Sherwin-Williams says it is paying USD 113 per share in cash, a 35 percent premium to the closing price of Valspar's stock Friday. The combined company would employ 58,000 people and would have had revenue of USD 15.6 billion last year.
John Morikis, president and CEO of Sherwin-Williams, says the deal will enable the companies to save $280 million annually within two years by cutting sales, administrative and other expenses.
He says the savings should reach $320 million in the long-run. Sherwin-Williams will remain headquartered in Cleveland.
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