Sherwin-Williams CEO John Morikis reveled in his new expanded company last Thursday.
“We are pleased to complete this transaction, and I would like to officially welcome our new colleagues from Valspar and the tremendous talent they bring to Sherwin-Williams,” Morikis said in a statement. “The acquisition of Valspar accelerates Sherwin-Williams’ global growth strategy and creates the global leader in paints and coatings. The combination of these two companies creates a world class brand portfolio, expanded product range, premier technology and innovation platforms and an extensive global footprint. These enhanced capabilities will benefit our customers and create sustainable long-term value for our shareholders.”
Sherwin-Williams-Valspar will be headquarted in Cleveland and employ about 60,000 people. Were the two companies combined earlier, they’d have brought in $15.8 billion worth of revenues in 2016.
Sherwin-Williams predicts it will save “$320 million of annual run-rate synergies in the areas of sourcing, SG&A and process and efficiency savings, within three years.”
We contacted Sherwin-Williams representatives Thursday for any information they can share on the impact upon Sherwin-Williams and Valspar’s auto body and auto paint shop clients.
However, it’s possible that few specifics will be available until Sherwin-Williams discusses its plans for the merged company on an earnings call July 20, 2017.
Sherwin-Williams bought Valspar for $11.3 billion, $113 a share. Valspar trading has halted, and its stock will be delisted.
This article is courtesy of John Huetter and Repairer Driven News . Check out their website at http://www.repairerdrivennews.com where you will find so much more information.