MINNEAPOLIS -- The Valspar Corp. announced that it has agreed to acquire Australian paint manufacturer Wattyl Limited. Wattyl had 2009 sales of A$381.4 million. Wattyl distributes leading paint brands to retail customers through home improvement centers and hardware outlets and to trade customers through a network of 140 company-owned stores. Valspar will acquire all outstanding Wattyl shares for approximately A$142 million and assume existing debt. The transaction is subject to approval by Wattyl shareholders and regulatory authorities.

"Wattyl is a market leader with excellent brands, high-quality products and broad distribution across all channels throughout Australia and New Zealand," said William L. Mansfield, Valspar Chairman and Chief Executive Officer. "This latest acquisition builds on our increasing presence in the Asia-Pacific region and presents an outstanding opportunity for growth."