By Nkiruka Nnorom
CAP Plc has disclosed plans to grow its share of the paints industry to 25 per cent from 15 per cent in the next three to five years.
The Managing Director of CAP Plc, Mr. David Wright, disclosed this at an interactive session with journalists in Lagos, saying that the company is looking to enhance its leadership position with a diversified product range that includes the decorative, industrial, marine and protective paints, while also leveraging the benefits of a wider distribution network across the country.
According to him, the company is set to leverage strong brands like dulux, caplux, santex and hempel to deepen its footprint in the industry.
Wright stated that the merger holds a value maximising opportunity for the shareholders and other stakeholders, while assuring of an improved bottom line in the coming months.
He said: “CAP Plc has about 11 to 12 per cent market share and we think Portland was number four in the market with about three percent market share.
“So, when you bring the two together, we have 15 per cent market share as of when the merger was first put into place, and that makes us clear leaders in terms of turnover, and our aim is really to push that up. I would like to say, we will get up to 25 percent market share within the next three to five years.
“The move for the merger has been in the process over a year ago. One of the reasons why we were asked to join was because we wanted to grow the business aggressively both organically and via acquisition.
“The logic that UAC had two paint companies seemed to be strange. So, the first obvious thing is to bring those two paint companies together which was when we announced that we were looking to merge the two businesses.”