The Sherwin-Williams Company has announced an agreement to acquire German-based Specialized Industrial Coatings Holding (SIC Holding), a Peter Möhrle Holding and GP Capital UG venture composed of Oskar Nolte GmbH and Klumpp Coatings GmbH. The transaction is expected to close by early 2023, pending customary regulatory approvals.

The business’ portfolio of solutions includes foil coatings and radiation-cured and water-based coatings for the board, furniture and flooring industry. SIC Holding will become part of the Sherwin-Williams Performance Coatings Group reportable segment.

In other Sherwin-Williams Company news, the company has held a ceremonial groundbreaking to mark the start of construction of an extension of its existing manufacturing facility in in Statesville, N.C., as well as a new distribution and fleet transportation center. The company says it plans to invest a minimum of $in the project and add more than 180 full-time jobs at the site over the next three years, which would essentially double the existing workforce.