MOSCOW (MRC) -- Valspar has agreed to buy Quest Specialty Chemicals' automotive refinishing business and an industrial coatings business, said the company.
These two business segments finished 2014 with sales of USD190 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."
Quest Automotive Products formulates, manufactures and distributes technology paints, coatings systems and accessories to professional refinishers in North America and Europe.
As MRC informed earlier, Valspar completed development of a USD45m manufacturing centre in Tianjin, China, for a range of paints and coatings products in April 2015.
The Valspar Corporation is an American international manufacturer of paint and coatings based in Minneapolis, Minnesota, USA. With nearly 10,000 employees in 25 countries and a company history that spans over two centuries long, it is the sixth largest paint and coating corporation in the world. Valspar was founded in 1806 as a paint dealership in Boston, Massachusetts. The Valspar name emerged in 1903 as a new clear varnish, and became the company name in 1932.
MRC