The Nippon Paints Holdings Group, which through its Marine Coatings division is a key supplier to the yacht and commercial marine sectors, is seeking to make major acquisitions in Europe and the US. This initiative is part of a strategy to expand its global spread from its core markets in Japan and throughout Asia.

In a report in the Nikkei newspaper Yukiko Mochida, a Nippon Paints spokeswoman quoted Tetsushi Tadoh, president of the group, saying: “While our expansion is centered on China and other Asian countries in line with our mid-term plan, we also aim to expand through M&A in Europe and the United States.”

The statement comes after Nippon Paint’s recent offer for Axalta Coating Systems Ltd, the world’s largest maker of coatings for cars, failed to produce a deal. Based in Philadelphia, Axalta is keen to share in M&A activity as part of a consolidation movement in its particular sector.

As of September 30, 2017, Nippon Paints was reported to have resources of some ¥77bn (US$679m) for investing in acquisitions.