The Valspar Corporation, a global automotive coatings manufacturer, has announced that it has reached a definitive agreement to acquire the performance coatings businesses of Quest Specialty Chemicals Inc., which include automotive refinish and industrial coatings. The transaction, which is expected to close in the company’s third fiscal quarter, is subject to customary closing conditions. Financial terms were not disclosed.

The businesses to be acquired from Quest include an automotive refinish business along with a smaller industrial products business. Quest Automotive Products formulates, manufactures, and distributes a complete line of advanced technology paints, coatings systems, and accessories to professional refinishers under the well-respected brands of Matrix®, Prospray®, and USC®, primarily in North America and Europe.