkurila's president and CEO; Harri Kerminen, Kemira Oyj's president and CEO, chairman of Tikkurila's board.

Tikkurila's operations are divided into two business areas. Tikkurila Deco, which accounts for roughly 80% of revenues, sells decorative paints to consumers and professionals in more than 5,000 retail sales outlets in more than 40 countries, while Tikkurila Industrial Coatings, which accounts for 20% of revenues, provides coating solutions to customers in the wood and metal industries. Tikkurila is the leading regional paints and coatings company in Finland, Sweden and Russia. During the beginning of 2009, a new logistics and service center was completed near Moscow. Tikkurila expanded further into Russia when it acquired the remaining 30% of the shares

in two St Petersburg-based paint companies from their founders and previous management. OOO Gamma Industrial Coatings is a producer of metal industry coatings and OOO Tikkurila Powder Coatings is a producer of powder coatings.

25 Benjamin Moore Montvale, NJ/USA www.benjaminmoore.com PRIVATE COMPANY YEAR ESTABLISHED: 1883 COATINGS REVENUES: $650 million BREAKDOWN * Architectural Paint KEY PEOPLE Denis Abrams, president and CEO; Jim Megin, VP finance, CIO and treasurer; Barry Cladwick, VP market development and product; Ken Marino, VP supply chain.

During the year, Benjamin Moore added Aura Bath & Spa paint to its line up of Aura waterborne interior coatings. Setting this new formulation apart is its matte finish, a sheen that, until now, was prohibitive in a high-moisture environment and overruled by the experts in favor of glossier options, according to Benjamin Moore. Formulated by Benjamin Moore's engineers to lock out moisture and seep it from penetrating the film, Aura Bath & Spa can withstand heat and humidity.

The matte finish retains its subtle appearance and color integrity due to Aura's proprietary Color Lock technology. Aura Bath & Spa is also resistant to mildew and stains, easy to clean, and is durable, the company said. The low-VOC, low-odor formula not only ensures a safer environment, but also means a faster return to the room's functionality. Aura Bath & Spa is available in any of the nearly 3,500 colors offered by the company or can be colormatched to any specification.

26 Brillux GmbH and Co. KG Muenster, Germany www.brillux.de PRIVATE COMPANY YEAR ESTABLISHED: 1889 COATINGS REVENUES: $625 million

SEGMENT BREAKDOWN

* Paints * Lacquers * Varnishes * Adhesives KEY PEOPLE Peter Konig, Franz Wilhelm Konig, Julius Schroder and Michael Thompson.

Originally known as Hobrecker & Konig back in the 1880s, Brillux is now in its fourth generation of independent ownership by the Konig family. Founded in 1889 in Munster, Germany, Brillux has more than 130 branches in Germany, the Netherlands, Switzerland and Austria, and is expanding into new markets throughout the EU. Based in Munster, the company has four plants in Germany-Munster, (its main plant for paint, lacquers and varnishes), Herford (plaster and adhesives), Malsch (water-based products) and Unna (industrial lacquers).

Brillux offers an extensive portfolio of products including a wide range of interior and exterior paints, varnishes, woodstains and dispersion coatings. Plasters, wall coatings and floor coverings are also available. There are special systems for external wall insulation, concrete protection and concrete repairs.

27 Orica Melbourne, Australia www.orica.com PUBLIC COMPANY COATINGS REVENUES: $555 million SEGMENT BREAKDOWN * Orica Mining Services * Minova * Orica Chemicals * DuluxGroup

KEY PEOPLE Patrick Houlihan, general manager, Orica Consumer Products.

Implementing a strategy to focus on the mining and infrastructure sectors of its business, in 2009 Orica's board decided to demerge its consumer products group, now known as DuluxGroup.

DuluxGroup is a very different business to the remainder of the Orica portfolio. While a market leader it remains a relatively minor part of a larger Orica. In 2009, Orica achieved record profits and increased its market share despite declining markets. DuluxGroup's continued investment in brands, innovation and customer relationship management saw it achieve record sales and continue to receive customer service awards. It has completed the acquisition of Sopel, a premium woodcare company based in Shanghai, which provides a platform for growth in the region through the expansion of paints and introduction of Selleys products.

28 Forbo Baar, Switzerland www.forbo.com PUBLIC COMPANY YEAR ESTABLISHED: 1928 COATINGS REVENUES: $524 million SEGMENT BREAKDOWN * Flooring Systems * Bonding Systems * Movement Systems KEY PEOPLE Dr. Albert Gnagi, chairman of the board of directors; Michel Riva, executive VP, bonding systems.

Bonding Systems is among the world's leading suppliers of industrial adhesives. Sales dropped the $524 million due primarily to volatility in the U.S. market, which accounts for about one-third of the division's sales. In the industrial adhesives area, investments were made primarily in fastgrowing markets such as Russia, Vietnam and India. In the building and construction adhesives business, the sales network in Eastern Europe was expanded in order to ensure maximum capacity utilization of Forbo's new production plant in Russia. In France and Greece, capacity for the production of thermoplastic hotmelts was expanded in order to meet the growing demand in the packaging industry. In China, capacity for the production of thermoplastic hotmelts was increased for applications in the wood-processing industry.

