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Rohm and Haas Company said that it finalized
the sale of its Automotive Coatings business to Nippon Paint Co., Ltd.
(NPC). The business was sold for $230 million, plus a working capital
adjustment.
The sale involved the company's North American Automotive Coatings
business (United States, Canada and Mexico) including the company's
facilities based in Lansing, Illinois as well as its interests in two
joint ventures with NPC.
"We are confident the new NB Coatings business will continue to
provide exceptional products and services to the automotive coatings customers
we served for many years and to the industry as a whole," said Alan
Barton, Business Group Executive for Rohm and Haas Coatings.
Philadelphia-based Rohm and Haas announced the sale of the business in
August of this year.
About Rohm and Haas Company
Rohm and Haas is a global leader in the creation and
development of innovative technologies and solutions for the specialty
materials industry. The company's technologies are found in a wide range
of markets including: Building and Construction, Electronics, Industrial
Process, Packaging and Paper, Transportation, Household and Personal Care,
Water, Food and Retail and Pharma and Medical. Its technologies and solutions
help to improve life everyday, around the world. Based in Philadelphia,
Pa, the company generated annual sales of approximately $8 billion in
2005.
Source: Rohm and Haas
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