Valspar Completes Acquisition of Performance Coatings Businesses from Quest Specialty Chemicals
MINNEAPOLIS - June 1, 2015 - The Valspar Corporation today announced that it completed the previously announced acquisition of the performance coatings businesses of Quest Specialty Chemicals, Inc., which include automotive refinish and industrial coatings. The acquired businesses had 2014 sales of approximately $190 million. Financial terms were not disclosed.
"We're excited to welcome the Quest team into the Valspar family and look forward to accelerating our growth in automotive refinish and industrial products," said Gary Hendrickson, Valspar Chairman and Chief Executive Officer. "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 a complete line of advanced technology paints, coatings systems, and accessories to professional refinishers under the well-respected brands of Matrix®, Prospray®, and USC®, primarily in North America and Europe. Quest Industrial Products serves both the professional and consumer markets with aerosol spray products and highly-specified coatings for industrial applications under the Patriot®, Raabe® and Precision Color® brands, primarily in North America.
Valspar: If it matters, we're on it.® Valspar is a global leader in the coatings industry providing customers with innovative, high-quality products and value-added services. Our 10,500 employees worldwide deliver advanced coatings solutions with best-in-class appearance, performance, protection and sustainability to customers in more than 100 countries. Valspar offers a broad range of superior coatings products for the consumer market, and highly-engineered solutions for the construction, industrial, packaging and transportation markets. Founded in 1806, Valspar is headquartered in Minneapolis. Valspar's reported net sales in fiscal 2014 were $4.5 billion and its shares are traded on the New York Stock Exchange (symbol:VAL). For more information, visit www.valspar.com and follow @ValsparCo on Twitter.
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