24th January 2019

AXALTA COMPLETES VALSPAR PURCHASE

Axalta Coating Systems' purchase of Valspar Corp.'s North American Wood Coatings business is completed. The purchase price was $420-million.

The acquisition, announced in April, closed hours after Sherwin-Williams Co. completed its purchase of Valspar for $11.3-billion, creating the world’s largest coatings firm. Valspar divested the business in connection with the antitrust approval of its acquisition by Sherwin-Williams. The purchase price is subject to certain adjustments set forth in the asset purchase agreement.

Valspar's North American Industrial Wood Coatings unit had revenues of about $225-million in 2016. It produces coatings and finishes for OEM and industrial markets under the Valspar Wood, Zenith, Lustre Lac and Grainstone labels. These are used for products such as kitchen cabinets, furniture, hardwood floors, automotive finishes, pianos and hockey sticks. Axalta, which has about 13,000 employees, furnishes OEM coatings for light vehicles and commercial vehicles, and refinish applications for electric motors, buildings and pipelines.

www.axaltacs.com