Benjamin Moore Paints introduces new CEO
Benjamin Moore & Co. announced that
Robert S. (Bob) Merritt is the new chief
executive officer and president of the
paint manufacturer, replacing Denis
Abrams who headed the company for
seven years.
“Benjamin Moore is an icon of American industry and a valued heritage brand
among paint and coatings products,” said
Merritt. “I look forward to the challenges
ahead, building on the company’s successful history, and helping to prepare it
for the next 50 years.”
Benjamin Moore’s new chief executive,
Bob Merritt.
Merritt takes over Benjamin Moore
with over three decades of management
experience in the restaurant and food
preparation and distribution industries. As
senior vice president and CFO of the Outback Steakhouse Inc., he oversaw the initial public offering in 1991 of that
franchise and its subsequent listing on the
New York Stock Exchange.
Under his stewardship, the company
grew from five restaurants in Florida to
over 1,250 locations in 22 countries. The
original Outback brand also expanded
during Merritt’s tenure to seven additional
restaurant concepts, including Carrabba’s
Italian Grill, Bonefish Grill, Roy’s, and
Fleming’s Prime Steakhouse and Wine Bar.
When working for Price Waterhouse, Merritt had clients in various industries including a large railroad, a plumbing supply
manufacturer and distributor and a manufacturer of medical imaging equipment.
Merritt is a native of Washington, D.C.
and attended George Washington University where he received a B.B.A. in accounting. The father of twin sons, he
resides in New York with his wife.
The New York Post first reported last
month that billionaire Warren Buffett’s
Berkshire Hathaway Inc., Benjamin
Moore’s parent, fired Abrams after the former CEO used company money to treat top
executives on a Bermuda getaway.
Berkshire acquired the 129-year-old
company in late 2000 for about $1 billion.
The Post reported that Berkshire executives traveled to Benjamin Moore headquarters in New Jersey and escorted Abrams
from the building. The company-sponsored
yacht trip in Bermuda was reportedly to celebrate a rise in quarterly sales, the first in
five years, the newspaper said.
According to the article, the 62-year-
old Abrams was not popular with Benjamin Moore employees, who the past five
years have endured numerous rounds of
layoffs and salary cuts as the company
struggled to keep its head above water
after the housing market collapsed. The
company’s revenue is reportedly half of its
$1.1 billion high water mark before the
recession hit.
It wasn’t just employees but retailers
also levied complaints against Abrams for
price hikes and exclusive deals with large
distributors at the expensive of smaller independents the newspaper said.
A source told the Post that one of the
wives on the yacht cruise posted photos
on her Facebook page, and news of the
party spread through the office.
Elementis to acquire Brazilian
coatings additives company
Elementis plc has agreed, through its
wholly owned subsidiary Elementis Hold-
ings Limited, to purchase Watercryl
Quimica Ltda, a Brazilian coatings additives company, for $24 million. Watercryl
was established in 1993 and is a supplier
of additives to the Brazilian coatings industry, with manufacturing and technical
facilities based in Palmital, São Paulo. The
acquisition of Watercryl will increase Elementis’s presence in Latin America and
provide a platform for its specialty products business to accelerate growth in the
region. For the 12 months ended May 31,
2012 Watercryl reported sales of $9.3 million and EBITDA of $2.3 million. Further
growth will be driven by combining the
market positions, technical capabilities
and product portfolios of the two businesses, to expand sales of Watercryl products beyond Brazil and to accelerate the
growth of Elementis products in Brazil.
The transaction is expected to close during the second half of 2012.
Jotun Powder Coatings to
expand its pipeline coatings
portfolio for the Middle East
As part of its continuing efforts to address
the growing needs and demands of the Middle East region’s Oil & Gas segment and
general pipeline industries, Jotun Powder
Coatings, has revealed a strategic move to
expand its current pipeline coatings portfolio. To bolster this move, the company has
combined its powder and liquid coatings to
create and develop a new extensive range of
pipeline coating solutions; providing transmission pipelines with the required protection, both inside and out. The move
complements Jotun’s efforts to increase its
regional market share over the next three
years. The move also aims to create a one-stop-shop for Jotun’s customers and provide
a single point of contact to meet the unique
pipeline coating needs of oil and gas companies and pipeline applicators, making the entire process smoother, more efficient, quicker
and more economical. To date, Jotun currently holds a 30 percent market share of the
Middle East pipeline coatings market and
plans to increase its presence over the next
three years. Jotun is widely recognized as a
