The Valspar Corporation has entered into a definitive agreement to acquire Inver Holding S.r.l., a leading industrial coatings manufacturer in Europe. 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 United Kingdom, 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's chairman and chief executive officer. "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."
Giovanni Domenichini, chief executive officer of Inver Group, added: "Inver is delighted to join forces with Valspar, adding Inver's strong customer focus, leading technology and track record of success in the European industrial coatings market to Valspar's global footprint and commitment to excellence. 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. Our family has proudly owned Inver and we are now proud to join the Valspar family."
