Valspar buys Italian coatings company
Minneapolis-based paint giant Valspar Corp. agreed to acquire Inver Holding (Inver Group), an industrial coatings manufacturer in Europe.
Inver Group is headquartered in Bologna, Italy, and generated sales in 2012 of about $200 million. Founded in 1934, the company specializes in liquid and powder coatings products, as well as resins that are used in a variety of industrial applications including. Owned by the Domenichini family for three generations, the company serves customers primarily in Italy, the United Kingdom, France, Germany and Poland.
The transaction is expected to close in the fiscal fourth quarter, subject to regulatory approval and customary closing conditions. Financial terms were not disclosed.
“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,” said Gary Hendrickson, Valspar’s chairman and CEO. “Inver’s strong product portfolio and customer focus have successfully delivered results through numerous business cycles. With Inver, we gain a proven leadership team that is a strong fit with Valspar’s culture. Our customers will benefit from the expanded technologies and service we will provide together.”