United States. Axalta Coating Systems announced that it has signed a definitive agreement with The Valspar Corporation and The Sherwin-Williams Company to acquire assets related to Valspar's North American industrial wood coatings business for US$420 million.
Valspar is divesting the business in connection with federal trade commission (FTC) and Canadian Competition Office (CCB) reviews of The proposed acquisition of Valspar by Sherwin-Williams. The business had revenues of approximately $225 million in 2016 and is one of the leading suppliers of coatings to OEMs and aftermarket industrial wood markets, including construction products, cabinets, flooring and furniture in North America.
"This is an excellent opportunity for Axalta to enter the industrial wood coatings market with a leading portfolio of products and customers," said Axalta President and CEO Charlie Shaver. "The strong reputation these brands enjoy among a long-term customer base will provide an excellent platform for future growth in this important market. Our shared commitment to technology and excellence in application services, as well as a strong pipeline of new products, will allow us to meet the needs of current and new customers. This acquisition continues to build on our strategy to further strengthen and diversify our Performance Coatings segment."
