-- Purchase increases presence in attractive automotive
refinish and provides synergies with Valspar's existing
business
MINNEAPOLIS, May 27, 2015 /PRNewswire/ -- The Valspar
Corporation announced today that it has reached a definitive
agreement to acquire the performance coatings businesses of Quest
Specialty Chemicals, Inc., which include automotive refinish and
industrial coatings. The transaction, which is expected to close in
the company's third fiscal quarter, is subject to customary closing
conditions. Financial terms were not disclosed.
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With 2014 sales of approximately $190
million, the businesses to be acquired from Quest include an
automotive refinish business along with a smaller industrial
products business. Quest Automotive Products formulates,
manufactures, and distributes a complete line of advanced
technology paints, coatings systems, and accessories to
professional refinishers under the well-respected brands of
Matrix®, Prospray®, and USC®, primarily in North America and Europe. Quest
Industrial Products serves both the professional and consumer
markets with aerosol spray products and highly-specified coatings
for industrial applications under the Patriot®, Raabe® and
Precision Color® brands, primarily in North America.
"The acquisition strengthens Valspar's value proposition in
automotive refinish," said Gary
Hendrickson, Valspar Chairman and Chief Executive Officer.
"Our customers will benefit from expanded distribution of a
portfolio of preferred brands they know and trust, a broader range
of high-performance products and a stronger service network. We are
pleased to welcome the Quest team to the Valspar family to help
deliver these benefits to our customers."
Valspar is a global automotive coatings manufacturer and takes
pride in delivering the very best in color-matching technology,
support and service. Valspar's global color labs and tools allow us
to match any OEM and/or custom color. Multiple OEM approvals
include: Ford, General Motors, Chrysler, Mazda and Toyota.
Valspar's global portfolio of preferred brands include: DeBeer
Refinsh®, Octoral™, Valspar® Refinish and House of Kolor®.
Visit www.valsparauto.com.
Valspar: If it matters, we're on it.®
Valspar is a global leader in the coatings industry providing
customers with innovative, high-quality products and value-added
services. Our 10,500 employees worldwide deliver advanced
coatings solutions with best-in-class appearance, performance,
protection and sustainability to customers in more than 100
countries. Valspar offers a broad range of superior coatings
products for the consumer market, and highly-engineered solutions
for the construction, industrial, packaging and transportation
markets. Founded in 1806, Valspar is headquartered in Minneapolis. Valspar's reported net sales in
fiscal 2014 were $4.5 billion and its
shares are traded on the New York Stock Exchange (symbol:VAL). For
more information, visit www.valspar.com and follow @valsparCo on
Twitter.