Sherwin-Williams to acquire Valspar

Agreement calls for $113.00 per share in cash or $11.3 Billion

Minneapolis - The Sherwin-Williams Co. and The Valspar Corp. entered into a definitive agreement in March for Sherwin-Williams to acquire Valspar for $113 per share in an all-cash transaction, or an enterprise value of about $11.3 billion.  At $113 per share, the transaction, which has been unanimously approved by the boards of directors of both companies, represents a premium of about 41 percent to Valspar's volume weighted average price for the 30 days up to and including March 18.

Sherwin-Williams and Valspar have highly complementary paints and coatings offerings and this combination enhances Sherwin-Williams position as a premier global paints and coatings provider. The transaction will result in a diversified array of strong brands and technologies, accelerates Sherwin-Williams growth strategy by expanding its global platform in Asia-Pacific and EMEA, and also adds new capabilities in the packaging and coil segments. The combined company would have pro forma 2015 Revenues and Adjusted EBITDA (including estimated annual synergies) of roughly $15.6 billion and $2.8 billion, respectively, with nearly 58,000 employees.

Sherwin-Williams will continue to be headquartered in Cleveland, while maintaining a significant presence in Minneapolis, Morikis said. The transaction is expected to close by the end of the first quarter in 2017.

CAN CUT FROM HERE DOWN

John G. Morikis, president and CEO of Sherwin-Williams, said, "Valspar is an excellent strategic fit with Sherwin-Williams. The combination expands our brand portfolio and customer relationships in North America, significantly strengthens our Global Finishes business, and extends our capabilities into new geographies and applications, including a scale platform to grow in Asia-Pacific and EMEA. Customers of both companies will benefit from our increased product range, enhanced technology and innovation capabilities, and the transaction's clearly defined cost synergies. We have tremendous respect for the expertise and dedication of the Valspar team and we are excited about the opportunities this combination will provide to both companies' employees.” 

Gary E. Hendrickson, Valspar chairman and CEO, said, "This transaction delivers immediate and certain cash value to our stockholders. We believe Sherwin-Williams is the right partner to utilize our array of brands and create a premier global coatings company. We are confident this transaction will create opportunities to accelerate many of the operating initiatives already underway at Valspar."

Minneapolis - The Sherwin-Williams Co. and The Valspar Corp. entered into a definitive agreement in March for Sherwin-Williams to acquire Valspar for $113 per share in an all-cash transaction, or an enterprise value of about $11.3 billion.  At $113 per share, the transaction, which has been unanimously approved by the boards of directors of both companies, represents a premium of about 41 percent to Valspar's volume weighted average price for the 30 days up to and including March 18.

Sherwin-Williams and Valspar have highly complementary paints and coatings offerings and this combination enhances Sherwin-Williams position as a premier global paints and coatings provider. The transaction will result in a diversified array of strong brands and technologies, accelerates Sherwin-Williams growth strategy by expanding its global platform in Asia-Pacific and EMEA, and also adds new capabilities in the packaging and coil segments. The combined company would have pro forma 2015 Revenues and Adjusted EBITDA (including estimated annual synergies) of roughly $15.6 billion and $2.8 billion, respectively, with nearly 58,000 employees.

Sherwin-Williams will continue to be headquartered in Cleveland, while maintaining a significant presence in Minneapolis, Morikis said. The transaction is expected to close by the end of the first quarter in 2017.

CAN CUT FROM HERE DOWN

John G. Morikis, president and CEO of Sherwin-Williams, said, "Valspar is an excellent strategic fit with Sherwin-Williams. The combination expands our brand portfolio and customer relationships in North America, significantly strengthens our Global Finishes business, and extends our capabilities into new geographies and applications, including a scale platform to grow in Asia-Pacific and EMEA. Customers of both companies will benefit from our increased product range, enhanced technology and innovation capabilities, and the transaction's clearly defined cost synergies. We have tremendous respect for the expertise and dedication of the Valspar team and we are excited about the opportunities this combination will provide to both companies' employees.” 

Gary E. Hendrickson, Valspar chairman and CEO, said, "This transaction delivers immediate and certain cash value to our stockholders. We believe Sherwin-Williams is the right partner to utilize our array of brands and create a premier global coatings company. We are confident this transaction will create opportunities to accelerate many of the operating initiatives already underway at Valspar."

Minneapolis - The Sherwin-Williams Co. and The Valspar Corp. entered into a definitive agreement in March for Sherwin-Williams to acquire Valspar for $113 per share in an all-cash transaction, or an enterprise value of about $11.3 billion.  At $113 per share, the transaction, which has been unanimously approved by the boards of directors of both companies, represents a premium of about 41 percent to Valspar's volume weighted average price for the 30 days up to and including March 18.

Sherwin-Williams and Valspar have highly complementary paints and coatings offerings and this combination enhances Sherwin-Williams position as a premier global paints and coatings provider. The transaction will result in a diversified array of strong brands and technologies, accelerates Sherwin-Williams growth strategy by expanding its global platform in Asia-Pacific and EMEA, and also adds new capabilities in the packaging and coil segments. The combined company would have pro forma 2015 Revenues and Adjusted EBITDA (including estimated annual synergies) of roughly $15.6 billion and $2.8 billion, respectively, with nearly 58,000 employees.

Sherwin-Williams will continue to be headquartered in Cleveland, while maintaining a significant presence in Minneapolis, Morikis said. The transaction is expected to close by the end of the first quarter in 2017.

John G. Morikis, president and CEO of Sherwin-Williams, said, "Valspar is an excellent strategic fit with Sherwin-Williams. The combination expands our brand portfolio and customer relationships in North America, significantly strengthens our Global Finishes business, and extends our capabilities into new geographies and applications, including a scale platform to grow in Asia-Pacific and EMEA. Customers of both companies will benefit from our increased product range, enhanced technology and innovation capabilities, and the transaction's clearly defined cost synergies. We have tremendous respect for the expertise and dedication of the Valspar team and we are excited about the opportunities this combination will provide to both companies' employees.” 

Gary E. Hendrickson, Valspar chairman and CEO, said, "This transaction delivers immediate and certain cash value to our stockholders. We believe Sherwin-Williams is the right partner to utilize our array of brands and create a premier global coatings company. We are confident this transaction will create opportunities to accelerate many of the operating initiatives already underway at Valspar."

 

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