Yes there is and it can be applied in most of the OpenOffice applications. I am demonstrating it in Writer below, however the same steps are applied to cells in Calc.
1. Highlight the area from which you wish to copy the format from.
2. Click on the format painter icon in the toolbar.
3. When the mouse looks like a paint bucket, highlight the text to which you want to apply the format.
4. Let the mouse button go and the format will be applied to that section of text.