Australia's Wattyl Buys Remaining 47% of Malaysian Paint Company

Specialist paint maker Wattyl Ltd has bought the remaining 47 percent of Dimet (Malaysia) Sdn Bhd from its joint venture partners.

Wattyl plans to expand its Asian operations and capitalise on the region's economic recovery. The move is the third and final phase of the group's overall restructuring plan, which has seen Wattyl reduce its manufacuring plants in Australia and change its United States orientation over the past couple of years.

"The investment will provide us with the flexibility to further develop the business and the opportunity to take part in the anticipated recovery of the Malaysian surface coating business," Wattyl managing director Andrew Davidson said.