Graco Inc. (Minneapolis, Minnesota, USA) announced a definitive agreement to acquire Corob S.p.A. for €230 million, subject to customary adjustments, with up to €30 million in additional contingent considerations.
The transaction is expected to close in Graco’s fiscal fourth quarter following the satisfaction of customary closing conditions. Corob had revenue of €110 million in 2023.
“The addition of Corob to our portfolio builds on our strong global position in the growing paint and coating machinery manufacturing category within our Contractor segment,” says Mark Sheahan, president and CEO of Graco.
“This acquisition advances our key strategies of global growth and expanding into new and adjacent markets,” he adds. “Like Graco, Corob has a demonstrated track record of achieving consistent growth in markets around the world through innovation as well as quality and service, and we look forward to collaborating for continued success.”
Corob is described as 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 has more than 600 employees worldwide and is headquartered in Italy, along with additional manufacturing operations in India and Canada.
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.
As a recognized leader in its specialties, Graco serves customers around the world in the manufacturing, processing, construction, and maintenance industries.
Source: Graco, www.graco.com.