Thursday August 5
Valspar Acquires Forest Products Coatings Business from Associated ChemistsThe Valspar Corporation has completed the purchase of selected assets of the forest products business of Associated Chemists, Inc. Sales of the acquired business for calendar year 2003 were approximately $28 million.
The acquired product line includes edgesealers, surface primers, paints and stains, inks and specialty chemicals for oriented strand board manufacturers and others in the forest products industry. Under terms of the transaction, Valspar acquired a manufacturing facility in Orangeburg, S.C. Other terms of the transaction were not disclosed.
Richard M. Rompala, Valspar's Chairman and Chief Executive Officer, said, "The forest products business we're acquiring from ACI is an excellent fit with Valspar. Their technology portfolio enhances our offerings in the building products arena and expands our customer relationships in this important market. We expect the acquisition will have little impact on this year's results and will be modestly accretive to earnings in fiscal 2005."
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