Sherwin-Williams to Acquire German Industrial Coatings Company, Gross & Perthun GmbH
The Sherwin-Williams Company (NYSE: SHW) announced its acquisition of Gross & Perthun GmbH, a German developer and manufacturer of coatings for heavy equipment and transportation. The acquisition involves a business with approximately 100 employees and annual sales of about $50 million. It is expected to close by Q3 2022, enhancing Sherwin-Williams’ Performance Coatings Group and expanding its footprint in Europe. CEO John G. Morikis emphasized the strategic value and synergies anticipated from this acquisition.
- Acquisition of a business with approximately 100 employees and annual sales of $50 million.
- Strategic expansion into the European market, enhancing growth opportunities.
- Access to innovative waterborne and solvent liquid coatings technology.
- Integration challenges could arise from merging operations with a new business.
CLEVELAND, June 9, 2022 /PRNewswire/ -- The Sherwin-Williams Company (NYSE: SHW) today announced an agreement to acquire Gross & Perthun GmbH, a Mannheim, Germany based developer, manufacturer, and distributor of coatings primarily for the heavy equipment and transportation industries. The acquired business has approximately 100 employees and annual sales of approximately
"This high-quality business brings us innovative waterborne and solvent liquid coatings technology, leading specification and approval positions, strong relationships with multi-national and local customers, strategically located manufacturing, and an outstanding commercial and technical team focused on delivering innovative and value-added solutions," said Sherwin-Williams Chairman and Chief Executive Officer, John G. Morikis. "The combination of our businesses provides multiple opportunities to accelerate profitable growth throughout Europe and beyond. We look forward to welcoming the talented employees of this excellent business to the Sherwin-Williams family upon the close of the transaction."
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® WaterSeal®, 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. These statements can be identified by the use of forward-looking terminology such as "believe," "expect," "may," "will," "should," "project," "could," "plan," "goal," "target," "potential," "seek," "intend," "aspire" or "anticipate" or the negative thereof or comparable terminology. These forward-looking statements are based upon current expectations, predictions, 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 performance, 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 natural disasters, including due to the impacts of climate change; public health crises, including 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 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.
Investor Relations Contacts:
Jim Jaye
Senior Vice President, Investor Relations & Corporate Communications
Sherwin-Williams
Direct: 216.515.8682
investor.relations@sherwin.com
Eric Swanson
Vice President, Investor Relations
Sherwin-Williams
Direct: 216.566.2766
investor.relations@sherwin.com
Media Contact:
Julie Young
Vice President, Global Corporate Communications
Sherwin-Williams
Direct: 216.515.8849
corporatemedia@sherwin.com
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SOURCE The Sherwin-Williams Company
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