The Valspar Corporation announced today that it has reached a definitive agreement to acquire the performance coatings businesses of Quest Specialty Chemicals, Inc., which include automotive refinish and industrial coatings. The transaction, which is expected to close in the company's third fiscal quarter, is subject to customary closing conditions. Financial terms were not disclosed.
With 2014 sales of approximately $190 million, the businesses to be acquired from Quest include an automotive refinish business along with a smaller industrial products business. Quest Automotive Products formulates, manufactures, and distributes a complete line of advanced technology paints, coatings systems, and accessories to professional refinishers under the well-respected brands of Matrix®, Prospray®, and USC®, primarily in North America and Europe. Quest Industrial Products serves both the professional and consumer markets with aerosol spray products and highly-specified coatings for industrial applications under the Patriot®, Raabe® and Precision Color® brands, primarily in North America.
"The acquisition strengthens Valspar's value proposition in automotive refinish," said Gary Hendrickson, Valspar Chairman and Chief Executive Officer. "Our customers will benefit from expanded distribution of a portfolio of preferred brands they know and trust, a broader range of high-performance products and a stronger service network. We are pleased to welcome the Quest team to the Valspar family to help deliver these benefits to our customers."
Valspar is a global automotive coatings manufacturer and takes pride in delivering the very best in color-matching technology, support and service. Valspar's global color labs and tools allow us to match any OEM and/or custom color. Multiple OEM approvals include: Ford, General Motors, Chrysler, Mazda and Toyota. Valspar's global portfolio of preferred brands include: DeBeer Refinsh®, Octoral™, Valspar® Refinish and House of Kolor®. Visit www.valsparauto.com.
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Valspar is a global leader in the coatings industry providing customers with innovative, high-quality products and value-added services. Our 10,500 employees worldwide deliver advanced coatings solutions with best-in-class appearance, performance, protection and sustainability to customers in more than 100 countries. Valspar offers a broad range of superior coatings products for the consumer market, and highly-engineered solutions for the construction, industrial, packaging and transportation markets. Founded in 1806, Valspar is headquartered in Minneapolis. Valspar's reported net sales in fiscal 2014 were $4.5 billion and its shares are traded on the New York Stock Exchange (symbol:VAL). For more information, visit www.valspar.com and follow @valsparCo on Twitter.