The Sherwin-Williams Company and Valspar Comment on Market Speculation
20 December 2016 - 1:26AM
Business Wire
Companies Continue to Expect the Transaction to
Close by the End of Q1 Calendar Year 2017
The Sherwin-Williams Company (NYSE:SHW) and The Valspar
Corporation (NYSE:VAL) today issued the following statement in
response to unfounded market rumors concerning regulatory approvals
for the definitive agreement between Sherwin-Williams and Valspar,
which was announced on March 20, 2016:Sherwin-Williams and Valspar
continue to cooperate fully with the FTC staff and continue to
expect the transaction will close by the end of Q1 calendar year
2017. Given the complementary nature of the businesses and the
benefits this transaction will provide to customers,
Sherwin-Williams and Valspar continue to believe that no or minimal
divestitures should be required to complete the transaction.
The transaction, which has been approved by Valspar
shareholders, is subject to customary closing conditions, including
the expiration or termination of the applicable waiting period
under the U.S. Hart-Scott-Rodino Antitrust Improvements Act and
regulatory approvals in various other jurisdictions.
About The Sherwin-Williams Company
Founded in 1866, The Sherwin-Williams Company is a global leader
in the manufacture, development, distribution, and sale of coatings
and related products to professional, industrial, commercial, and
retail customers. The company manufactures products under
well-known brands such as Sherwin-Williams(R), HGTV HOME(R) by
Sherwin-Williams, Dutch Boy(R), Krylon(R), Minwax(R), Thompson's(R)
Water Seal(R), and many more. With global headquarters in
Cleveland, Ohio, Sherwin-Williams(R) branded products are sold
exclusively through a chain of more than 4,100 company-operated
stores and facilities, while the company's other brands are sold
through leading mass merchandisers, home centers, independent paint
dealers, hardware stores, automotive retailers, and industrial
distributors. The Sherwin-Williams Global Finishes Group
distributes a wide range of products in more than 115 countries
around the world. For more information, visit www.sherwin.com.
About Valspar
Valspar is a global leader in the coatings industry providing
customers with innovative, high-quality products and value-added
services. Our 11,100 employees worldwide deliver advanced coatings
solutions with best-in-class appearance, performance, protection
and sustainability to customers in more than 100 countries. Valspar
offers a broad range of superior coatings products for the consumer
market, and highly-engineered solutions for the construction,
industrial, packaging and transportation markets. Founded in 1806,
Valspar is headquartered in Minneapolis. Valspar's reported net
sales in fiscal 2015 were $4.4 billion and its shares are traded on
the New York Stock Exchange (symbol:VAL). For more information,
visit www.valspar.com and follow @valspar on Twitter.
Additional Information and Where to Find it
Valspar has filed with the SEC a preliminary proxy statement in
connection with the contemplated transactions. The definitive proxy
statement will be sent or given to Valspar stockholders and will
contain important information about the contemplated transactions.
INVESTORS AND SECURITY HOLDERS ARE URGED TO READ CAREFULLY AND IN
THEIR ENTIRETY THE PROXY STATEMENT (INCLUDING THE DEFINITIVE PROXY
STATEMENT WHEN IT BECOMES AVAILABLE) AND ANY OTHER RELEVANT
DOCUMENTS FILED WITH THE SEC WHEN THEY BECOME AVAILABLE. Investors
and security holders may obtain a free copy of the preliminary
proxy statement and the definitive proxy statement (when it is
available) and other documents filed with the SEC at the SEC's
website at www.sec.gov.
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version on businesswire.com: http://www.businesswire.com/news/home/20161219005702/en/
For The Sherwin-Williams CompanyInvestor Relations:Bob
WellsSenior Vice President, Corporate Communications and Public
Affairs216- 566-2244rjwells@sherwin.comMedia:Mike ConwayDirector,
Corporate Communications216-515-4393mike.conway@sherwin.comFor
ValsparInvestor:Bill SeymourVice President, Finance and
Investor
Relations612-656-1328william.seymour@valspar.comMedia:Kimberly A.
WelchVice President,
Communications612-656-1347kim.welch@valspar.com
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