Norwest. Wattyl $110 million takeover bid

US paint giant, Valspar, proposes a $110 million takeover of Australian icon, Wattyl, based at Norwest Business Park. Wattyl is number two in the local market after Dulux and above Taubmans and new arrival Nippon Paints.. Wattyl is recovering from losses in 2008. The company, which had to shed 14 per cent of its staff after the global financial crisis, reported net earnings of $2.4 million in the half year to December 2009.