29

Arch Chemicals, Inc. Norwalk, CT www.archchemicals.com PUBLIC COMPANY COATINGS REVENUES: $379 million SEGMENT BREAKDOWN * Industrial Biocides * Water Products * Wood Protection/Industrial Coatings * Performance Products KEY PEOPLE Michael Campbell, chairman, president and CEO; Louis Massimo, COO; Steven Giuliano, CFO Under its wood protection and industrial coatings business unit, Arch Chemicals recorded sales of $379 million in 2009. It produces wood preservatives and fire retardants sold under the brand names Wolman, Dricon, Tanalith, Vacsol and Resistol in markets around the world. Principal customers are sawmills and treaters of softwoods that require chemical treatment. Arch also manufactures and sells a wide range of industrial coatings for a variety of applications for wood and other materials in markets primarily located in Europe. These finishes are primarily industrialapplied or consumer-applied products for the surface decoration and protection of wood, including stains, polyester-based and polyurethane-based coatings, and water-based coatings and UV systems. These coatings products are sold primarily under the brand names Sayerlack and LineaBlu. 30 Helios Domzale, Slovenia www.helios.si PUBLIC COMPANY YEAR ESTABLISHED: 1924 COATINGS REVENUES: $371 million SEGMENT BREAKDOWN

* Decorative coatings * Synthetic resins * Car refinishes * Metal coatings KEY PEOPLE Uros Slavinec, president; Marko Vresk, vice president; Branko Pas, vice president.

Helios Group is the leading manufacturer of coatings in South Eastern Europe with approximately 3,000 employees in more than thirty companies in fourteen countries. Recently, Helios acquired Ukrainian paint maker Avrora. As a result, Helios gained a new production location to add to its current sites in Slovenia, Croatia, Serbia and Russia. According to Helios, Arora's sales are approximately $7 million. This acquisition raises Helios' total sales in Ukraine to approximately $15 million. Avrora specializes in the production of coatings for the metal industry. As a result of the acquisition, Helios has gained a distribution and logistics center in Ukraine. Helios also said it will be a supplier of automotive coatings to a large car factory opening in the vicinity.

31 Berger Paints India Ltd. Kolkata, India www.bergerpaints.com PUBLIC COMPANY YEAR ESTABLISHED: 1923 COATINGS REVENUES: $355 million SEGMENT BREAKDOWN * Decorative * Automotive * Industrial KEY PEOPLE Subir Bose, managing director, executive director; Kuldip Singh Dhingra, chairman of the board; Anirudha Sen, vice president Berger Paints was founded in 1923 and is India's second largest decorative paints player. It is active in a wide variety of decorative and industrial paint sectors and continues to gain an increasing share of the highly competitive Indian paint market. Apart from operations in Russia, with a

production facility at the Berger manufacturing unit at Krasnodar, Berger has also expanded its footprint in Nepal by setting up a second unit. Today Berger's sister company in Bangladesh is the dominant leader with over 65% market share. In keeping with the company's dynamic growth plan, Berger has also acquired Bolix SA of Poland, a leading provider of External Insulation Finishing Systems (EIFS) in Eastern Europe. Berger is also the lone supplier to India's nuclear power plants.

32 Fujikura Kasei Co. Ltd. Tokyo, Japan www.fkkasei.co.jp PUBLIC COMPANY YEAR ESTABLISHED: 1938 COATINGS REVENUES: $350 million SEGMENT BREAKDOWN * Coatings for plastics * Architectural coatings * Electronic materials * Polymers and resins KEY PEOPLE Yoshiaki Hasegawa, chairman and CEO; Joji Washino, president and COO; Yuzo Saisu, senior managing director; Satoshi Yamashita, senior VP; Shigeru Takahashi, senior VP. Fujikura Kasei offers coatings for plastics, which include automotive interior and exterior, automotive lightings, cosmetic containers and enclosures, electronic appliances, plastic hobby items and plastic sheets; architectural coatings, such as exterior and interior building materials, decorative items and housing equipment; and electronic materials.

In 2008, Fujikura Kasei's U.S.-based operation, Fujichem, Inc., purchased 100% of Evansville, INbased Red Spot Paint & Varnish Co., Inc. With sales of approximately $100 million last year, Red Spot is primarily active in the automotive coatings sector. Red Spots joint venture partners in Korea and the UK, as well as Red Spot's licensees and customers in South America, Australia, Europe, Singapore and China, further broaden Fujikura's global footprint to serve the global coatings for plastics market.

