Hardware Retailing The Industry's Source for Insights and Information
Last Friday, federal regulators approved Sherwin-Williams’ acquisition of Valspar Corp. as both companies agreed to sell Valspar’s North American Industrial Wood Coatings Business, reports Reuters.
Valspar sold its coatings business, which manufactures stains, sealants and other coatings products, to Axalta in order to satisfy U.S. and Canadian regulatory agencies’ concerns regarding the number of wood stain and sealant manufacturers, according to Reuters.
The Federal Trade Commission and the Canadian Competition Bureau granted approval for the acquisition after the process was delayed earlier this year.
Sherwin-Williams anticipates a close date of June 1 for the merger and will pay $11.3 billion in cash for Valspar, according to the company. The companies originally announced the acquisition last March.
Sherwin-Williams is headquartered in Cleveland and sells its Sherwin-Williams–branded paint through more than 4,100 company-operated locations. The company sells other brands through mass merchandisers, home centers, independent paint dealers, hardware stores, automotive retailers and industrial distributors.
Valspar is headquartered in Minneapolis and offers a broad range of coatings for consumers, as well as highly engineered products for the construction, industrial, packaging and transportation markets.
