Sherwin-Williams will acquire paint and coatings rival Valspar for approximately $11.3 billion in a deal expected to close in early 2017.
Both companies agreed to the deal, which needs to be approved by Valspar shareholders and regulatory agencies.
“Valspar is an excellent strategic fit with Sherwin-Williams,” Sherwin-Williams president and CEO John Morikis said in a statement. “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.
“Sherwin-Williams will continue to be headquartered in Cleveland and we intend to maintain a significant presence in Minneapolis.”