33 National Paints

Abu Alanda, Jordan www.nationalpaints.com PRIVATE COMPANY YEAR ESTABLISHED: 1969 COATINGS REVENUES: $328 million SEGMENT BREAKDOWN * Architectural/decorative * Industrial * Automotive * Marine KEY PEOPLE Michael Sayegh, chairman of the board, Sayegh Group; Salim Sayegh, GM Nat. Paints UAE; Ibrahim Sayegh, GM Nat. Paints Jordan; Fayeq Sayegh, GM Nat. Paints, Egypt; National Paints Factories Co., Ltd. (Sayegh Group) claims the number one position in the Middle East with an annual production capacity of 300,000 tones of exports to more than 60 Arab and other countries. It is involved in a number of sectors including architectureal/decorative (35%), industrial (35%), auto OEM (15%), auto refinish (10%) and marine (5%). With coatings revenues of $328 million, National Paints is the major part of the privately-owned Sayegh Group, established more than 75 years ago. The company has had in the past technical and licensing agreements with Dyrup, Sherwin-Williams and Inver for powder coatings. It is also a member of the Transocean Marine Paints Consortium. The firm also maintains three resins factories in Jordan, UAE and Romania, producing some 40,000 tones for internal and third party consumption.

34 Freeworld Coatings Johannesburg, South Africa www.freeworldcoatings.com PUBLIC COMPANY YEAR ESTABLISHED: 1891 COATINGS REVENUES: $326 million SEGMENT BREAKDOWN

* Decorative Coatings * Performance Coatings KEY PEOPLE Bobby Godsell, chairman; Andre Lamprecht, CEO. A leading international marketer of decorative, automotive and industrial coatings, Freeworld Coatings is the successor to the coatings division of Barloworld. Freeworld supplies brands such as Plascon, Plascon Professional, Crown, Polycell, Midas and Earhtcote to consumers and commercial enterprises. Plascon markets in decor effect in its award-winning Plascon Living Concepts showroom ar The design Quater in Fourways, Johannesburg, a category first in South African Paint retailing. The showroom uses custom designed computer software to inspire customers by allowing them to see the Plascon colour range on digital images of their homes. The Midas and Earthcote brands are marketed and sold through 54 franchise stores in South Africa, with a further 5 outlets located in Mauritius, Edinburgh, Antwerp, Amsterdam and Windhoek.

35 The Wattyl Group North Ryde, Australia www.wattyl.com.au PUBLIC COMPANY COATINGS REVENUES: $302 million SEGMENT BREAKDOWN * Industrial * Marine * Decorative/architectural KEY PEOPLE John Ingram, chairman; John Nolan, managing director; John Foyle, CEO of Wattyl New Zealand; David Marginson, general manager, Wattyl Australia Pty. Wattyl, which currently ranks as Australia's second largest paint manufacturer, is a paint and surface coatings company with manufacturing, sales and distribution facilities in Australia and New Zealand. The company produces a broad range of paints, varnishes, lacquers and special purpose protective coatings. Wattyl's products are used by individuals, contract painters and industrial customers. During the year, Wattyl developed a new point of sale Wattyl Colour Designer a color selection system. It enhanced its range of interior and preparatory products to strengthen its position in the interior sector and launched a new range of Wattyl industrial protective and marine coatings to strengthen its position in the industrial sector. Wattyl also introduced a new

computerized point of sale system for its Wattyl and Solver stores in both Australia and New Zealand.

36 JW Ostendorf GmbH & Co. KG Coesfeld, Germany www.jwo.com PRIVATE COMPANY YEAR ESTABLISHED: 1948 COATINGS REVENUES: $300 million SEGMENT BREAKDOWN * Decorative Coatings KEY PEOPLE Christoph Koch, dir. of finance; Michael Ostendorf, manager; Gerald Schaefer, manager; Martin Friedrich, manager.

The central office of JW Ostendorf GmbH & Co. KG, which is one of the key companies in Germany is in Coesfeld. The firm is engaged in the manufacture of paints, varnishes, lacquers and enamels for a variety of applications and recorded sales in 2009 of approximately $300 million.

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37 CIN Group Maia, Portugal www.cin.pt PUBLIC COMPANY YEAR ESTABLISHED: 1926 COATINGS REVENUES: $298 million SEGMENT BREAKDOWN

* Architectural/decorative: 59% * Auto refinish: 3% * Industrial: 18% * Protective: 16% * Other: 4% KEY PEOPLE Antonio Serrenho, honorary chairman; Joao Serrenho, chairman; Angelo Machado, member of board; Fernando Jorge Ferreira, CFO. CIN (Corporacao Industrial do Norte S.A.) is a Portuguese company that is the Iberian market leader for paint and coating products. The company was established in 1926 and is headquartered in Maia, Norte Region. In 2009, Corporacao Industrial do Norte, SA (CIN) turned out relatively positive results when compared to the decline in the coatings markets it serves. During the last quarter of 2008, a new factory was inaugurated in the outskirts of Barcelona, in Montcada i Reixac.

It will cover a total area of 24,833 square meters. Moving forward the Angolan market is one of CIN's priority markets where it intends to strengthen its leadership position. CIN also launched on it website a color simulator--CIN Color Studio Simulator--a tool. that allows users to experiment with different colors without any risks.

