NORWALK, CN -- Arch Chemicals Inc. has completed the previously announced divestiture of its Industrial Coatings business to The Sherwin-Williams Co. for approximately $54 million in cash. The purchase price is subject to a post-closing working capital adjustment.
With operations located in Italy, UK, France, Spain, North America and Singapore, the Industrial Coatings business manufactures and supplies a wide range of industrial coatings used for surface protection and decorative finishes in furniture and joinery applications.
The Industrial Coatings business had sales of $147.1 million in 2009 and an operating loss of approximately $2 million, which included an allocation of corporate expenses. Further relevant financial information will be disclosed when the company releases its first-quarter earnings.
Arch Chemicals' Chairman, President and CEO Michael E. Campbell said, "This divestiture supports our ongoing strategy to focus our portfolio on biocides businesses and to redeploy resources from non-core businesses into this key growth platform."