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    立邦收購年銷售額21億的土耳其最大涂企Betek集團

    2019年05月12日 瀏覽量: 評論(0) 來源: 中國涂界網 作者: 黃雨晨
    摘要:4月26日,立邦涂料控股株式會社宣布,公司收購土耳其涂料企業Betek Boya公司及Betek公司旗下9個子公司組成的集團公司95.5%的股權,并將其子公司化。

    繼計劃以27億美元價格收購澳大利亞多樂士集團全部股權后,立邦涂料再次發起并購。4月26日,立邦涂料控股株式會社(Nippon Paint Holdings,下稱“立邦涂料”)宣布,公司收購土耳其涂料企業Betek Boya公司(以下簡稱“Betek公司”)及Betek公司旗下9個子公司組成的集團公司(以下簡稱“Betek集團”)95.5%的股權,并將其子公司化。

    據悉,立邦涂料對此次股份收購所需的收購資金計劃來自金融機構的借款,并不計劃通過發行新股籌集資金。此項交易預計將于2019年6月完成。

    立邦涂料表示,根據2018財年啟動的三年中期經營計劃,公司目標是“在亞洲確立壓倒性地位、加速全球性發展”,繼續創造新價值的領先公司。此外,作為重點措施,我們推進了許多業務實施,重點是徹底強化現有市場,加速投資組合擴張,提高盈利能力,以及加強“Global One Team”運營。

    土耳其建筑涂料市場是一個具有高增長潛力的、有吸引力的市場。此次收購股份的Betek集團成立于1988年,除建筑涂料和工業涂料外,還推出建筑業用隔熱材料——外保溫復合系統(ETICS),在土耳其建筑涂料市場上占據首位。該公司主要品牌Filli Boya和Fawori分別擁有較高的市場占有率和較高的品牌知名度。

    立邦涂料表示,通過此次交易,除了過去具有較高市場份額的亞洲和中國,以及未來市場增長預期很高的土耳其,我們將能夠迅速贏得頂級企業并享受土耳其市場的高增長潛力。我們還相信,通過向Betek注入迄今為止在亞洲建筑涂料業務中培養的專有技術和業務資源,可以加快公司的增長速度。因此,我們相信,我們將為中期經營計劃的進展和中、長期經營方針的實現做出巨大貢獻。

    立邦涂料表示,“收購Betek有助于提高企業價值、股東價值”。此次收購為價值最大化做出貢獻的5個理由:1、獲取地區NO.1市場份額。通過捕獲已經在預期進一步增長的領域獲得強勢地位的公司來加強業務基礎。2、土耳其市場吸引力。該地區是一個有吸引力的市場,預計人口增長和GDP增長;預計建筑涂料將迅速增長,翻新市場有望擴大。3、Betek的魅力。該地區的市場份額很高,擁有高認可度的品牌,該地區強大的銷售網絡。4、獲取有魅力的經營資源,一支才華橫溢,經驗豐富的管理團隊,使業務得以發展壯大;生產設備具有最新的生產能力和土耳其最大的生產能力。5、通過協同創造實現跨越式發展。以Nipsea為中心,通過NPHD集團合作實現業務增長;事業成本協同的出現。

    據了解,Betek集團在土耳其建筑涂料市場占有約25%份額、在土耳其外保溫復合系統市場占有約30%份額的頂級企業。擁有年產38萬噸涂料、年產24萬噸預拌砂漿和77萬立方米EPS保溫板的生產能力。在土耳其擁有25個交易商,10個倉庫和約5600個經銷商,創造了一個壓倒性的分銷網絡。目前,旗下擁有9個子公司,在土耳其擁有5家工廠,在埃及擁有1家工廠。擁有超過1300名員工。


    Betek集團公司股權結構

    根據披露的資料顯示,Betek集團公司股權結構為:創始人股權占比57.4%,DAW股權占比26.4%,其他股東股權占比16.2%。產品結構為:建筑涂料、外保溫復合系統、工業和家具涂料、輔助產品、其他業務銷售額分別占比為49%、24%、13%、5%、8%。

    涂界記者注意到,Betek公司起初主要做混凝土外加劑、現拌砂漿、防水保溫材料等產品,后來逐步發展壯大。1993年,開始與歐洲知名涂料企業德國DAW旗下Caparol品牌進行技術合作,開始涉足建筑涂料領域。這兩家公司的合作對Betek和土耳其涂料行業來說都是一個里程碑,而歐洲涂料行業的豐富技術以Filli Boya的品牌轉移到了土耳其。Betek公司作為土耳其第一家與歐洲合作伙伴成功生產的涂料公司。

    根據披露的資料顯示,Betek集團2013年-2018年銷售額分別為8.85億里拉、9.41億里拉、10.58億里拉、11.29億里拉、14.96億里拉、17.50億里拉(約350億日元,約合3.158億美元,約合人民幣21.640億元),2013年-2018年復合增長率為14.6%。


    Betek集團歷年的經營業績

    借助這筆交易,立邦涂料表示希望將進一步拓寬其全球市場布局,堅定地向亞洲以外的地區發展。涂界觀察員李明月分析認為,立邦涂料此次收購Betek集團旨在為了緩解目前過于依賴亞洲市場的收益機制,為分散亞洲市場集中帶來的潛在風險,以及尋求多元化市場來擴大全球市場份額。

    涂界記者注意到,為了降低亞洲市場集中帶來的潛在風險,立邦涂料前不久宣布計劃以27億美元澳大利亞多樂士集團全部股權。據悉,此項交易預計將于2019年8月中旬最終確定。

    立邦涂料CEO田堂哲志表示,盡管立邦涂料在亞洲、歐洲和北美均有業務,但一直以來,立邦涂料的主要市場在東亞,僅中國和日本的銷售額就占其全年銷售額的71%。其中,中國是該公司產品的最大市場。在中國市場,立邦涂料以立邦為商品名進行經營,占全年銷售額的42%。而如果將所有亞洲國家統計在內,全年銷售額的86%都來自亞洲。但收購多樂士,中國和亞洲的銷售額占比會降至34%和70%。

    對于立邦涂料來說,緩解目前過于依賴亞洲市場的收益機制是當務之急。拓展外部市場,不僅可以保證收入穩定,也可以規避潛在的風險。田堂哲志表示:“目前,立邦涂料的收益過分依賴中國市場,為了避免潛在的風險,該公司將進軍澳洲,為更穩定的增長做準備。”

    立邦涂料認為,以澳大利亞為首的大洋洲市場與日本市場和歐美市場一樣,也是一個能夠保持穩定增長的成熟市場。相對于中國市場,大洋洲市場盡管增長率不高,但穩定,也有助于其保持地域平衡。因此,立邦涂料將海外拓展的第一步放在了澳洲。

    田堂哲志表示,立邦涂料本來的收購發展方案是以亞洲為中心進行并購,但隨著并購艾仕得的失敗,該公司轉而向從未涉足過的地區進軍。如果此次收購多樂士集團成功,立邦涂料在全球涂料市場上與阿克蘇諾貝爾的差距將有所減少,各市場區域發展更平衡,將進一步推動和鞏固公司的業務。田堂哲志表示,該公司最終目標是將亞洲市場收入占全年收入的比重降至50%以下。

    從田堂哲志的表述來看,立邦涂料對于多樂士、Betek集團的收購只是開始。李明月分析認為,立邦涂料接下來還將會針對亞洲以外的市場展開并購,當然也不排除在亞洲地區繼續尋找優質企業加以并購來擴大份額、鞏固市場競爭地位。(涂界)

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