38 Flugger Group Roedovre, Denmark www.flugger.com PUBLIC SUBSIDIARY COATINGS REVENUES: $267 million SEGMENT BREAKDOWN * Architectural/decorative: 100% KEY PEOPLE Soeren Peschardt Olesen, CEO; Paul Wulff, CFO; Claus Bjoern, group sales director; Steen Hoff, group supply chain director.

Flugger Group is one of Scandinavia's biggest suppliers of decorative paint, wood stain, wallcoverings, paint tools and cleaning articles. Flugger Group is represented by Flugger shops in Denmark, Norway, Sweden, Iceland, Poland and China. In tota, have there are 507 Flugger shops,

of which 217 are owned by the company. Apart from this, its subsidiary DAY-system contributes with sales from 214 shops in Denmark, Norway and Sweden. The other daughter company PP Mester Maling, has 41 shops in Denmark. The company has five factories, and the two main ones are in Kolding, Denmark and in Bollebygd, Sweden. Here Flugger produces paint, wood stain, fillers and chemical products. In Kolding it produces water-based paint, and it comes to an amount of 20 million liters per year. In Bollebygd Flugger produces around 24 million liters of both water-based and turpentine-based paint per year.

39 Dyrup A/S Soborg, Denmark www.dyrup.com PUBLIC COMPANY COATINGS REVENUES: $261 million SEGMENT BREAKDOWN * Decorative coatings * Wood coatings KEY PEOPLE Erik Holm, CEO and member of executive board; Peter Sorensen, COO of Denmark; Ulrich Mikkelsen, head of corporate finance; Arianeh Aamodt, head of corporate R&D. Dyrup is wholly-owned by the Monberg & Thorsen Group. The paint firm delivered revenue of $261 million in 2009. The slowdown in construction activity affected the professional (PRO) and industrial markets, in particular, which accounted for just under 60% of Dyrup's revenue in 2009.

Dyrup reported marked growth in DIY in the Iberian Peninsula throughout the year, which made up for the sharp decline in demand in the PRO market. DIY revenue also showed progress in Poland, driven by the rollout of products tailored to the Polish market. In 2008/09, Dyrup worked on the development of a new strategy--Fresh Start--one of the consequences of which is tightened focus on DIY and PRO, applying a customer-oriented approach. As a consequences of this, Dyrup entered into an agreement in January 2009 on the sale of its industrial activities in April 2009.

40 Teknos Group Oy Helsinki, Finland www.teknos.com

PRIVATE COMPANY YEAR ESTABLISHED: 1948 COATINGS REVENUES: $259 million SEGMENT BREAKDOWN * Industrial coatings * Architectural coatings KEY PEOPLE Pekka Rantamaki, CEO; Soile Haavisto, financial director; Raimo Anjala, managing director.

Teknos Group Oy is the leading supplier of industrial coatings in Scandinavia with a strong position in retail and architectural coatings too. Teknos is one of Finland's largest family-owned businesses. Group companies operate in Scandinavia, Germany, the United Kingdom, Poland, Slovenia and Russia, and through a well-established network of agents and representatives in about twenty other European countries. A highlight of the year was the acquisition of GORI's industrial wood business from Dyrup. Another highlight of the year was the establishment of a joint venture compa-ny in Russia with a local partner. Under the name 'Teknos Deko', the company manufactures architectural coatings and has production facilities in St. Petersburg. Teknos also established a new sales company and technical service center in Shanghai, China.

41 Kelly-Moore San Carlos, CA/USA www.kellymoore.com PRIVATE COMPANY YEAR ESTABLISHED: 1946 COATINGS REVENUES: $250 million SEGMENT BREAKDOWN * Architectural coatings: 80% * Industraial coatings: 10% * Non-auto OEM: 10%

KEY PEOPLE Steve DeVoe, president; Dan Stritmatter, CFO; Todd Gentry, vice president of sales; Mike Black, vice president of operations; Rod O'Neal, marketing director; In 2009, Kelly-Moore Paint Company, Inc., introduced a new Kelly-Moore Dealership Program that allows dealers to leverage the company's reputation for high-quality products and personalized service to gain instant credibility and higher sales volume. According to the company, sixty-eight percent of our annual sales volume is attributed to painting contactors. The program provides related sundries that can be purchased in customized quantities (only those needed) to improve inventory turns. Initial product training is included in the program to ensure each dealer receives all of the required sales material and techniques that have been developed for KellyMoore's in-store sales representatives. The training includes basic to advanced paint studies, application tools and sundries.

42 Rock Paint Osaka, Japan www.rockpaint.co.jp PUBLIC COMPANY YEAR ESTABLISHED: 1952 COATINGS REVENUES: $237 million SEGMENT BREAKDOWN * Automotive coatings * Industrial coatings KEY PEOPLE Togo Utsumi, president, representative director; Fujio Hara, senior managing director; Yoshio Koike, executive director.

