Under the agreement, Chemcraft Holdings would acquire 100% of the stock of Alternative Materials Technology, a business that represents substantially all of the assets of Polymer Solutions.

Polymer Solutions is a producer of waterborne and low-VOC solventborne paint, wood coatings, stains, sealers and primers for wood furniture and wood products. The company also manufactures adhesives and a line of coatings for glass, metal and concrete.

Chemcraft, based in Winston-Salem, NC, is a manufacturer of industrial coatings, including products for wood, kitchen cabinets, furniture, wood flooring and millwork. The company's product portfolio includes nitrocellulose lacquers; waterborne finishes; polyester, polyurethane and UV coatings; and vinyl finishes. The company's estimated 2002 sales were $62 million.