Williams Announces Sale of N. American Paint Group
DARBY, UK — Williams plc announced an agreement to sell its North American Paint group of four coatings-manufacturing companies in a management-buyout transaction worth $453 million. A separate agreement was made to sell coatings manufacturer Masterchem Industries Inc. to Masco Corp. of Taylor, MI.
In a leveraged buyout to be executed by a management group in conjunction with investment firm The Jordan Co. LLC of New York, Williams will sell Frazee Industries Inc., San Diego; Kwal-Howells Inc., Denver; Parker Paint Mfg. Co. Inc., Tacoma, WA; and General Paint Ltd., Vancouver, British Columbia. The management group is led by Kent Child, sector president of Williams’ North American Paint group and president of Kwal-Howells. Child declined comment on the agreement pending completion of the sale, expected in June.