Rock Paint Co. Ltd., a Japan-based company, is engaged in the production and sale of paint products and coating materials. Along with its subsidiaries and an associate, the company has two business segments. The paint segment offers automobile paints, construction paints, industrial paints, paints for canned food, adhesives for light packaging of food products, abrading agents, polyester putty, thinners an others. The coating-related segment offers coating tools such as brushes, rollers, spray guns; tools such a color toning tools and sanders; curing materials such as abrasive paper and tape sheets, and coating facilities such as paint booths. Rock Paint Co. was established in 1952 and is based in Osaka, Japan.

43 Industrias Titan S.A. Barcelona, Spain www.titanlux.com PRIVATE COMPANY YEAR ESTABLISHED: 1917 COATINGS REVENUES: $215 million SEGMENT BREAKDOWN * Decorative/architectural * Industrial maintenance * Marine coatings * Powder coatings * Fine arts products KEY PEOPLE Jose Farres Pere, CEO; Jaime Carbonell Petit, financial general manager; Antonio Vilaseca Martinez, technical director; and Jose Fernandez, manager for power coatings.

Since it was founded in 1917 in Barcelona, Industrias Titan has produced paints, enamels, varnishes, powder coatings, colors for fine arts and handicrafts, as well as ancillary products. Its present installations have a total area of 120,000 square meters and are located in E1 Prat de Llobregat, which is within the metropolitan area of Barcelona. It has fourteen commercial delegations, six production plants in Spain, one in Portugal and one in Morocco. In recent years Industrias Titan has focused its efforts on making its products more environmental friendly, right through from product conception to the end user stage. Many of its products have been awarded with the European Ecological Label. During the year, the company launched Titan Luxoplast Powder Fillers. The firm also launched a new interior DIY product, Titan Tile Enamel.

44 KCC Seoul, South Korea www.kccworld.co.kr

PUBLIC COMPANY YEAR ESTABLISHED: 1974 COATINGS REVENUES: $212 million SEGMENT BREAKDOWN * Marine & container * Automotive * Industrial * Decorative KEY PEOPLE Mong-Jin Chung, chairman Mong lk Chung, CEO. Korea Chemical Co., Ltd. was established in 1974 and is now the largest paint producer in South Korea. The company is involved in the production of paints for automobiles, ships, containers, construction and industrial use. It also manufactures PVC material for flooring and paint sealant.

Paint for ships and containers accounts for roughly 30% of revenues; paint for automobiles 20%; paint for industrial use 15%; paint for construction use 8%; paint for sealants 7%; paint for PVC floor materials 7%; paint for others 5% and including wholesale paint and floor materials 7%.

The company was formerly known as Kumkang Korea Chemicals Co., Ltd. and changed its name to KCC Corporation in March 2005. KCC Corporation is head-quartered in Seoul, South Korea.

45 Shinto Paint Co. Ltd. Amagasaki, Japan www.shintopaint.co.jp PUBLIC COMPANY YEAR ESTABLISHED:1933 COATINGS REVENUES: $211 million SEGMENT BREAKDOWN * Architectural/decorative

* Industrial maintenance * Automotive OEM KEY PEOPLE Harunobu Horibe, chairman; Akira Kubo, managing director and technical director; lchiro Miyawaki, president; Minoru Aono, senior managing director.

Shinto Paint Co., Ltd. engages in the manufacture, processing, and sale of paints, adhesives, pigments, synthetic fats/oils, fats/oils, and chemicals in Japan. In addition, the company designs, implements, and supervises painting work and other various construction work, as well as related technical supervision. Further, it engages in contracting of installation work for painting facilities; and related machinery equipment, tools, and devices, as well as design and supervision of such installation work. The company provides maintenance coatings for protection against rust and corrosion to nuclear power stations, chemical plants, petroleum refinery plants, water and sewage treatment plants, and paper mills, as well as large-sized steel structures, such as ships, drilling rigs, offshore platforms, and other ocean development plants.

46 Dunn Edwards Corp.

Los Angeles, CA/USA www.dunnedwards.com PRIVATE COMPANY YEAR ESTABLISHED: 1925 COATINGS REVENUES: $210 million SEGMENT BREAKDOWN * Architectural coatings * Industrial coatings KEY PEOPLE Kenneth Edwards, CEO; Karl Aktergott, president and COO; Robert Hill, executive VP and' CFO; Darlene Mitchell, VP and CIO: Monte Lewis, VP sales; Tim Bosveld, VP marketing Dunn-Edwards, founded in 1925, operates 103 stores in five western states: California, Arizona, New Mexico, Nevada and Texas. Dunn-Edwards is a leading manufacturer and supplier of architectural and industrial coatings, providing a complete line of paints and professional painting supplies. The company caters to architects, designers, painting contractors, homebuilders and property managers in the Southwest; it also serves do-it-yourselfers, although professionals

account for a majority of sales. The company has launched two unique new online tools: A Spec Guide based on project type (i.e. schools, health care facilities), and a Color Reference Center where HOAs and property management companies can archive approved color schemes for convenient access.

