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Letter to the Editor
Wednesday September 19
Valspar Acquires Teknos Nova Coil TNC Oy
The Valspar Corporation has acquired Teknos Nova Coil TNC Oy, a Helsinki, Finland-based manufacturer of high-performance coil coatings widely used in the construction industry, from Teknos Group Oy. Terms of the transaction were not disclosed."This acquisition builds on Valspar's growing international presence by expanding our coil coatings solutions in Northern Europe and the fast growing markets of Eastern Europe," said William L. Mansfield, chairman, CEO and president, Valspar. "TNC, with its reputation for quality and technology, is a natural fit with our existing business and provides an immediate platform for growth."
TNC had 2006 sales of Euro 31 million (approximately $42 million at current rates). Valspar expects the acquisition to be slightly accretive to earnings in 2008.
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