Valspar acquires European coatings firm

Valspar Corp., the Minneapolis paint manufacturer, has acquired European industrial coatings firm Inver Holding for an undisclosed amount.

Inver Holding, also known as Inver Group, is based in Bologna, Italy, and had sales of $200 million last year, compared to sales of $4 billion for Valspar. Inver makes coatings that are used on off-road equipment, auto parts, aluminum windows and trains. The deal is expected to close in Valspar's fourth quarter, which ends in October.

"The acquisition of Inver Group significantly strengthens our position in the large and attractive European coatings market and provides operational synergies with our existing operations," said Valspar CEO Gary Hendrickson.