47 TOA Group Bangkok, Thailand www.toagroup.com PRIVATE COMPANY YEAR ESTABLISHED; 1957 COATINGS REVENUES: $205 million SEGMENT BREAKDOWN * Architectural/decorative * Protective coatings * Marine coatings * Wood coatings KEY PEOPLE Arsa Sarasin, honorary chairman; Prachak Tangkaravakoon, president; Motoo Horiguchi, senior executive VP; Rams Das Ahuja, executive VP. TOA is the leading supplier of decorative coatings in Thailand with an estimated share of 50%. The company manufactures products that cater to the mid-tier and premium-tier markets. The TOA Group of companies includes TOA Paint Thailand, which is TOA's 100% Thai-owned main base of operation; TOA-Chugoku Paint, a joint venture between TOA Paint Thailand and Chugoku Marine Paint; TOA Union Paint Thailand, a joint venture company with Japanese-based wood coatings producer Union Paint; TOA Vietnam; Shanghai-TOA Paint; and TOA Paint Malaysia. TOA's product portfolio includes the recenlty launched Ultra Premium Generation of coatings including Supershield, TOA 7 in 1 and Supershield Duraclean.

48 Yung Chi Kaohsiung, Taiwan

www.rainbowpaint.com.tw PUBLIC COMPANY YEAR ESTABLISHED: 1951 COATINGS REVENUES: $200 million SEGMENT BREAKDOWN * Architectural/decorative * Marine * Industrial KEY PEOPLE Tien-Yung Chang, director, Tsung Te Han, managing director; H.L. Shen, general manager.

Yung Chi Paint & Varnish Manufacturing Co., Ltd. manufactures architecural coatings, heavyduty coatings, marine paints, coil coatings, can coatings, nuclear coatings and curtain wall coatings. The firm also manufactures and sells fire-retardant and fire protection coatings.

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49 Boero Group Genoa, Italy www.gruppoboero.it PUBLIC COMPANY YEAR ESTABLISHED: 1831 COATINGS REVENUES: $185 million SEGMENT BREAKDOWN * Arch/Deco.: 64% * Yacht: 19%

* Marine: 17% KEY PEOPLE Andreina Boero, chairperson; Giorgio Rupnik, CEO; Olga Bottaro, marketing and technical director; Claudio Stringara, arch. & deco; Paolo Zunio, yacht; Niccolo Ballerini, marine.

Boero Group is Italy's paint and coatings leader in the markets its serves. In 2009 the group reported revenue of roughly $185 million. the firm's business is divided into three segments. Architectural and decorative coatings generated 64% of the group's revenue last year while yacht coatings were responsible for 19% of the revenues with the marine segment responsible for the remaining 17%. Architectural and decorative paint brands in the firm's portfolio include Boero Colori; Rover Attova; and Grandi Superfici. Yacht brands include Boero Yacht Paint; Veneziani Yachtings; and Attiva Marine. The marine category offers the Boat brand. Boero Group operates three manufacturing facilities.

50 FLH Group Arbon, Switzerland www.flh.com PUBLIC COMPANY HEADCOUNT: 610 YEAR ESTABLISHED: 1932 COATINGS REVENUES: $180 million SEGMENT BREADOWN * Architectural coatings: 5% * Industrial coatings: 15% * Automative OEM: 1% * Auto refinish: 2% * Wood coatings: 50% * Non-stick coatings: 10% * Packaging coatings: 17% KEY PEOPLE

Thomas Lozser, CEO; Pascal Rentzmann, group controller.

FLH Group, the coatings division of Looser Holding AG, in 2009 recorded sales of approximately $180 million. Treffert Group, a member company of FLH Group, during the year opened a subsidiary in the U.S. The new product development and production facility is located in Charlotte, North Carolina. With this direct presence in the USA, Treffert wants make major inroads in the North American wood floor coating market. The new Treffert USA Technology Center features labs for development, testing as well as full scale prototyping--and state of the art coating production facilities. Charlotte is in the heart of the North American wood processing industry. The City has a great research community, skilled labor force and good infrastructure.

51 Boysen Quezon City, Phillipines www.boysenpaints.com PRIVATE COMPANY YEAR ESTABLISHED: 1926 COATINGS REVENUES: $175 million SEGMENT BREAKDOWN * Architectural/decorative KEY PEOPLE Willy Ong, president; Johnson Ongking, vice president; Ruben Cueto, marketing manager; Romeo Bautista, technical services manager.

Walter Neal Boysen founded Boysen Paints in Oakland, CA/USA in 1926. After expanding the brand across the U.S., Boysen Paints was introduced to Asia in the 1960s. It has given Pacific Paints the license to manufacture its premium paint products. The growing market share in Asia and the Pacific, especially in the Philippine market, necessitated the creation of a fully integrated state-o-the-art manufacturing facility in Cavite, Philippines, said to be the most modern paint factory in Southeast Asia. In 2008, Pacific Paints (Boysen) Philippines launched its environment-friendly paint, dubbed the Boysen KNOxOUT, activated by Cristal Nanotechnology. Also of note in 2008 Boysen Paints was awarded Reader's Digest Most Trusted Brand Platinum Status for the fourth year in a row in early 2009--making it one of only two paint companies in Asia-Pacific with this distinction.

