Hempel, a global coating solutions company said it delivered 14 percent growth and grew 2.5 percent organically in 2019.

With the acquired J.W Ostendorf fully integrated, Hempel said it is looking for new acquisitions to double in size.

Hempel’s revenue grew by 14 percent, of which 2.5 percentage points were driven organically, and its EBITDA margin ended the year at 10.5 percent for continuing business. Hempel continued to deliver strong growth in the last two quarters of the year.

“2019 was a great year for Hempel. We returned to positive organic growth with a revenue of more than €1,500 million," said Lars Petersson, Hempel group president and CEO. "The strong results are based on organic growth, especially in Asia, a stable EBITDA margin and the first full year”

Hempel has set an ambitious growth target, intending to double its revenue. With the refinancing of its credit facility in 2019, Hempel has a facility of €1 billion.

Also, Hempel has released net working capital improvements of more than €170 million since the beginning of 2016.

“We are fully committed to delivering on our growth strategy and will thereby double Hempel," Petersson said. "We completed the first part of that journey last year and we will achieve our ambitious target through organic growth, by helping our customers reach their targets, and via acquisitions."

There is an increased global focus on sustainability and Hempel said it is determined to make a positive contribution to solving a number of the world’s current and future sustainability issues.

“Hempel has a very important role to play in helping our customers on their separate journeys towards sustainability," Petersson said. "In the marine segment, our coatings have never been more in demand than they are today.

"This is illustrated by the demand for our Hempaguard MaX solution. In the wind industry, we help reduce the total lifecycle cost of wind turbine components, which increases the competitiveness of wind energy compared to traditional non-sustainable energy generation," he continued. "And, we are seeing increased interest in our sustainable solutions in other areas, such as private homes, airports and bridges. As sustainability becomes ever more ingrained in our customers’ core business, we expect this trend to continue.”