Valspar will sell the assets of its industrial wood-coatings business to satisfy US regulators’ antitrust concerns on its acquisition by Sherwin-Williams.
Valspar and Sherwin-Williams said Wednesday the unit will be sold to Philadelphia-based Axalta Coatings Systems for $420 million in cash. The Valspar wood-coatings business, with $225 million in annual revenue, is considered one of the leading providers of coatings for both original equipment manufacturers and aftermarket applications.
Sherwin-Williams announced a year ago its plans to buy Valspar for $11.3 billion. In the months that followed, regulators in the US and Canada made it clear that the deal would face antitrust obstacles and some type of division or asset divestiture would be needed.
“With this [Axalta] agreement, we believe that we have addressed regulatory concerns appropriately and we are moving forward to obtain approval for our acquisition of Valspar,” said Sherwin-Williams CEO John Morikis in a statement.
Full Content: Star Tribune
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
Geradin Partners Expands Paris Office with Key Hire
Aug 30, 2024 by
CPI
Judge Accuses Google of ‘Clear Abuse’ in Antitrust Case Over Deleted Employee Chats
Aug 29, 2024 by
CPI
Hong Kong Cleaning Company Employee Charged in Historic Antitrust Investigation Case
Aug 29, 2024 by
CPI
Inside the Yelp Suit: Allegations of Google’s Abuse of Search Power
Aug 29, 2024 by
CPI
AI Safety Bill Clears Hurdle in California, Heads to Governor’s Desk
Aug 29, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – State Attorneys General
Aug 22, 2024 by
CPI
CPI Talks… …With Attorney General Phil Weiser
Aug 22, 2024 by
CPI
The Bipartisan Miracle of State Antitrust Enforcement
Aug 22, 2024 by
Gwendolyn J. Lindsay Cooley
Recent Developments in State Antitrust Enforcement: Agriculture and Food Markets
Aug 22, 2024 by
Elizabeth R. Odette
State Attorneys General: Stewards of Consumer Health and Welfare
Aug 22, 2024 by
Brooke Howlett Lovrovich