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Published: 21 March 2016      

Sherwin-Williams to acquire Valspar

US paint supplier to acquire Valspar for US$11.3 billion, creating the world’s largest coatings company

The deal, announced on Sunday 20 March and unanimously approved by Valspar’s Board, will see Sherwin-Williams acquire Valspar for US$113 per share, a 41% premium on its most recent 30 day average price. 

Valspar is an industry leader in waterborne coatings for containers, working together with Maersk Container Industry (MCI) to achieve full transition to Valspar Aquaguard, a zinc free waterborne coating solution, at MCI’s factory in Dongguan, southern China last year. 

Sherwin-Williams said the deal will generate US$280M in annual savings and “The combined company would have pro forma 2015 Revenues and Adjusted EBITDA (including estimated annual synergies) of approximately $15.6 billion and $2.8 billion, respectively, with 
approximately 58,000 employees”. 

“Valspar is an excellent strategic fit with Sherwin-Williams,” said John G. Morikis, President and Chief Executive Officer of The Sherwin-Williams Company. “The combination expands our brand portfolio and customer relationships in North America, significantly strengthens our Global Finishes business, and extends our capabilities into new geographies and applications, including a scale platform to grow in Asia-Pacific and EMEA. Customers of both companies will benefit from our increased product range, enhanced technology and innovation capabilities, and the transaction’s clearly defined cost synergies. We have tremendous respect for the expertise and dedication of the Valspar team and we are excited about the opportunities that this combination will provide to both companies’ employees. Sherwin-Williams will continue to be headquartered in Cleveland and we intend to maintain a significant presence in Minneapolis.”

With regard to the synergies from the acquisition, Morkins said Sherwin Williams is “highly 
confident in the industrial logic of the transaction and, once closed, our ability to achieve $280 million of estimated annual synergies in the areas of sourcing, SG&A and process and efficiency savings within two years and our long-term annual synergy target of $320 million. We expect this transaction to be immediately accretive excluding one-time costs and meaningfully enhance our cash flow generation profile.”

Gary E. Hendrickson, Chairman and Chief Executive Officer of Valspar, said, “We are pleased to announce this compelling transaction, which delivers immediate and certain cash value to our stockholders. We believe that Sherwin-Williams is the right partner to utilize our array of brands and create a premier global coatings company. The combination of Sherwin-Williams and Valspar will benefit our customers, employees and other stakeholders. We are confident this transaction will create opportunities to accelerate many of the operating initiatives already underway at Valspar. We look forward to positioning Valspar to enter its next phase of growth and success and to working closely with Sherwin-Williams to seamlessly close this transaction. Together we will continue to build on the solid momentum our team has worked so hard to create.”



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