Sherwin-Williams to Acquire Valspar for $11.3 Billion
The $11.3-billion acquisition should strengthen the brands and technologies available from both companies.
Sherwin-Williams will acquire Valspar for approximately $11.3 billion. The transaction has been unanimously approved by the boards of directors of both companies.
Company officials say that Sherwin-Williams and Valspar Corp. have highly complementary paints and coatings offerings, and that the transaction should result in a diversified array of strong brands and technologies.
“Valspar is an excellent strategic fit with Sherwin-Williams,” says John Morikis, Sherwin-Williams’ president and chief executive officer. “The combination expands our brand portfolio and customer relationships in North America, significantly strengthens our global finishes business and extends our capabilities into new geographies and applications, including a scale platform to grow in Asia-Pacific and EMEA.”
Morikis says customers of both companies will benefit from our increased product range, enhanced technology and innovation capabilities, and the transaction’s clearly defined cost synergies. He says The Sherwin-Williams Company will continue to be headquartered in Cleveland and intends to maintain a significant presence in Minneapolis.
“We believe that Sherwin-Williams is the right partner to utilize our array of brands and create a premier global coatings company,” says Gary Hendrickson, Valspar’s chairman and chief executive officer. “The combination of Sherwin-Williams and Valspar will benefit our customers, employees and other stakeholders. We are confident this transaction will create opportunities to accelerate many of the operating initiatives already underway at Valspar.
For more information, visit sherwin.com.
Originally published in the May 2016 issue.
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