The Valspar Corp. has announced plans to acquire Australian paint manufacturer Wattyl Ltd., a major supplier of products for consumer and professional paint and coatings products in Australia.
Wattyl distributes its paint brands to retail customers through home-improvement centers and hardware outlets and to trade customers through a network of 140 company-owned stores. The company had 2009 sales of $381.4 million (Australian), or approximately $333.03 million U.S.
Valspar says it will acquire all outstanding Wattyl shares for approximately A$142 million (U.S. $124 million) and assume existing debt. The transaction is subject to approval by Wattyl shareholders and regulatory authorities.
“Wattyl is a market leader with excellent brands, high-quality products and broad distribution across all channels throughout Australia and New Zealand,” said William L. Mansfield, Valspar chairman and CEO. “This latest acquisition builds on our increasing presence in the Asia-Pacific region and presents an outstanding opportunity for growth.”
Wattyl’s paint and coatings brands include the Interior Design i.d., Solagard, , Aquatrim, Weathergard, Estapol, Granosite, Killrust, and Solver Paints labels.