In a strategic move to strengthen its global presence, JAT Holdings PLC this week announced the acquisition of Mirotone (NZ) Ltd., a renowned New Zealand-based coatings brand, for over Rs. 800 million (AUD 4 million). The landmark deal marks a major milestone in JAT’s transformation into a Sri Lankan multinational with expanding global reach.
Founded in 1935, Mirotone is the market leader in industrial wood coatings across New Zealand. The acquisition includes AUD 2.5 million for full ownership and AUD 1.5 million earmarked for working capital, modernisation of manufacturing operations, and the relaunch of Mirotone in the Australian market.
Speaking at a capital market forum attended by New Zealand High Commissioner David Pine, JAT Founder and Managing Director Aelian Gunawardene hailed the acquisition as a “defining chapter” in the company’s journey. “Mirotone gives JAT not only a powerful brand but a passport to the world with immediate access to Australia and future markets in Europe and the Americas,” he said.
JAT CEO Nishal Ferdinando noted that the move positions JAT for expansion beyond its existing international footprint which includes Bangladesh, the Maldives, and Kenya to Australia, India, Southeast Asia, Europe, and North and South America.
The acquisition is expected to deliver substantial financial growth. JAT projects group revenue to double by 106% and profit to rise 71% by the 2027/28 financial year, driven by international operations and an increased share of revenue from its own brands. Currently, international revenue accounts for 30% of the total, but JAT aims to raise this to 50%, with its own brands contributing 70% of total income.
For Mirotone specifically, turnover is projected to surge from NZ$ 8 million to NZ$ 23 million by 2027/28. Growth will be driven by the Australian relaunch, product innovation, expansion into architectural coatings, and exports to Pacific markets like Fiji. Profit margins are also expected to rise sharply with gross profit forecast to grow 59% through centralised manufacturing, backward integration via JAT’s Sri Lankan acrylic binder plant and Bangladesh resin plant, and a stronger R&D base in Sri Lanka.
With a 58% market share in Sri Lanka’s retail paint segment, JAT has already established itself as a regional leader known for high-quality, water-based coatings. The acquisition of Mirotone a 90-year-old brand with a loyal industrial customer base and proven expertise in developed markets is set to accelerate JAT’s transformation into a globally competitive coatings powerhouse.