52 Grebe Group Weilburg, Germany

www.grebe-group.com PRIVATE COMPANY YEAR ESTABLISHED: 1936 COATINGS REVENUES: $170 million SEGMENT BREAKDOWN * Industrial coatings: 40% * OEM (non-auto): 40% * Rail & defense: 20% KEY PEOPLE

Hlemut Tappe, CEO Grebe Group; Dr. Manfred Becker, management, board; Frank Glaser, management board; Tim Rand, Weilburger Coatings; Uwe Diener, marketing director.

The Grebe Group recorded sales of approximately $170 million in 2009. The firm's coatings business can be broken down into the following segments: Industrial coatings, which accounted for 40% of sales; non-automotive OEM applications, which accounted for another 40% of revenue; and lastly, rail and defense applications make up the remaining 20% of revenue for the year. For household articles the firm offers Greblon Non Stick coatings and decorative, temperatureresistant coatings. For the stove industry it offers high-temperature resistant coatings. For general industry application Grebe offers coating systems for metals, plastics and glass in applications such as sewage pipes, household appliances, rail vehicles, mobile phones and defence technology. The group operates facilities in Germany, UK, Italy, Poland, China, Hong Kong Indonesia, India and Japan. In 2008 Grebe acquired Schramm Coatings GmbH. 53 YASAR lzmir, Turkey www.dyo.com.tr PRIVATE COMPANY YEAR ESTABLISHED: 1927 COATINGS REVENUES: $155 million

SEGMENT BREAKDOWN * Architectural coatings * Industrial * Automotive OEM * Auto refinish KEY PEOPLE Hasan Deizkurdu, CEO During 2008, BASF signed an agreement Yasar to acquire Yasar's shares in the 50-50 joint venture Yasar BASF Automotive Coatings Ltd., which markets automotive OEM and refinish coatings in Turkey. Yasar is now completely integrated into BASF's global network and can offer our customers an even wider range of services. BASF already leads the market for automotive OEM coatings in the Turkish market through the joint venture.

54 Tohpe Osaka, Japan www.tohpe.co.jp PUBLIC COMPANY YEAR ESTABLISHED: 1915 COATINGS REVENUES: $154 million SEGMENT BREAKDOWN * Paints * Lacquers * Adhesives KEY PEOPLE Tsutomu Kobayashi, president; Kazutami Kato, vice president; Hideki Kimura, managing director; Yukio Takeuchi, executive director.

Tohpe Corporation is a Japan-based manufacturer that supplies paints and other chemical products.

Its paints include synthetic resin paints, lacquers, water-based paints, oil-based paints and thinners.

The company's chemical products include synthetic resin adhesive processing agents and synthetic rubber. Additionally, it is involved in the paint-related construction activities. The company has 12 subsidiaries and five associated companies. Tohpe Corporation was incorporated in 1919 and is based in Osaka, Japan.

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55 Tambour Netanya Souty, Israel www.tambourpaints.com PUBLIC COMPANY YEAR ESTABLISHED: 1936 COATINGS REVENUES: $150 million SEGMENT BREAKDOWN * Decorative paints * Industrial paints

* Marine paints * Sealants * Adhesives KEY PEOPLE Michael Dayan, CEO; Ari Kanterewicz, international marketing director; Ronen Cohen, CEO of Tzah-Serafon; Micha Scharir, VP and financial director; Eitan Weitzman, marketing dir.

Founded in 1936, Tambour is today the largest Israeli paint manufacturer. Tambour's sales reached $150 million in 2009. The firm's paint production capacity is 85 million liters. Tambour specializes in the production and marketing of decorative and industrial paints, but supplies to other markets as well. Tambour's range products includes acrylic polymers; decorative paints; industrial paints;

marine paints; building material; gypsum products; gidge bricks; sealants; adhesives; and printing inks. Tambour is one of the companies active in the international paint manufacturers club, Nova & CRGI Nova club assembles 17 members with a combined annual sales of $2 billion. Tambour is also the authorized supplier of paint to the land and air forces of the IDF and Israel's security industries.

56 ICA Group PUBLIC COMPANY YEAR ESTABLISHED: 1971 COATINGS REVENUES: $145 million SEGMENT BREAKDOWN * Industrial wood coatings: 95% KEY PEOPLE Alessandro Bascelli, export manager; Lorenzo Lavarini, area manager; Federico Bastianelli, area manager, Sandro Paniccia, marketing director; Fabio Panccia, technical director.

