The Sherwin-Williams Company
and Valspar Receive Second Request
From FTC Under HSR Act
The Sherwin-Williams Company and The Valspar Corporation announced that, as expected,
the companies have each received a request for additional information and
documentary materia from the United
States Federal Trade Commission (FTC)
in connection with Sherwin-Williams’
pending acquisition of Valspar. The
Second Request was issued under notification requirements of the Hart-Scott-Rodino Antitrust Improvements Act of
1976, as amended (the HSR Act). This
Second Request is a common part of the
regulatory process in connection with
the FTC’s review.
The transaction, which was announced
on March 20, 2016, is subject to approval
of Valspar’s shareholders and satisfaction
of other customary closing conditions, including expiration or termination of the
waiting period under the HSR Act. The
effect of the Second Request is to extend
the waiting period imposed by the HSR
Act until 30 days after Sherwin-Williams
and Valspar have substantially complied
with the request, unless that period is extended voluntarily by the parties or terminated sooner by the FTC.
Sherwin-Williams and Valspar are
cooperating fully with the FTC staff
and continue to expect the transaction
will close by the end of Q1 calendar
year 2017. Given the complementary
nature of the businesses and the benefits
this transaction will provide to customers, Sherwin-Williams and Valspar
continue to believe that no or minimal
divestitures should be required to complete the transaction.
RPM Acquires Full Interest in
Chinese Joint Venture
RPM International Inc. has announced
that its Carboline Company subsidiary
acquired the remaining 51 percent inter-
est in its Chinese joint venture, Carboline
Dalian Paint Production Co., Ltd.
(Carboline Dalian), bringing its total
ownership to 100 percent.
Terms of the transaction, which is ex-
pected to be accretive to earnings within
one year, were not disclosed. Carboline
acquired its initial 49 percent interest
in the company in 2009. UniChemical
Company, originally a Carboline licensee,
has been Carboline’s long-standing part-
ner in the joint venture. Carboline Dalian,
with sales of approximately $11 million,
manufactures corrosion control coatings
and linings for oil and gas, power and
petrochemical related projects.
Headquartered in Dalian, China, the
company also has operations in Shanghai,
Tianjin, Guangzhou and Hong Kong.
“China presents vast growth op-
portunities, but is also a very dynamic
market. Because of these conditions, we
chose to enter China in 2009 with a lo-
cal joint venture partner,” stated Frank
C. Sullivan, RPM chairman and chief
executive officer. “Now, with full owner-
ship of the business, we can accelerate the
growth of Carboline in the region and en-
able it to serve as a platform for our other
subsidiaries to increase their penetration
throughout the Chinese marketplace.”
RPM International Inc. owns subsid-
iaries that are world leaders in specialty
coatings, sealants, building materials and
related services across three segments.
These include a variety of industrial
products, consumer products and spe-
cialty products used by both profession-
als and DIYers. CW
Index to Companies
This index gives the starting page for a department or feature with a significant reference to a manufacturer of paint, coatings, adhesives and sealants
Subsidiaries are indexed under their own names.
AkzoNobel................................................................................................ 10, 27
Arizona Polymer ............................................................................................. 10
Axalta Coating Systems............................................................................. 10, 27
BASF Coatings ................................................................................................ 10
Hempel ..................................................................................................... 10, 27
HMG Paints.............................................................................................. 10, 20
PPG...................................................................................................... 10, 27, 50
RPM ................................................................................................................. 8
Sherwin-Williams .............................................................................8, 10, 20, 27
Valspar ........................................................................................................ 8, 20
