Arch Chemicals Reaches Agreement to Sell Industrial Coatings Business to Sherwin-Williams
17 Febbraio 2010 - 6:00PM
Arch Chemicals, Inc. (NYSE:ARJ) announced that it has signed a
definitive agreement to sell its Industrial Coatings business to
The Sherwin-Williams Company (NYSE:SHW) for approximately 40
million euros ($54 million) in cash. The transaction is
targeted to close on March 31, 2010 and is subject to customary
closing conditions.
The agreement covers operations located in Italy, U.K., Spain,
North America and Singapore. These locations manufacture and
supply a wide range of industrial coatings used for surface
protection and decorative finishes in furniture and joinery
applications. Key product lines include polyester-based,
polyurethane-based and water-based coatings and stains as well as
UV systems.
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. Sherwin-Williams
is a premier, innovative global provider of coatings and related
products and I am extremely pleased that our business will be
joining a group with such a dedicated focus on coatings. Industrial
Coatings is a strong business, with talented people, and we see
this transition to a new, strategic owner as an excellent
opportunity for its employees, customers, agents, distributors and
other stakeholders."
Arch's Industrial Coatings business had sales of $147.1 million
in 2009. The purchase price is subject to a post-closing
working capital adjustment. The Company expects the
transaction to result in a breakeven to a modest pre-tax
gain. Proceeds from the divestiture will be used for general
corporate purposes. This agreement has been approved by the
Boards of Directors of both companies.
Arch Chemicals was advised by KeyBanc Capital Markets as
financial advisor.
About Arch
Headquartered in Norwalk, Connecticut (USA), Arch Chemicals,
Inc. is a global Biocides company with annual sales of
approximately $1.4 billion. Arch and its subsidiaries provide
innovative, chemistry-based and related solutions to selectively
destroy and control the growth of harmful microbes. The
Company's concentration is in water treatment, hair and skin care
products, treated wood, preservation and protection applications
such as for paints and building products, and health and hygiene
applications. Arch Chemicals operates in two segments:
Treatment Products and Performance Products. Together with
its subsidiaries, Arch has approximately 3,000 employees and
manufacturing and customer-support facilities in North and South
America, Europe, Asia, Australia and Africa. For more information,
visit the Company's Web site at http://www.archchemicals.com.
About Sherwin-Williams
Founded in 1866, The Sherwin-Williams Company is a global leader
in the manufacture, development, distribution, and sale of coatings
and related products to professional, industrial, commercial, and
retail customers. The company manufactures products under
well-known brands such as Sherwin-Williams, Dutch Boy, Krylon,
Minwax, Thompson's WaterSeal and many more. With global
headquarters in Cleveland, Ohio, Sherwin-Williams branded products
are sold exclusively through a chain of more than 3,500
company-operated stores and facilities, while the company's other
brands are sold through leading mass merchandisers, home centers,
independent paint dealers, hardware stores, automotive retailers,
and industrial distributors. The Sherwin-Williams Global Finishes
Group distributes a wide range of products in more than 70
countries around the world. For more information, visit
www.sherwin.com.
Except for historical information contained herein, the
information set forth in this communication contains
forward-looking statements that are based on management's beliefs,
certain assumptions made by management and management's current
expectations, outlook, estimates and projections about the markets
and economy in which the Company and its various businesses
operate. Words such as "anticipates," "believes," "estimates,"
"expects," "forecasts," "intends," "opines," "plans," "predicts,"
"projects," "should," "targets" and variations of such words and
similar expressions are intended to identify such forward-looking
statements. These statements are not guarantees of future
performance and involve certain risks, uncertainties and
assumptions ("Future Factors"), which are difficult to predict.
Therefore, actual outcomes and results may differ materially from
what is expected or forecasted in such forward-looking statements.
The Company undertakes no obligation to update publicly any
forward-looking statements, whether as a result of future events,
new information or otherwise. Future Factors which could cause
actual results to differ materially from those discussed include
but are not limited to: general economic and business and market
conditions; no improvement or weakening in U.S., European and Asian
economies; increases in interest rates; changes in foreign
currencies against the U.S. dollar; customer acceptance of new
products; efficacy of new technology; changes in U.S. or foreign
laws and regulations; increased competitive and/or customer
pressure; loss of key customers; the Company's ability to maintain
chemical price increases; higher-than-expected raw material and
energy costs and availability for certain chemical product lines;
unexpected changes in the antidumping duties on certain products;
increased foreign competition in the calcium hypochlorite markets;
inability to obtain transportation for our chemicals; unfavorable
court decisions, including unfavorable decisions in appeals of
antidumping rulings, arbitration or jury decisions or tax matters;
the supply/demand balance for the Company's products, including the
impact of excess industry capacity; failure to achieve targeted
cost-reduction programs; capital expenditures in excess of those
scheduled; environmental costs in excess of those projected; the
occurrence of unexpected manufacturing interruptions/outages at
customer or Company plants; a decision by the Company not to start
up the hydrates manufacturing facility; unfavorable weather
conditions for swimming pool use; inability to expand sales in the
professional pool dealer market; the impact of global weather
changes; changes in the Company's stock price; ability to obtain
financing at attractive rates; financial market disruptions that
impact our customers or suppliers; and gains or losses on
derivative instruments.
CONTACT: Arch Chemicals, Inc.
Investor Contact:
Mark E. Faford
(203) 229-3820
mefaford@archchemicals.com
Press Contact:
Dale N. Walter
(203) 229-3033
dnwalter@archchemicals.com
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