The business has four manufacturing plants and employs about 175 people in the U.S. and the U.K.
Fuller, a marketer of adhesives and sealants, expects the transaction to generate a pretax gain of $50 million to $60 million. Otherwise, the sale probably won't have a material effect on the company's net income in fiscal 2007.
The financial terms of the deal weren't disclosed. Valspar said the acquisition should add modestly to its earnings next year.