Rohm and Haas to sell coatings business |
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Published
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Wed, 02 May 2007 14:27
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PHILADELPHIA (AP) - Chemical maker Rohm and Haas Co. said Wednesday it signed a definitive agreement to sell its European automotive coatings business to Mader Group, a France-based maker of industrial paints and coatings.Financial terms of the deal, which is expected to close later this year, were not disclosed.The sale completes Rohm and Haas' divestiture of its automotive coatings business and includes its manufacturing site in Strullendorf, Germany.The business makes a range of automotive coatings, with a focus on interior water-based products that are supplied to original equipment makers.The business, which had sales of $25 million in 2006 and $7 million in the first quarter of 2007, also produces specialty coatings with applications in the general industrial and optical media markets.The coatings business will be integrated into a new company named Mader Plastilack GmbH, which will be located in Strullendorf and focus on the manufacturing of plastic coatings.About 125 Rohm and Haas workers will be affected by the acquisition, the company said.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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