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|Valspar Completes Acquisition of Samuel Cabot Incorporated|
MINNEAPOLIS, June 14 /PRNewswire-FirstCall/ -- The Valspar Corporation (NYSE: VAL), a leading coatings manufacturer, announced today that it has completed the acquisition of Samuel Cabot Incorporated, a privately owned manufacturer of premium quality exterior and interior stains and finishes. With annual sales of approximately $60 million, Cabot has been family-owned since 1877 and is based in Newburyport, Massachusetts. Terms of the transaction were not disclosed.
William L. Mansfield, Valspar's President and Chief Executive Officer, said, "We are pleased to welcome the Cabot Stains brand and the people who have built it into the Valspar family. The Cabot team has achieved double- digit growth over the past five years. In combining the resources of our two companies, we believe we can sustain Cabot's growth momentum and continue to build the strength of the Cabot brand."
Valspar is a $2.5 billion global leader in the paint and coatings industry, with a broad range of products including industrial, architectural, packaging, automotive refinish and floor coatings and specialty polymers and colorants.
Valspar shares are traded on the New York Stock Exchange under the symbol VAL. Valspar news releases and other information are on Valspar's website ( http://www.valspar.com ).
For further information, contact Lori A. Walker, Vice President, Treasurer and Controller of Valspar at 612-375-7350.
This press release contains certain "forward-looking" statements. These forward-looking statements are based on management's expectations and beliefs concerning future events. 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. These uncertainties and other factors include dependence of internal earnings growth on economic conditions and growth in the domestic and international coatings industry; risks related to any future significant acquisitions, including risks of adverse changes in the results of acquired businesses, risks of disruptions in business resulting from the integration process and higher interest costs resulting from further borrowing for any such acquisitions; our reliance on the efforts of vendors, government agencies, utilities and other third parties to achieve adequate compliance and avoid disruption of our business; changes in the Company's relationships with customers and suppliers; unusual weather conditions that might adversely affect sales; changes in raw materials pricing and availability; delays in passing cost increases to customers; changes in governmental regulation, including more stringent environmental, health and safety regulations; the nature, cost and outcome of pending and future litigation and other legal proceedings; the outbreak of war and other significant national and international events; and other risks and uncertainties. The foregoing list is not exhaustive, and the Company disclaims any obligations to subsequently revise any forward-looking statements to reflect events or circumstances after the date of such statements.
SOURCE Valspar Corporation -0- 06/14/2005 /CONTACT: Lori A. Walker, Vice President, Treasurer and Controller of Valspar, +1-612-375-7350/ /Web site: http://www.valspar.com / (VAL) CO: Valspar Corporation; Samuel Cabot Incorporated ST: Minnesota IN: CHM HOU PAP FOD SU: TNM TG-SH -- CGTU054 -- 2654 06/14/2005 12:45 EDT http://www.prnewswire.com
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