Paint manufacturer, PT Avia Avian (AVIAN) has made a strategic investment in a company engaged in the adhesive or glue industry, PT Dextone Lemindo, worth Rp275.84 billion (US$17.9 million).

Established in 1978, AVIAN is a leading manufacturer of paints and building materials. The company offers a diverse range of products, including wall paints, wood and metal coatings, waterproofing solutions and adhesives. The company has its manufacturing facilities located in Sidoarjo, East Java; Serang in Banten; and Cirebon in West Java. 

Through this transaction, AVIAN made a 16.67 percent equity participation in Dextone through the issuance of new shares in the company which were taken up by the company.

"The purpose of this strategic investment is to develop AVIAN's business activities and product portfolio in the adhesive or glue sector," wrote a statement by AVIAN, on Monday, March 17, 2025.

AVIAN currently has a strategic position through its subsidiary to distribute Dextone products. Previously, this investment was made on Thursday, March 13, 2025.

AVIAN recorded a profit for the year attributable to owners of the parent entity of Rp1.66 trillion throughout 2024. This value increased compared to the same period in 2023 of Rp1.64 trillion.

In addition, AVIAN’s revenue also increased by Rp7.01 trillion in 2023 to Rp7.47 trillion throughout 2024. However, the company recorded a sales corner expense of Rp4.13 trillion, up from Rp3.83 trillion last year.

Then, there is also an operating expense of Rp1.31 trillion, up from Rp1.24 trillion. AVIAN also recorded assets until the end of 2024 of Rp11 trillion. The company's assets were eroded from the previous year, which was Rp11.16 trillion. Meanwhile, the company's liabilities reached Rp1.24 trillion and equity reached Rp9.63 trillion.