02 January 2013 22:26 [Source: ICIS news]
HOUSTON (ICIS)--Valspar bought two paint plants from Ace Hardware, part of a larger deal under which Valspar will manufacture and supply the retailer's paint products, the US-based paint producer said on Wednesday.
The financial terms of the deal were not disclosed.
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Under the deal, Ace will also carry Valspar-branded paints at its
Valspar will immediately begin making and distributing Ace-branded paint products, Valspar said. However, Ace will continue to own the brand trademarks of its paint lines, which include Clark+Kensington and Ace Paint.
In the autumn, Ace will begin carrying Valspar-branded paint products, Valspar said.
“This new business also positions Valspar well for further growth as the US housing market continues to recover," according to a statement by Gary Hendrickson, Valspar chief executive.
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