Graco Inc. Has Completed Its Previously-Announced Acquisition of Corob S.p.A., a Global Manufacturer of Hi-tech Dispensing and Mixing Solutions for Paints and Coatings
November 04 2024 - 9:56AM
Business Wire
Graco Inc. (NYSE:GGG) announced today that it has
completed its previously-announced acquisition of Corob S.p.A.
(“Corob”) for €230 million, subject to customary adjustments, with
up to €30 million in additional contingent consideration.
Corob is a global leader in the design and manufacturing of
high-performance volumetric and gravimetric dispense, mixing, and
shaking equipment used in mission-critical tinting applications.
Corob had revenue of €110 million in 2023, has more than 600
employees worldwide and is headquartered in Italy with additional
manufacturing operations in India and Canada.
“The completion of this acquisition will bolster our existing
presence in the growing paint and coating equipment manufacturing
category to benefit both new and existing Graco customers,” said
Mark Sheahan, President & CEO of Graco. “Corob brings valuable
technology and innovation to Graco, and we will leverage the
complementary strengths of our two companies to drive growth and
expand our global manufacturing footprint.”
ABOUT GRACO
Graco Inc. supplies technology and expertise for the management
of fluids and coatings in both industrial and commercial
applications. It designs, manufactures and markets systems and
equipment to move, measure, control, dispense and spray fluid and
powder materials. A recognized leader in its specialties,
Minneapolis-based Graco serves customers around the world in the
manufacturing, processing, construction, and maintenance
industries. For additional information about Graco Inc., please
visit us at www.graco.com.
Cautionary Statement Regarding Forward-Looking
Statements
The Company desires to take advantage of the “safe harbor”
provisions regarding forward-looking statements of the Private
Securities Litigation Reform Act of 1995 and is filing this
Cautionary Statement in order to do so. The Company’s statements
about the expected impacts of the closing of the acquisition,
including with respect to existing presence, benefits to customers,
growth and expansion are forward-looking statements. The expected
impacts of the closing of the acquisition could differ due to any
event, change or other circumstance that prevents the parties from
achieving these results in a timely fashion or at all.
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version on businesswire.com: https://www.businesswire.com/news/home/20241104426163/en/
Investors: David M. Lowe, 612-623-6456 Media: Meredith Sobieck,
763-353-1498 Meredith_A_Sobieck@graco.com
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