Sherwin-Williams’ iconic motto is “Cover the Earth,” and America’s biggest paint manufacturer took a big step this week toward covering Brazil.
The Cleveland-based S-W looked overseas to a Brazilian architectural paints business for the next in the company’s long line of acquisitions. The transaction was an all-cash deal valued at $1.15 billion.
“We look forward to integrating our strengths to unlock enhanced value for our customers and create more opportunities for our team,” said Heidi Petz, CEO of Sherwin-Williams. “Suvinil’s legacy of innovation and quality, coupled with its strong market presence, makes it a valuable addition to our family.”
While mostly unknown in the U.S., Suvinil is a leading name in the Brazilian market. The 60-year-old company sells $525 million annually with 1,000 employees.
“The signing marks an important step in unlocking the value of our standalone businesses, and I am delighted that we have made such rapid progress in finding a new home for Suvinil,” said Anup Kothari, a board member of the parent company that sold Suvinil. “We are convinced that the decorative paints business will continue to thrive as part of Sherwin-Williams. We are deeply grateful to our employees for their hard work and dedication, which have made Suvinil the most recognized brand for decorative paints in Brazil.”
The acquisition gives Sherwin-Williams a key strategic advantage in the Latin American market. The transaction is expected to be finalized in the second half of this year, pending regulatory approvals in Brazil.
