Graco Inc. (GGG), a manufacturer of spray fluid and powder materials, Monday announced that it has acquired Red Devil Equipment Company or Radia, a manufacturer of mixing, shaking, and automated material handling equipment for $69 million.
As per the company, Radia has an annual revenue of more than $30 million and serves paint retailers across North America including hardware, paint, and big-box stores with automated mixing solutions. They also employ around 30 people globally.
"Radia brings complementary capabilities to Graco's Contractor business portfolio, enhancing our position in the color solutions space. Our acquisition of Corob last year expanded our precision tinting and dispensing capabilities, while Radia strengthens our portfolio with advanced mixing and material handling equipment—creating a more complete solution for our customers.", commented Mark Sheahan, Graco's CEO.
In pre-market activity, GGG shares were trading at $80.10, down 0.06% on the New York Stock Exchange.
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