Sherwin Williams (Cleveland, Ohio) and Valspar Corp., which announced a merger earlier this year, are selling the Valspar North American Industrial Wood Coatings business to Philadelphia-based Axalta Coatings Systems for $420 million.
The sale is in connection with Sherwin William and Valspar’s merger. The companies made the move to “appease federal regulators” and get the merger approved, according to Crain’s Cleveland Business.
"We believe that Axalta is an excellent buyer for our North American Industrial Wood Coatings business and will provide great opportunities for our talented employees,” said Gary Hendrickson, Valspar CEO, in a statement. “Axalta is a strong cultural fit with Valspar and shares our commitment to innovation and customer service.”
The sale is subject to the closing of the Sherwin Williams and Valspar merger, which should be decided this summer, a statement from the company said.
