The Valspar Corporation has completed the previously announced acquisition of Inver Holding S.r.l., a leading industrial coatings manufacturer in Europe. Financial terms of the transaction were not disclosed. With 2012 sales of approximately €160 million ($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.
Gary Hendrickson, Valspar's chairman and chief executive officer, said, "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. Our customers will benefit from the combined resources of both companies, giving them access to expanded technologies, a broader product portfolio and superior service. I am also pleased that Giovanni Domenichini, Inver's chief executive officer, will now lead Valspar's combined industrial business in Europe."