PHILADELPHIA - Axalta Coating Systems has entered into a definitive agreement with The Valspar Corp. and The Sherwin-Williams Co. to acquire the assets related to Valspar’s North American Industrial Wood Coatings business for $420 million in cash. Valspar is divesting the business in connection with the reviews by the Federal Trade Commission (FTC) and Canadian Competition Bureau (CCB) of the proposed acquisition of Valspar by Sherwin-Williams. The business had revenues of approximately $225 million in 2016 and is one of the leading providers of coatings for OEM and aftermarket industrial wood markets, including building products, cabinets, flooring and furniture in North America.

Known in the market today as Valspar Wood, the business has a number of widely known and respected brands including Zenith^®, Lustre Lac™ and Graintone™, among others. These products are backed by a strong R&D and technology organization and best-in-class customer service.