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Letter to the Editor
Wednesday January 21
Valspar Acquires De Beer Lakfabrieken B.V.and Plans New U.S. Paint Plant
The Valspar Corporation, a coatings manufacturer, has purchased De Beer Lakfabrieken, a privately-owned manufacturer and distributor of automotive refinish coatings based in Lelystad, The Netherlands. The acquisition includes De Beer's subsidiaries in the United Kingdom and Australia.De Beer sells products in over 65 countries and had sales in calendar year 2003 of approximately euro 39 million ($50 million at current exchange rates). Terms of the transaction were not disclosed.
Richard M. Rompala, Valspar's Chairman and Chief Executive Officer, said, "De Beer is an excellent strategic fit with Valspar. This acquisition broadens our product offering and technology for the US automotive refinish market and enhances our ability to grow in this attractive market on a global basis. We expect the acquisition will be modestly accretive to earnings in 2004."
In addition to this acquisition, Valspar's Board of Directors has approved the construction of an architectural coatings manufacturing and distribution facility in eastern Pennsylvania.
"This investment positions us well to support the rapid growth of our architectural paint business," said Rompala.
The new plant is expected to be fully operational by mid-year 2005.
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