Graco announced that it has entered into a definitive agreement to acquire Corob for €230 million, subject to customary adjustments, with up to €30 million in additional contingent consideration. This deal is expected to close in Graco’s fiscal fourth quarter following the satisfaction of customary closing conditions. And Corob had revenue of €110 million in 2023.
Graco supplies technology and expertise for managing fluids and coatings in industrial and commercial applications. It also 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, Minneapolis-based Graco serves customers worldwide in the manufacturing, processing, construction, and maintenance industries.
Corob is a leader in designing and manufacturing high-performance volumetric and gravimetric dispensing, mixing, and shaking equipment used in mission-critical tinting applications. It is based in Italy and has additional manufacturing operations in India and Canada. Corob has over 600 employees worldwide.
KEY QUOTE:
“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. This acquisition advances our key strategies of global growth and expanding into new and adjacent markets. 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.”
-Mark Sheahan, Graco’s President and CEO
