Sherwin-Williams acquires German wood coatings companies

• Sherwin-Williams Company (NYSE:SHW) has agreed to acquire German wood coatings companies, Oskar Nolte GmbH and Klumpp Coatings.
• Terms of the deal were not disclosed. The transaction is expected to close by early 2023, pending customary regulatory approvals.
• The business will become part of the Sherwin-Williams Performance Coatings Group reportable segment. It employs 220 people and has annual sales of more than €91.5M.
• Sherwin-Williams Chairman and CEO John Morikis said: "This acquisition creates opportunities to accelerate our profitable growth in the global industrial wood market and fits our strategy of acquiring complementary, high-quality and differentiated businesses. Through the first nine months of 2022, we have invested approximately $191M in core capital expenditures largely aimed at growth initiatives, deployed approximately $630M for acquisitions, and returned just over $1.2B to shareholders in the form of dividends and share buybacks. We expect to continue our approach supported by our strong ongoing cash generation."