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Letter to the Editor
Friday May 13
Valspar to Acquire Samuel Cabot
Coatings manufacturer Valspar Corporation has agreed to acquire Samuel Cabot Inc., a privately owned manufacturer of exterior and interior stains and finishes.Founded by the late Samuel Cabot in 1877, the company has been family-owned for 128 years. Cabot is based in Newburyport, Massachusetts and had sales in 2004 of approximately $58 million. The cash merger transaction is subject to regulatory approval and is expected to close in approximately one month. Terms of the transaction were not disclosed.
William L. Mansfield, Valspar's President and Chief Executive Officer, said, "Cabot Stains has a long, distinguished history and an outstanding reputation for quality products. We are committed to strengthening and expanding the Cabot brand under the continued leadership of John Schutz, Cabot's Chief Executive Officer. The combination of the Valspar and Cabot brands significantly strengthens our product offering for independent paint retailers and we are enthusiastic about our prospects for growth in this important distribution channel. We expect the acquisition will be slightly accretive to earnings in 2005."
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