French Firm Buys 48% of Paint Company
Elf Aquitaine, France’s big oil company, purchased a major interest in Decratrend Paints, a privately held paint manufacturer based in the City of Industry, the companies said Wednesday.
La Seigneurie, a paint and surface coating subsidiary of Paris-based Elf, has acquired the shares held by Decratrend’s employee stock ownership plan. The plan held about 48% of the outstanding stock. The French company also acquired the right to purchase the remaining shares over the next five years, according to Paul M. Clark Jr., Decratrend’s president.
The purchase price was not disclosed, but Clark said it involved “several million dollars.â€
Decratrend, which has annual sales of about $20 million, primarily sells its paints and coatings to contractors and businesses. Clark’s father founded the company in 1902 with one store in Pasadena and expanded into manufacturing in City of Industry in 1957.
International Strategy
Today, Decratrend markets its products through 12 company-owned stores and 25 independent distributors throughout California and Nevada. Decratrend is the fifth-largest paint manufacturer specializing in the institutional market in Southern California, Clark said. The company employs 150.
The National Paint & Coatings Assn. in Washington said the U.S. paint market is valued at about $9.7 billion. La Seigneurie said California accounts for 14% of the U.S. paint market.
The acquisition marks another move by La Seigneurie into the U.S. market as part of its international strategy. It recently reached a licensing agreement to market waterproofing materials in Florida through Devoe Paints, a subsidiary of the Grow Group of New York.
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
