CLEVELAND AND MINNEAPOLIS, Oct. 28,
2016 /PRNewswire/ -- The Sherwin-Williams
Company (NYSE: SHW) and The Valspar Corporation (NYSE: VAL) today
issued the following statement in response to unfounded market
rumors concerning regulatory approvals for the definitive agreement
between Sherwin-Williams and Valspar, which was announced on
March 20, 2016:
Sherwin-Williams and Valspar continue to cooperate fully with
the FTC staff and continue to expect the transaction will close by
the end of Q1 calendar year 2017. Given the complementary
nature of the businesses and the benefits this transaction will
provide to customers, Sherwin-Williams and Valspar continue to
believe that no or minimal divestitures should be required to
complete the transaction.
The transaction, which has been approved by Valspar
shareholders, is subject to customary closing conditions, including
the expiration or termination of the applicable waiting period
under the U.S. Hart-Scott-Rodino Antitrust Improvements Act and
regulatory approvals in various other jurisdictions.
About The Sherwin-Williams Company
Founded in 1866, The Sherwin-Williams Company is a global leader
in the manufacture, development, distribution, and sale of coatings
and related products to professional, industrial, commercial, and
retail customers. The company manufactures products under
well-known brands such as Sherwin-Williams®, HGTV HOME® by
Sherwin-Williams, Dutch Boy®, Krylon®, Minwax®, Thompson's® Water Seal®, and many more. With
global headquarters in Cleveland,
Ohio, Sherwin-Williams® branded products are sold
exclusively through a chain of more than 4,100 company-operated
stores and facilities, while the company's other brands are sold
through leading mass merchandisers, home centers, independent paint
dealers, hardware stores, automotive retailers, and industrial
distributors. The Sherwin-Williams Global Finishes Group
distributes a wide range of products in more than 115 countries
around the world. For more information, visit www.sherwin.com.
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 11,100 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 2015 were $4.4 billion and its
shares are traded on the New York Stock Exchange (symbol:VAL). For
more information, visit www.valspar.com and follow @valspar on
Twitter.
Additional Information and Where to Find it
Valspar has filed with the SEC a preliminary proxy statement in
connection with the contemplated transactions. The definitive proxy
statement will be sent or given to Valspar stockholders and will
contain important information about the contemplated transactions.
INVESTORS AND SECURITY HOLDERS ARE URGED TO READ CAREFULLY AND IN
THEIR ENTIRETY THE PROXY STATEMENT (INCLUDING THE DEFINITIVE PROXY
STATEMENT WHEN IT BECOMES AVAILABLE) AND ANY OTHER RELEVANT
DOCUMENTS FILED WITH THE SEC WHEN THEY BECOME AVAILABLE. Investors
and security holders may obtain a free copy of the preliminary
proxy statement and the definitive proxy statement (when it is
available) and other documents filed with the SEC at the SEC's
website at www.sec.gov.
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SOURCE Valspar