Tennant has announced that it has completed sale of its coatings business, Tennant Coatings, to The Sherwin-Williams Company.
Business Divestment for Profitable Activities
“
The sale of Tennant's coatings business is our latest move in the ongoing implementation of our enterprise strategy—specifically, winning where we have competitive advantage,” said Tennant CEO Chris Killingstad
. “By divesting a business that is not central to our core strengths in industrial and commercial floor cleaning, we can redirect resources toward more strategic and profitable activities.”
Tennant Coatings designs and manufactures indoor and outdoor coatings systems for a variety of applications and industries. For the trailing 12 months ended September 30, 2020, the coatings business generated $22.1 million in sales, or 2.2 percent of Tennant Company’s total sales. Following the sale, approximately 70 Tennant employees are expected to join The Sherwin-Williams Company.
About The Sherwin-Williams Company
The Sherwin-Williams Company is one of the global leaders in the manufacture, development, distribution, and sale of paints, coatings and related products to professional, industrial, commercial, and retail customers.
Source: Tennant