KUALA LUMPUR: Paint maker, Sersol Bhd has sealed a deal with Japan’s Nihon Chuo Kenkyujo Co. Ltd (NCK), which will enable it to manufacture and market thermal barrier paint under the Adgreencoat brand name. The memorandum of understanding signed today will see Sersol as the sole manufacturer of the paint in Asia and West Asia, excluding China. “This will give us the platform to step into the world stage, as well as, ride on the strong brand name of our Japanese partner,” Sersol Executive Director Jason Ong said in a statement today. The Adgreencoat paint has been in the market since 2006 generating estimated sales value of US$100 million. The paint has gained importance since the emergence of the green index.
In a press conference following a signing ceremony today, Ong said under the agreement, a special purpose vehicle (SPV), Roton Kimer Capital Sdn Bhd, would be established to act as a technology transfer facilitator for both parties, led by NCK.
Ong said Sersol will hold a 51 per cent stake in the Roton Kimer, while NCK will own the remaining 49 per cent.
“Both parties have agreed that within 30 days, we will form an SPV. From there, we will be do a joint venture agreement, thereafter we will tie up and pursue what we want to pursue,” he said.
Also present was NCK President Manaka Yasuhiro.
“While we do all these agreements and tie up all the loose ends, concurrently we will be marketing the product because we have got our local source and network eventhough it will have to come from Japan.
“We already have a lot of enquiries for the product,” said Ong.
He added Adgreencoat paint would be manufactured in the company’s existing plant in Johor Baharu.
NCK and Admatechs Co Ltd, in which Toyota Motor Corp have a 53.3 per cent shareholding, have jointly acquired the patent of Adgreencoat through a deal inked in February 2006.
NCK now carries out its own research and development, product enhancement and production activities in Japan for Adgreencoat. – Bernama