<p>The Sherwin-Williams Co. on Monday said it is increasing its presence on the East Coast with a deal to acquire privately held Duron Inc. for $253 million.</p><p>Duron, a coatings and coverings company headquartered near Baltimore, has had annual sales of about $350 million. It has 231 company-owned Duron Paints & Wallcoverings stores from Delaware to Florida. Cleveland-based Sherwin-Williams has 2,691 stores nationwide.</p><p>The transaction also involves assumption of certain financial obligations, which were not specified.</p><p>Robert Feinberg, chairman of Duron, said the deal "will offer Duron's employees a strong future of enhanced opportunity and our customers the assurance of ongoing access to the Duron products on which they depend."</p><p>The 55-year-old Duron has about 1,900 employees and manufacturing plants in Beltsville, Md., and Atlanta, Duron spokesman Gary Saiter said.</p><p>"We don't anticipate store closings or layoffs," he said.</p><p>The transaction is subject to regulatory approvals and could close by late June or in July, Sherwin-Williams spokesman Conway Ivy said.</p><p>"The Duron facilities will also bring additional manufacturing capacity to Sherwin-Williams, while Sherwin-Williams will bring additional resources to enhance Duron's strengths that have made it successful over the years," said Christopher M. Connor, chairman and CEO of Sherwin-Williams.</p><p>Sherwin-Williams, founded in 1866, makes and sells coatings and related products to professional, industrial, commercial and retail customers. In 2003, Sherwin-Williams earned $332 million, or $2.26 per share, on sales of $5.4 billion.</p><p>Sherwin-Williams shares traded Monday morning on the New York Stock Exchange were down 71 cents, or 1.9 percent, to $36.41.</p><p>___</p><p>Sherwin-Williams: www.sherwin.com</p><p>HASH(0x2866b2c)</p>
