Sherwin-Williams in $11.3 billion acquisition

Two of the biggest names in the U.S. paint industry are combining forces.

The Sherwin-Williams Company has agreed to acquire rival paint company Valspar Corp. in an all-cash deal it valued at $11.3 billion.



"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 the Asia-Pacific and EMEA (Europe, the Middle East and Africa)," John Morikis, CEO, Sherwin-Williams, stated.





The deal is expected to close by the end of the first quarter of 2017, subject to approval by Valspar shareholders, they added. The boards of directors of both companies have unanimously approved the deal.



Sherwin-Williams will remain headquartered in Cleveland. Valspar is based in Minneapolis.