Valspar Acquires Teknos Nova Coil TNC Oy
Tuesday September 4, 10:48 am ET
Acquisition Expands Valspar's Presence in Eastern Europe
MINNEAPOLIS, Sept. 4 /PRNewswire-FirstCall/ -- The Valspar Corporation announced today that it has acquired Teknos Nova Coil TNC Oy, a Helsinki, Finland-based manufacturer of high-performance coil coatings widely used in the construction industry, from Teknos Group Oy. Terms of the transaction were not disclosed.
"This acquisition builds on Valspar's growing international presence by expanding our coil coatings solutions in Northern Europe and the fast growing markets of Eastern Europe," said William L. Mansfield, chairman, CEO and president, Valspar. "TNC, with its reputation for quality and technology, is a natural fit with our existing business and provides an immediate platform for growth."
TNC had 2006 sales of Euro 31 million (approximately $42 million at current rates). Valspar expects the acquisition to be slightly accretive to earnings in 2008.
The Valspar Corporation 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.
Source: Valspar Corporation
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