CLEVELAND, May 26, 2017
/PRNewswire/ -- The Sherwin-Williams Company (NYSE: SHW) today
announced it has received regulatory approval from the United
States Federal Trade Commission ("FTC") and the Canadian
Competition Bureau ("CCB") to complete its acquisition of The
Valspar Corporation (NYSE: VAL). The FTC and CCB were the
only remaining regulatory approvals required to close the
acquisition. Sherwin-Williams expects to close the acquisition on
June 1, 2017, subject to customary
closing conditions.
About Sherwin-Williams
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.
About Valspar
Valspar is a global leader in the
coatings industry providing customers with innovative, high-quality
products and value-added services. Our 11,000 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 shares
are traded on the New York Stock Exchange (symbol: VAL). For more
information, visit www.valspar.com and follow @valspar on
Twitter.
Cautionary Statement Regarding Forward-Looking
Information
This communication contains forward-looking
information about Valspar, Sherwin-Williams and the proposed
transaction. Forward-looking statements are statements that
are not historical facts. These statements can be identified by the
use of forward-looking terminology such as "believe," "expect,"
"may," "will," "should," "project," "could," "plan," "goal,"
"potential," "pro forma," "seek," "intend" or "anticipate" or the
negative thereof or comparable terminology, and include discussions
of strategy, financial projections, guidance and estimates
(including their underlying assumptions), statements regarding
plans, objectives, expectations or consequences of announced
transactions, and statements about the future performance,
operations, products and services of Sherwin-Williams, Valspar and
their respective subsidiaries. Valspar and Sherwin-Williams
caution readers not to place undue reliance on these statements.
These forward-looking statements are subject to a variety of
risks and uncertainties. Consequently, actual results and
experience may materially differ from those contained in any
forward-looking statements. Such risks and uncertainties
include the following: the possibility that the remaining closing
conditions to the contemplated transactions may not be satisfied or
waived; the occurrence of any event that could give rise to
termination of the merger agreement; risks inherent in the
achievement of cost synergies and the timing thereof, including
whether the transaction will be accretive and within the expected
timeframe; fluctuations in the availability and prices of raw
materials; difficult global economic and capital markets
conditions; risks associated with revenues from foreign markets;
interruption, failure or compromise of Sherwin-Williams' or
Valspar's information systems; and changes in the legal and
regulatory environment. Valspar and Sherwin-Williams make no
commitment to revise or update any forward-looking statements in
order to reflect events or circumstances occurring or existing
after the date any forward-looking statement is made.
CONTACTS
For The
Sherwin-Williams Company:
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Investor Relations
Contact:
Bob Wells
Senior Vice
President, Corporate Communications and Public Affairs
Sherwin-Williams
(216)
566-2244
rjwells@sherwin.com
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Media
Contacts:
Mike
Conway
Director, Corporate
Communications
Sherwin-Williams
(216)
515-4393
mike.conway@sherwin.com
Or
Sard Verbinnen &
Co
Jim Barron / Jared
Levy / Patrick Scanlan
(212)
687-8080
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For The Valspar
Corporation:
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Investor and Media
Contact:
Bill
Seymour
Vice President,
Investor Relations, Communications and Finance
(612)
656-1328
william.seymour@valspar.com
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Joele Frank,
Wilkinson Brimmer Katcher
Matthew Sherman / Tim
Lynch / Joseph Sala
(212)
355-4449
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SOURCE The Sherwin-Williams Company