U.S.-based Valspar Corp. is now a player in the European industrial coatings market, with its newly completed acquisition of an Italian company.
Valspar has sealed its deal to buy Inver Holding S.r.l. (Inver Group), a leading industrial coatings manufacturer in Europe, the company announced Thursday (Aug. 1).
Founded in 1806, Valspar Corp. is the world's sixth-largest paint and coatings company. Inver, headquartered in Italy, specializes in liquid and powder coatings as well as resin productsused in industrial applications.
Valspar Corp., headquartered in Minneapolis, MN, acquired European industrial coatings manufacturer Inver Group, the company announced on Thursday (Aug. 1).
Financial terms of the transaction were not disclosed.
"We're excited to welcome the Inver team into the Valspar family and look forward to accelerating our growth in the large European industrial coatings market," said Gary Hendrickson, Valspar's chairman and CEO.
"Our customers will benefit from the combined resources of both companies, giving them access to expanded technologies, a broader product portfolio and superior service."
Giovanni Domenichini, Inver's CEO, will lead Valspar's combined industrial business in Europe.
"We believe this combination is an important step toward developing a market leading presence in Europe that also will be a platform for truly superior global growth in our industrial coatings businesses," Domenichini said when the acquisition was announced in June
"Our family has proudly owned Inver, and we are now proud to join the Valspar family."
About the Companies
Inver's primary markets are currently in Italy, the United Kingdom, France, Germany and Poland, but the company also has various licensing and distribution agreements with Sherwin-Williams, PPG Industries and other coating makers, according to its company history.
Inver also had interests in companies that were later absorbed by Rohm & Haas, AkzoNobel and International Paint. The company operates three subsidiaries and five manufacturing sites in Europe.
In 2012, the Inver Group reported sales of €160 million ($200 million USD).
Headquartered in Minneapolis, MN, Valspar is a global manufacturer of paints and coatings, including consumer, architectural, packaging, industrial, automotive and wood coatings.