According to an official announcement, the Sherwin-Williams Company (NYSE: SHW) has signed a definitive agreement to acquire the Industrial Wood Coatings business of Arch Chemicals, Inc. (NYSE: ARJ).

Arch Industrial Wood Coatings trades under the Sayerlack brand name is headquartered in Pianoro, Italy, and is a leading coatings innovator in the Joinery, Furniture, and Cabinets markets.

In 2009, net sales of the company were $147 million.

Sayerlack was founded in 1954 and is one of the largest manufacturers of industrial wood coatings in Europe and a technology leader in polyurethane, water, and UV coatings.

Several manufacturing sites across Western Europe along with a comprehensive network of sales, technical, and distributor representatives serving clients in Asia and the U.S. are operated by it.

"We are pleased to bring Sayerlack, a well respected company and its talented people, into the Sherwin-Williams family.  This acquisition reaffirms our commitment to growing globally through organic expansion, accelerated by appropriate acquisitions," said Christopher M. Connor, Chairman and CEO of The Sherwin-Williams Company.

George E. Heath, President of Sherwin-Williams Global Finishes Group, stated, "The acquisition of Sayerlack is a logical step in our efforts to strengthen our growing global platform to better serve our product finishes customers around the world with outstanding R&D, products, and people."

"We are excited to join the Sherwin-Williams family and to contribute to the company's success across the globe. We have been an admirer of Sherwin-Williams for years, and are delighted to partner with them for the future," said Graham Buchan, General Manager of the Sayerlack business.