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By Brian Yatich
Paint maker, Crown Paints targets to grow its balance sheet by up to Sh8billion this year buoyed by favorable market conditions and demand for its products.
The company made the announcement yesterday during the launch of Zero VOC paints as a strategic plan aimed at increasing its market share through innovation of products that meet the ever increasing demand in the East African region.
Last year the NSE-listed paint manufacturer made over Sh6 billion in annual turnover for the year ended December 2015.
“We have been doing intensive research on manufacturing of eco-friendly paints locally and are pleased to announce that we have been successful. It also reflects our mission to ensure that our products meet and exceed health and safety norms,” said Crown Paints chief executive Rakesh Rao.
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VOCs (Volatile Organic Compounds) are solids and liquids found in ordinary paints that convert easily to gas or vapour at room temperature which, when exposed to the environment and humans, can have harmful effects.
As a result of recent global research, Zero VOCs paints are being developed to offer the same high standard of paint without the potentially unsafe chemical components, whilst improving air quality and reducing polluted emissions.
The company, presently commanding the market’s lion share at 65 per cent said it has been manufacturing low VOC paint ranges in the last few years but after years of research, becoming the first company in the region to manufacture and offer Zero VOC paints.
The paints have a nonthreatening environmental impact due to their high bio-degradability and are also ideal for people who are particularly sensitive to paint fumes.
They have no toxic emissions and are a value addition to the product range with no price increase. They are odorless, making them perfect for schools, hospitals and of course, homes.
“With the demand for architectural paint growing rapidly due to the robust construction industry worldwide, many government agencies are now enforcing Zero VOC paint production in their countries and we are delighted to be the first to do so in this region”, added Rao.
Recently, the company opened its second production facility in Kisumu County as part of its expansion and development strategy to serve the growing demand for its products.