Nippon Paint to Acquire Rohm and Haas Auto Coatings
LANSING, Ill./PHILADELPHIA - Nippon Paint Co., Ltd. (NPC), Osaka, Japan, announced that it will purchase the majority of Rohm and Haas Company's Automotive Coatings business. Specifically, the sale involves the Rohm and Haas North American Automotive Coatings business (United States, Canada and Mexico) including the company's facilities based in Lansing, Ill., as well as its interests in two joint ventures with NPC. This includes Morton Nippon Coatings in North America and Nippon Bee Chemical in Japan and other Asian countries. Rohm and Haas had acquired these businesses through the acquisition of Morton International, Inc., in 1999.
Terms of the sale include approximately $230 million in cash subject to adjustments at closing. The transaction does not include Rohm and Haas Company's European Automotive Coatings business. Rohm and Haas also intends to divest that portion of the business and is actively pursuing potential buyers.