US-based paints and coatings company Valspar has agreed to
acquire Inver Group, a leading industrial coatings manufacturer
in Europe, officials confirmed on Tuesday.
The transaction is expected to close in the fiscal fourth
quarter, subject to regulatory approval and customary closing
conditions. Financial terms were not disclosed.
Inver Group is headquartered in Bologna, Italy, and
generated sales in 2012 of approximately 160 million
($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 off-road
equipment, auto and off-road parts, architectural aluminum
windows, railways and trams.
Owned by the Domenichini family for three generations, the
company serves customers primarily in Italy, the UK, France,
Germany and Poland.
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
Invers 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 Valspars culture. Our customers will
benefit from the expanded technologies and service we will