2023-04-19 05:41:48 ET
- The Sherwin-Williams Company ( NYSE: SHW ) to divest its China architectural paint business to Akzo Nobel N.V. ( OTCQX:AKZOF ).
- The business has annual revenue of approximately $100M and employs approximately 300 people.
- It manufactures and sells decorative paints under the Huarun brand name in China.
- The deal is expected to close in the second half of 2023, subject to regulatory approvals.
- Financial terms were not disclosed.
- "The divestiture of our China architectural paint business aligns with our ongoing strategy to optimize our portfolio, brands and customer programs to drive continued value for our shareholders," said Sherwin-Williams Chairman and Chief Executive Officer, John G. Morikis.
- The architectural paint business became part of Sherwin-Williams through the 2017 acquisition of The Valspar Corporation and was reported in the Consumer Brands Group.
For further details see:
Sherwin-Williams to divest its China architectural paint business to Akzo Nobel