Valspar has agreed to buy Quest Specialty Chemicals’ automotive refinishing business and an industrial coatings business.
These two business segments finished 2014 with sales of $190 million, according to a Valspar news release. Terms of the sale, which is expected to close during the third quarter of 2015, were not disclosed.
“The acquisition strengthens Valspar’s value proposition in automotive refinish,” Valspar CEO Gary Hendrickson said in the release. “Our customers will benefit from expanded distribution of a portfolio of preferred brands they know and trust, a broader range of high-performance products and a stronger service network.”
Also on Wednesday, Valspar reported second quarter earnings of $9.3 million on revenues of $1.08 billion. The Minneapolis-based paint and coatings manufacturer employs more than 10,000 people in 25 countries.
Nick Woltman can be reached at 651-228-5189. Follow him on Twitter at twitter.com/@nickwoltman.
