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 CEO.
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 provide together.