Valspar Corp. has agreed to buy Inver Group, an industrial coatings manufacturer based in Bologna, Italy, the company said in a news release.
The Minneapolis-based paints and coatings maker did not release financial terms of the transaction that is expected to close in the fourth-quarter.
Inver Group was founded in 1934 and generated $200 million in sales last year. It specializes in liquid and powder coatings that are used on off-road equipment, auto parts, aluminum windows and trains,
“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,” Gary Hendrickson, Valspar’s chairman and chief executive officer, said in a statement. “Inver’s 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 Valspar’s culture. Our customers will benefit from the expanded technologies and service we will provide together.”
The Business Journal notes Valspar had more than $4 billion in sales in 2012 and is the 18th largest public company in Minnesota.
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