Valspar to Acquire Majority Interest in Huarun Paints
August 1, 2006
MINNEAPOLIS - The Valspar Corporation has agreed to acquire a significant majority of the share capital of Huarun Paints Holdings Company Limited, one of China's largest independent coatings companies, from Champion Regal, a Hong Kong-based investment company. Founded in 1991, Huarun Paints has grown to become one of China's leading domestic suppliers of wood and furniture coatings, and a rapidly growing supplier of architectural coatings. Huarun Paints achieved sales of approximately $180 million in 2005, primarily through its focus on the development of an extensive network of distributors and exclusive retail paint stores throughout China.