The Valspar Corporation, a leading global manufacturer of paints and coatings, recently announced the completion of the previously announced acquisition of Inver Holding S.r.l., or Inver Group, a leading industrial coatings manufacturer in Europe. Financial terms of the transaction were not disclosed.
"We're excited to welcome the Inver team into the Valspar family and look forward to accelerating our growth in the large European industrial coatings market," said Gary Hendrickson, Valspar's chairman and CEO. "Our customers will benefit from the combined resources of both companies, giving them access to expanded technologies, a broader product portfolio and superior service."
With 2012 sales of approximately €160 million, or US $200 million, Inver Group specializes in liquid and powder coatings and resin products that are used in a variety of industrial applications, including off-road equipment, auto and off-road parts, architectural aluminum windows, railways and trams.
Giovanni Domenichini, Inver's chief executive officer, will now lead Valspar's combined industrial business in Europe.