Lilly Industries was the outgrowth of a varnish company started by Henry B. Mears in 1865. Two years later, J. O. D. Lilly (no relation to the pharmaceutical family) joined the firm and the name was changed to Mears, Lilly & Company. In the 1870s, Mears sold his interest to Lilly and his two sons, Charles and John, and the firm was renamed J. O. D. Lilly & Sons. In 1888, the business incorporated as the Lilly Varnish Company.
The Lilly family sold the business to a group of men with an industrial coatings background. Under the new owners, Lilly’s employees specialized in the formulation, manufacture, and sale of industrial finishes.
In 1935, Lilly Varnish Company opened its first out-of-state manufacturing facility in High Point, North Carolina, to serve the region’s furniture manufacturers. Five years later, the firm opened another manufacturing plant in Gardner, Massachusetts, to serve the New England area.
In 1965, the company changed its name to Lilly Industrial Coatings. Throughout the 1970s and 1980s, the firm acquired several related companies as a method to increase its market share and remain competitive in the industrial coating industry. By 1987, Lilly had made 19 acquisitions.
Lilly’s growth strategy also involved diversification into new markets. In 1988, the firm acquired Indianapolis-based retailer Perfection Paint & Color Company. This purchase moved the company into consumer sales after 123 years of selling exclusively to manufacturers.
The firm shortened its name to Lilly Industries in 1991. Throughout the rest of the decade, the company continued its aggressive acquisition strategy. Its most significant purchase was of Michigan-based Guardsman Products Inc. in 1996. This acquisition nearly doubled Lilly’s size and sales figures the following year.
By the end of the 1990s, Lilly Industries was one of the top five producers of industrial coatings in the United States. The firm had also established a strong international presence with plants and sales offices in Mexico, Canada, Britain, Ireland, Germany, China, Singapore, Taiwan, and Malaysia.
In 2000, Lilly Industries was purchased by its competitor Valspar for $762 million.
Help improve this entry
Contribute information, offer corrections, suggest images.
You can also recommend new entries related to this topic.
