CLEVELAND, Aug. 19, 2021 /PRNewswire/ — The Sherwin-Williams Company (NYSE: SHW) today announced it has signed an agreement to acquire the European industrial coatings business of Sika AG. The transaction is expected to close in the beginning of 2022.
Based in Germany with additional sales and technical support in Poland, Austria and Switzerland, Sika’s European industrial coating business engineers, manufactures and sells corrosion protection coating systems for high value interior and exterior steel infrastructure, bridges, airport and rail, wind and energy, chemicals, power transmission and stations, interior linings for oil and gas tanks, vessels, and pipework, and water and wastewater applications, along with fire protection coating systems to protect and preserve steel, wood and concrete building components. Sales of the business were approximately CHF 75 million ($82 million) for the year ended December 31, 2020. The acquired business will become part of the Company’s Performance Coatings Group operating segment. Approximately 130 Sika employees are expected to join Sherwin-Williams.
«This transaction fits our strategy of acquiring complementary, high-quality, differentiated businesses that add to our profitable growth momentum,» said Sherwin-Williams Chairman, President and Chief Executive Officer, John G. Morikis. «The business brings us scale, unique technology, a strong sales and marketing team, technical service capabilities, strategically located manufacturing, and leading specification and approval positions, all of which we can leverage further throughout Europe and other regions across the world. Additionally, synergy opportunities give us great confidence in accelerating the already strong financial performance of the business. We look forward to officially welcoming Sika’s industrial coating employees to Sherwin-Williams upon the close of the transaction at the beginning of next year.»
ABOUT THE SHERWIN-WILLIAMS COMPANY
Founded in 1866, The Sherwin-Williams Company is a global leader in the manufacture, development, distribution, and sale of paint, coatings and related products to professional, industrial, commercial, and retail customers. The Company manufactures products under well-known brands such as Sherwin-Williams®, Valspar®, HGTV HOME® by Sherwin-Williams, Dutch Boy®, Krylon®, Minwax®, Thompson’s® Water Seal®, Cabot® and many more. With global headquarters in Cleveland, Ohio, Sherwin-Williams® branded products are sold exclusively through a chain of more than 5,000 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 Performance Coatings Group supplies a broad range of highly-engineered solutions for the construction, industrial, packaging and transportation markets in more than 120 countries around the world. Sherwin-Williams shares are traded on the New York Stock Exchange (symbol: SHW). For more information, visit www.sherwin.com.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
This press release contains certain «forward-looking statements,» as defined under U.S. federal securities laws, with respect to sales, earnings and other matters. These statements can be identified by the use of forward-looking terminology such as «believe,» «expect,» «may,» «will,» «should,» «project,» «could,» «plan,» «goal,» «potential,» «seek,» «intend» or «anticipate» or the negative thereof or comparable terminology. These forward-looking statements are based upon management’s current expectations, estimates, assumptions and beliefs concerning future events and conditions. Readers are cautioned not to place undue reliance on any forward-looking statements. Forward-looking statements are necessarily subject to risks, uncertainties and other factors, many of which are outside the control of the Company that could cause actual results to differ materially from such statements and from the Company’s historical results and experience. These risks, uncertainties and other factors include such things as: general business and economic conditions; the Company’s ability to successfully integrate past and future acquisitions into its existing operations, as well as the performance of the businesses acquired; strengths of retail and manufacturing economies and the growth in the coatings industry; changes in the Company’s relationships with customers and suppliers; changes in raw material availability and pricing; adverse weather conditions or impacts of climate change, natural disasters and public health crises, including the COVID-19 pandemic; the duration, severity and scope of the COVID-19 pandemic and the actions implemented by international, federal, state and local public health and governmental authorities to contain and combat the outbreak and spread of COVID-19, which may exacerbate one or more of the aforementioned and/or other risks, uncertainties and factors more fully described in the Company’s reports filed with the Securities and Exchange Commission (SEC); and other risks, uncertainties and factors described from time to time in the Company’s reports filed with the SEC. Since it is not possible to predict or identify all of the risks, uncertainties and other factors that may affect future results, the above list should not be considered a complete list. Any forward-looking statement speaks only as of the date on which such statement is made, and the Company undertakes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
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SOURCE The Sherwin-Williams Company