Australian paint manufacturer Wattyl Ltd. has sold its U.S. businesses, Coronado Paint, an architectural-coatings company and Lenmar Inc., a manufacturer of lacquers and polyurethane coatings, to Stony Point, NY-based INSL-X Products Corp.
Exiting the U.S. will strengthen Wattyl’s net cash position by between $15 million to $20 million, according to the company. “The sale of our U.S. businesses will have an immediate impact on the group’s operating profit,” said Ian Jackson, managing director, Wattyl. “It will also enable us to focus all our resources on strengthening Wattyl’s position in the Australian and New Zealand markets.”
Following the sale, Wattyl’s remaining U.S. assets will be a number of properties which will be sold progressively.