Valspar eyes more deals outside US - CEO

12 June 2007 16:19  [Source: ICIS news]

TORONTO (ICIS news)--US paints and coatings maker Valspar will continue growing through acquisitions outside the US, chief executive William Mansfield said on Tuesday.

 

“We are looking at a number of promising acquisitions, most of which are outside the US,” Mansfield told an investor conference in New York.

 

Much of Valspar’s growth would come from international markets as it seeks to reach $5bn in annual revenues by 2011, Mansfield said.

 

The company’s international sales have already grown to about 38% of overall revenues, from less then 5% in 1996. For 2007, international sales are expected to reach $1bn, he said.

 

Valspar’s plans for more acquisitions outside the US come after it spent some $500m in the past three years on deals in Europe, China and Latin America.

 

Over half of Valspar’s employees are now outside the US and the company manufacturers in 20 countries.

 

Minneapolis, Minnesota-based Valspar was largely built through acquisitions with over 40 deals in past decades and has a track record of successfully integrating acquired companies, Mansfield said.

 

Mansfield added that the global paints and coatings sector was marked by increasing consolidation.

By: Stefan Baumgarten
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