|CLEVELAND, OH -- The Sherwin-Williams Company announced that it has entered into a definitive agreement for the purchase of 100% of the stock of privately held Paint Sundry Brands Corporation. Paint Sundry Brands is a leading marketer and manufacturer of high quality paint brushes and rollers for professional contractors and do-it-yourself users. The transaction for the equity and other consideration, including the assumption of certain financial obligations at closing, is valued at approximately $295 million.
Christopher M. Connor, Chairman and Chief Executive Officer of The Sherwin-Williams Company, said, "We are pleased to have reached an agreement to bring the Paint Sundry Brands organization, which we have long respected, into The Sherwin-Williams family. The well-known quality associated with the Purdy® and Bestt Liebco® brands will give us a strong branded presence in the important coatings applicator category. The acquisition strengthens the continued implementation of our coatings growth strategy, which is to provide high quality products and services to professional paint contractors and do-it-yourself users in various channels of distribution. Paint Sundry Brands will also enhance our coatings applicator manufacturing and distribution infrastructure, which will enable us to better serve the applicator needs of all current and potential customers."
This eUpdate posting by: Steve@BuildingOnline.com