Purchase expands presence in the $6 billion European industrial coatings market and provides operating synergies with Valspar’s existing businesses
MINNEAPOLIS - Wednesday, June 5th 2013 [ME NewsWire]
(BUSINESS WIRE)-- The Valspar Corporation (NYSE:VAL), a leading global manufacturer of paints and coatings, today announced a definitive agreement to acquire Inver Holding S.r.l. (Inver Group), a leading industrial coatings manufacturer in Europe. The transaction is expected to close in the fiscal fourth quarter, subject to regulatory approval and customary closing conditions. Financial terms were not disclosed.
Inver Group is headquartered in Bologna, Italy and generated sales in 2012 of approximately €160 million ($200 million). Founded in 1934, the company specializes in liquid and powder coatings products as well as resins that are used in a variety of industrial applications including off-road equipment, auto and off-road parts, architectural aluminum windows, railways and trams. Owned by the Domenichini family for three generations, the company serves customers primarily in Italy, the United Kingdom, France, Germany and Poland.
"Consistent with the growth strategy for our industrial coatings business, the acquisition of Inver Group significantly strengthens our position in the large and attractive European coatings market and provides operational synergies with our existing operations,” said Gary Hendrickson, Valspar’s chairman and chief executive officer. "Inver’s strong product portfolio and customer focus have successfully delivered results through numerous business cycles. With Inver, we gain a proven leadership team that is a strong fit with Valspar’s culture. Our customers will benefit from the expanded technologies and service we will provide together.”
Giovanni Domenichini, chief executive officer of Inver Group, added: "Inver is delighted to join forces with Valspar, adding Inver’s strong customer focus, leading technology and track record of success in the European industrial coatings market to Valspar's global footprint and commitment to excellence. We believe this combination is an important step toward developing a market leading presence in Europe that also will be a platform for truly superior global growth in our industrial coatings businesses. Our family has proudly owned Inver and we are now proud to join the Valspar family.”
About The Valspar Corporation
The Valspar Corporation (NYSE: VAL) is a global leader in the paint and coatings industry. Since 1806, Valspar has been dedicated to bringing customers the latest innovations, the finest quality and the best customer service in the coatings industry. For more information, visit valsparglobal.com.
About Inver Group
Inver Group’s coatings are used on the products of thousands of clients, from light industry to multinationals. Family owned and operated since 1934, Inver Group manufacturers liquid and powder coatings that are used in a variety of products— from small metal objects to large earthmoving equipment. The company focuses on the unique requirements of its clients: to protect their products and make them unique also from the aesthetic viewpoint, all with the highest level of optimization of the painting process and the least possible emission of harmful substances into the atmosphere.
Contacts
The Valspar Corporation
Media Contact:
Mark Goldman, 612-851-7802
news@valspar.com
Investor Contact:
Tyler Treat. 612-851-7358
investors@valspar.com
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