Lowes Companies (NYSE:LOW)
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3 Months : From Jun 2019 to Sep 2019
By Austen Hufford
Ace Hardware Corp. said it is making Berkshire Hathaway Inc.'s Benjamin Moore its main paint supplier, pushing paint made by Sherwin-Williams Co. out of its thousands of U.S. home improvement stores.
The deal is a setback for Sherwin-Williams as a few big U.S. paint makers buy up small rivals and jostle for market share. Sherwin-Williams struck a deal last year for Lowe's Cos. to sell its paint, stains and brushes exclusively. That pushed most products from paint maker PPG Industries Inc. out of the second-biggest home-improvement chain.
Benjamin Moore said Wednesday it will start producing Ace Hardware's house paint brand, Clark+Kensington, later this year and start selling its own Benjamin Moore-branded paints in Ace's stores.
Benjamin Moore wants eventually to reach about 3,500 of Ace's 4,500 stores. Ace stores are independently owned, meaning that owners ultimately determine which brands they stock.
Sherwin-Williams said many of its products beyond its marquee paints will continue to be sold at Ace stores, including its Valspar paints and Minwax stains. Sherwin-Williams bought Valspar in 2017.
Valspar in turn bought Ace's own paint-making business in 2013.
(END) Dow Jones Newswires
July 10, 2019 16:13 ET (20:13 GMT)
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