MONTREAL -- Sico Inc., a major Canadian coatings manufacturer, announced a definitive agreement to acquire Betonel Ltd., a Quebec-based manufacturer and retailer of architectural coatings, in a cash and stock transaction valued at $13.5 million.
Betonel, with annual sales of $27 million, markets products through approximately 60 company stores, franchises and dealers throughout Quebec. The company employs approximately 250 people. Sico said Betonel President Daniel Pellerin will retain that position and hold a seat on Sico's board. Completion of the transaction is anticipated by late November.