By Dana Mattioli, Dana Cimilluca and Liz Hoffman

Sherwin-Williams Co. has agreed to buy Valspar Corp., a painting and coatings company, for about $8.9 billion.

The Wall Street Journal reported earlier Sunday that the companies were close to a deal.

Both companies have lines of paint sold at an array of retailers ranging from Home Depot Inc. to Lowe's Cos. and smaller home improvement chains.

Valspar's market value is $6.6 billion. Sherwin-Williams, based in Cleveland, Ohio, has a much larger market value of $26.8 billion. In 2015, the company had $11.3 billion in sales and a $1.1 billion profit.

It has been a busy stretch for deals in the chemicals space, which coatings companies would fall under. Last year, chemicals giants Dow Chemical Co. and DuPont Co. signed a deal worth a combined $120 billion.

Write to Dana Mattioli at dana.mattioli@wsj.com, Dana Cimilluca at dana.cimilluca@wsj.com and Liz Hoffman at liz.hoffman@wsj.com

(END) Dow Jones Newswires

March 20, 2016 13:40 ET (17:40 GMT)

Copyright (c) 2016 Dow Jones & Company, Inc.
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