Sherwin-Williams Set to Complete Acquisition of Valspar June 1

Sherwin-Williams expects to complete its acquisition of Valspar on June 1, 2017, subject to customary closing conditions.

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The Sherwin-Williams Company announces that it has received regulatory approval from the United States Federal Trade Commission (FTC) and the Canadian Competition Bureau (CCB) to complete its acquisition of the Valspar Corp. According to the company’s announcement, the FTC and CCB were the only remaining regulatory approvals required to close the acquisition. Sherwin-Williams expects to close the acquisition on June 1, 2017, subject to customary closing conditions.

The $11.3 billion acquisition was first announced March 2016 and unanimously approved by the boards of directors of both companies.

“Valspar is an excellent strategic fit with Sherwin-Williams,” said 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.”

Last year, Morikis said customers of both companies will benefit from increased product range, enhanced technology and innovation capabilities, and the transaction’s clearly defined cost synergies. Sherwin-Williams will continue to be headquartered in Cleveland, he says, and intends to maintain a significant presence in Minneapolis.

Expected to close by the end of the first quarter of 2017, the transaction termination date of the definitive agreement was extended from March 21, 2017 to June 21, 2017 but now expects to close on June 1, 2017 after clearing the final approvals.

John G. Morikis, chairman, president and CEO of Sherwin-Williams, says, “We remain confident in our ability to complete the divestiture at a fair price, and we look forward to unlocking the value of the combined business when the Valspar acquisition closes.”

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