04 June 2013 14:17 [Source: ICIS news]
HOUSTON (ICIS)--US paint and coatings producer Valspar has agreed to acquire Italy-headquartered industrial coatings firm Inver Group for an undisclosed sum, Valspar said on Tuesday.
Bologna-based Inver Group had sales of about €160m ($211m) last year, Valspar said.
Inver specialises in liquid and powder coatings products, as well as resins that are used in a variety of industrial applications, including off-road equipment, auto and off-road parts, architectural aluminium windows, railways and trams. Its primary markets are Italy, the UK, France, Germany and Poland.
“Consistent with the growth strategy for our industrial coatings business, the acquisition of Inver Group significantly strengthens our position in the large and attractive European coatings market, and provides operational synergies with our existing operations,” Valspar CEO Gary Hendrickson said.
Valspar expects to complete the acquisition in its fiscal 2013 fourth quarter, ending 31 October.
($1 = €0.76)
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