CLEVELAND — The Sherwin-Williams Co. recently announced it has signed a purchase agreement with global coatings company Hempel A/S to divest Wattyl, an Australian and New Zealand manufacturer and seller of architectural and protective paint and coatings with annual revenue of approximately $200 million and 750 employees. The transaction is expected to close during the first quarter of 2021, subject to customary closing conditions.

"Today's announcement of our intent to divest Wattyl aligns with our ongoing process to evaluate all aspects of our portfolio, including brands, product lines, customer programs and businesses, for their ability to meet our performance criteria and for their long-term strategic fit," said John G. Morikis, Sherwin-Williams Chairman and Chief Executive Officer. "While we've driven significant improvement in the Wattyl business, we believe Company resources can be better deployed to other opportunities offering greater growth, more meaningful scale, and higher returns and cash flow. We thank the employees of Wattyl for their contributions to Sherwin-Williams."