Norwest. MD departs

Managing director, Tony Dragicevich, of Wattyl Paints at Norwest Business Park, has departed from the paint maker less than two years after joining the company and barely 12 months after a $142 million takeover by US paint company, Valspar.

Norwest. Shareholders accept US bid

Shareholders of paint supplier and manufacturer, Wattyl, based at Norwest Business Park, overwhelmingly voted in favour of a $142 million takeover offer from the Valspar Corporation, at $1.67 a share. More than 99 per cent of Wattyl shareholders voted in favour of the takeover by the US-based paint and coatings manufacturer.

Norwest. Wattyl makes a profit

The paint maker and takeover target Wattyl, based at Norwest, has turned around a previous loss to book a net profit in the 2010 financial year. The company booked a net profit of $5.15 million for the year ended June 30, compared with a loss of $1.5 million in the previous year. Wattyl is subject to a $142 million takeover offer from the Valspar Corporation, in the USA, at $1.67 a share.

Norwest. Wattyl accepts bid by Valspar

Paint maker Wattyl, based at Norwest Business Park, has entered a scheme of implementation deed with Valspar after the US group raised its Initial $1.30 a share bid to $1.67, valuing Wattyl at $142 million. The Wattyl board has recommended shareholders vote in favour of the deal, on September 6, according to The Australian Financial Review.