By The Nation
Prakorn said on Tuesday that it was a good time to continue the management of the TOA empire, which is “the paint manufacturer of Thailand’s pride”.
He is ready to continue the policy for which the company has laid the foundation and aims to be the market leader in the paint and coatings industry within the Asean Economic Community, in terms of enhancing the growth in all product ranges in Thailand and expanding in other AEC markets with the establishment of production-based plants, together with marketing activities.
He will bring his experience, knowledge and capability in the Asean markets he is familiar with, in order to achieve the company’s goals in each country, the new president added.
Meanwhile, chief executive officer Jatuphat Tangkaravakoon said that with the vision to be a market leader in the paint and coatings industry in the AEC in terms of the products the company manufactures and the customer-service solutions it provides, TOA’s business strategy is to increase sales in Thailand by developing new paint innovations to respond to consumer needs and undertake marketing to stimulate consumption of both decorative paint and coating products.
These products are the company’s key revenue drivers, representing more than 68.4 per cent of total sales.
The company will increase its market share of non-decorative paint and coating products, which cover construction chemicals, heavy-duty coatings, wood coatings, hardware and power tools, and special paint.
Last year, the company had 6,581 auto-tinting machines, 4,428 of them in Thailand and 2,153 in other AEC markets, representing a rise of 9 per cent from 2017.
Meanwhile, the company also expects production capacity this year will total 102 million gallons (464 million litres), an increase of 16 per cent.
As a result, the company will have a total of 10 production plants covering seven countries, three of them in Thailand, two in Cambodia, and one each in Vietnam, Laos, Malaysia, Indonesia and Myanmar.
According to Frost & Sullivan research, in 2016, the listed company had a market share of around 13 per cent in decorative paint and coating products in the AEC.
Last year, TOA generated Bt16.34 billion in sales: Bt11.18 billion from decorative paint, accounting for 68.4 per cent of sales; Bt4.58 billion from coating products and others, accounting for 28 per cent; and Bt583 million from other products, representing 3.6 per cent.
When compared with 2017, the company’s sales rose by 4 per cent, the CEO said.