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    Top Companies Report

    3 Sherwin Williams

    ...

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    07.07.16
    Sherwin Williams
    Cleveland, Ohio/USA
    www.sherwin-williams.com

    PUBLIC COMPANY
    YEAR ESTABLISHED:
    1866
    REVENUE: $10.24 billion  (2014: $6.370 billion)
    (Note: Sherwin-Williams reported total revenue of $11,339,304 billon for fiscal 2015. However, for purposes of this report, sales of painting tools and equipment in the Paint Stores Group are not reported as part of coatings revenue. The above is Coatings World’s estimate.)

    MARKETS SERVED
    •  Architectural coatings
    •  Industrial coatings
    •  Protective and marine coatings
    •  OEM product finishes 
    •  Wood finishes
    •  Aerospace coatings

    KEY EXECUTIVES
    Christopher Connor, executive chairman; John Morikis, president and CEO; Thomas P. Gilligan, senior VP, human resources; Sean Hennessy, senior VP, finance and CFO

    The Sherwin-Williams Company reported $11.33 billion in net sales for 2015. Minus the sale of painting tools and equipment in the company’s Paint Store Group, Coatings World estimates the company’s paint and coatings sales to be approximately $10.24 billion. 

    Its Paints Stores Group is the leading operator of specialty paint stores in North America, with more than 4,000 stores located throughout the U.S., Canada and the Caribbean region and represents 63.6 percent of total sales. Its Paint Stores Group includes Sherwin-Williams branded paints and stains. Major brands include Sherwin-Williams, MAB, ProMar and SuperPaint. The Consumer Group comprises 13.9 percent of sales and sells branded, private label and licensed brand paints, stains, varnishes, industrial products, wood finishing products, aerosols, caulks and adhesives. Major brands include Dutch Boy, Krylon, Minwax, Thompson’s WaterSeal, Pratt and Lambert, Martin Senour, Ronseal and Duraseal. The company’s Global Finishes Group comprises 16.9 percent of total sales and manufactures and sells a wide range of OEM product finishes, protective and marine coatings and automotive finishes to a customer base in 120 countries. Key brands include Sherwin-Williams, Lazzuril, Excelo and Baco. The Latin America Coatings Group encompasses 5.6 percent of total sales. It manufactures a wide range of architectural paints and industrial coatings throughout Latin America.


    The Sherwin-Williams Company to Acquire Valspar for $11.3 Billion
    The Sherwin-Williams Company  and The Valspar Corporation  have entered into a definitive agreement under which Sherwin-Williams will acquire Valspar for $11.3 billion. 

    Sherwin-Williams and Valspar have complementary paints and coatings offerings and this combination enhances Sherwin-Williams position as a premier global paints and coatings provider. The transaction results in a diversified array of brands and technologies, accelerates Sherwin-Williams growth strategy by expanding its global platform in Asia-Pacific and EMEA, and also adds new capabilities in the packaging and coil segments. The combined company would have pro forma 2015 Revenues and Adjusted EBITDA (including estimated annual synergies) of approximately $15.6 billion and $2.8 billion, respectively, with approximately 58,000 employees.

    John G. Morikis, president and chief executive officer of The Sherwin-Williams Company, said, “Valspar is an excellent strategic fit with Sherwin-Williams.  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.  We have tremendous respect for the expertise and dedication of the Valspar team and we are excited about the opportunities that this combination will provide to both companies’ employees.  Sherwin-Williams will continue to be headquartered in Cleveland and we intend to maintain a significant presence in Minneapolis.”

    Morikis added: “Sherwin-Williams has a long track record of successfully integrating acquisitions. We are highly confident in the industrial logic of the transaction and, once closed, our ability to achieve $280 million of estimated annual synergies in the areas of sourcing, SG&A and process and efficiency savings within two years and our long-term annual synergy target of $320 million.  We expect this transaction to be immediately accretive excluding one-time costs and meaningfully enhance our cash flow generation profile.”

    Gary E. Hendrickson, chairman and chief executive officer of Valspar, said, “We are pleased to announce this compelling transaction, which delivers immediate and certain cash value to our stockholders. We believe that Sherwin-Williams is the right partner to utilize our array of brands and create a premier global coatings company. The combination of Sherwin-Williams and Valspar will benefit our customers, employees and other stakeholders. We are confident this transaction will create opportunities to accelerate many of the operating initiatives already underway at Valspar.  We look forward to positioning Valspar to enter its next phase of growth and success and to working closely with Sherwin-Williams to seamlessly close this transaction.  Together we will continue to build on the solid momentum our team has worked so hard to create.”

    The transaction is expected to close by the end of Q1 calendar year 2017, and is subject to the approval of Valspar shareholders and customary closing conditions.
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