Valspar to Acquire Powder Coatings Business From H.B. Fuller Company
Thursday October 19, 8:00 am ET
MINNEAPOLIS, Oct. 19 /PRNewswire-FirstCall/ -- The Valspar Corporation, a leading global coatings company, announced today that it has agreed to acquire the powder coatings business of H.B. Fuller Company. H.B. Fuller's powder coatings business, which had net sales of approximately $75 million in 2005, serves customers in 26 countries from manufacturing facilities in the United States and the United Kingdom. The cash purchase transaction is subject to regulatory approval and is expected to close in December. Terms of the transaction were not disclosed.
William L. Mansfield, Valspar's President and Chief Executive Officer, said, "Fuller has a reputation for excellent quality and technology. Their powder coatings business fits extremely well with our North American powder coatings business and provides us with an immediate entry into Europe. This acquisition and our recently completed powder coatings plant in China will enable us to better serve the needs of our global industrial coatings customers. We expect the acquisition will be modestly accretive to earnings in 2007."
Valspar is a $3.0 billion global leader in the paint and coatings industry, with a broad range of products including industrial, architectural, packaging, automotive refinish, floor coatings and specialty polymers and colorants.
Source: The Valspar Corporation
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