Sherwin-Williams Co. (SHW) - Get Sherwin-Williams Company Report has agreed to pay $11.3 billion to acquire rival paint and coatings producer Valspar Corp. (VAL) - Get Valaris PLC Class A Report . The deal will boost Sherwin-Williams' market share in the U.S. and overseas and facilitate its plan to expand in Asia and Europe, and also add new packaging and coil operations. The two companies manufacture some of the best known U.S. paint brands, with Sherwin-Williams responsible for Dutch Boy, Krylon, Minwax and Thompson's Water Seal and other brands. Valspar sells as Cabot Stain and Devine Color, among others. Sherwin-Williams also said the merger should create about $280 million in annual synergies. 'The combination expands our brand portfolio and customer relationships in North America, significantly strengthens our global finishes business, and extends our capabilities into new geographies and applications, including a scale platform to grow in Asia-Pacific and EMEA,' Sherwin-Williams CEO John G. Morikis said in a statement. 'Customers of both companies will benefit from our increased product range, enhanced technology and innovation capabilities, and the transaction's clearly defined cost synergies.' There has been a series of large deals among painting and coating vendors, The Deal's Lou Whiteman reports. Akzo Nobel NV signed a deal last month to acquire the coatings business of BASF SE for €475 million ($534.5 million). PPG Industries Inc. (PPG) - Get PPG Industries, Inc. Report has been an active consolidator of assets, including a 2014, $2.3 billion purchase of Consorcio Comex SA de CV. Sherwin-Williams said that it believes 'no or minimal divestitures' should be required to complete the transaction, but the language of the deal suggests that the companies are concerned antitrust regulators might disagree. Should the companies be required to divest businesses totaling more than $650 million in Valspar 2015 revenue the price would be adjusted down 7% to $105 per share in cash. Sherwin-Williams also has the right to walk away should required divestitures exceed $1.5 billion in revenue. The Deal's Senior Reporter Lisa Allen has the details from New York.