ICA Group is a leading name in the manufacture and marketing of special wood coatings. The Group comprises ICA S.p.A., based in Civitanova Marche and Salchi Wood Coatings S.p.A., based in Romano D'Ezzelino. In 2009, ICA Group manufactured roughly 30,000 tons of wood coatings. These coatings are used all over the world in a spectrum of different sectors ranging from decorating to woodworking, coating everything from ships to outdoor structures, door frames, garden furniture, parquet floors and musical instruments. The main clients for ICA Group are (in order of volume sales): furniture makers, frame manufacturers, woodworking specialists, decorators and thirdparty coating companies. The company also produces water-based coatings for glass (slotted into furniture or used as a decorative surface) and plastic materials (not only for use in the furniture sector), as well as for a whole host of other coatings.

57 nver SpA Bologna, Italy www.inver.com PRIVATE COMPANY YEAR ESTABLISHED: 1034 COATINGS REVENUES:

$140 million SEGMENT BREAKDOWN * Industrial: 95% * Architectural/decorative: 5% KEY PEOPLE Giorgio Domenichini, president; Giovanni Domenichini, CEO; Gabriele Minghetti, operations manager and director; Matteo Roversi, CFO. Inver S.p.A. is primarily engaged in the manufacture of industrial liquid and powder coatings with 2009 sales revenue of approximately $140 million. The sale of powder coatings makes up about half of Inver's sold quantities. The firm further strengthened its positions as a powder coating supplier when it announced in October 2008 that it was acquiring Beckers' powder coatings operations in Europe. Specifically, Inver acquired Becker Powder Coatings' four European production plants located in France, UK, Poland and Italy. This acquisition will almost double the scale of Inver's existing powder business and provides it with an excellent platform for establishing a higher profile in the European industrial coatings market. This acquisition makes Inver the fourth largest producer in the European powder market.

58 Diamond Vogel Paints Orange City, IA www.diamondvogel.com PRIVATE COMPANY YEAR ESTABLISHED: 1926 COATINGS REVENUES: $135 million SEGMENT BREAKDOWN * Architectural coatings * Industrial coatings * Heavy duty coating * Traffic coating KEY PEOPLE

Drew Vogel, president and CEO; Doug Vogel, vice president, decorative; Mark Vogel, vice president, industrial.

Diamond Vogel Paints is a family-owned, Midwestern-based paint manufacturer and retailer headquartered in Orange City, IA. The company operates seven manufacturing facilities an over 80 service center outlets. The company is a provider of liquid and powder coatings for industrial OEM applications, architectural paints fo commercial and homeowner applications, and heavy-duty protective coatings for industrial maintenance applications. Some of the latest products that have been added to Vogel's portfolio include Pool-Cote CR chlorinated rubber pool paint for painting or repainting existing swimming pools; Finium DTM Semi-Gloss Primer/Finish, a premium heavy-duty 100% acrylic semi-gloss primer/finish; Color Interior Latex Paint Plus available in flat, eggshell and semi-gloss; and Grain Stain Semi-Transparent Water-Based Stain.

59 Empils Rostov-on-Don, Russia www.empils.ru PRIVATE COMPANY COATINGS REVENUES: $130 million SEGMENT BREAKDOWN * Arch/Deco coatings: 81% * Industrial: 9% KEY PEOPLE Sergey Nikitin, general manager; Mikhail Kryachkov, trade house director; Dmitriy Altukhov, marketing director; Elena Kuzmenko, decorative coatings.

In 2009, Empils highlighted that its line of Oreol water based paints grew 31% and the Rastsvet colored enamels grew 16% compared with the same period of 2008. Empils' paint and varnish sales volume for the first nine months of 2009 amounted to 53,622 tons. In comparison with the same period of 2008 sales increased four percent in physical terms and 12% in the Russian market. Also during the year, Empils added new product categories--sealing foams and sealants--to its product range through a partnership with Slovenia-based TKK Srpenica. The new products are designed both for professionals installing windows, doors, bathroom and lavatory equipment and for DIY consumers. TKK Srpenica has been manufacturing sealing materials for more than 60 years.

60 Cloverdale Paint Inc.

Surrey, British Columbia, Canada www.cloverdalepaint.com PRIVATE COMPANY YEAR ESTABLISHED: 1933 COATINGS REVENUES: $120 million SEGMENT BREAKDOWN * Architectural coatings * Wood coatings * Powder coatings KEY PEOPLE C. Alan Mordy, president and CEO; Paul Schmidt, VP finance; Wink Vogel, chairman.

Cloverdale Paint maintains more than 100 retail stores and a network of dealer outlets across Western Canada and the Pacific Northwest. The firm manufactures architectural and industrial maintenance products. Directly and through subsidiary companies in Calgary, Alberta (Far-go Paint Inc.) and Portland, OR (Rodda Paint Company), Cloverdale operates manufacturing plants in Surrey, Portland, Winnipeg, Edmonton and Calgary. In terms of acquisitions, Cloverdale most recently bought Guertin Coatings of Winnipeg, Manitoba, Canada, which produces liquid and powder industrial coatings, resins, sealants and adhesives in a 78,000 square foot facility in Winnipeg.