Graco Inc. (Minneapolis, Minnesota, USA) announced that it has completed its previously announced acquisition of Corob S.p.A. (Corob) (San Felice sul Panaro, Italy) for €230 million (~$249 million), subject to customary adjustments, with up to €30 million (~$32 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 (~$119 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,” says Mark Sheahan, president and 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.”
Source: Graco, investors.graco.com.