Rohm and Haas Company has signed a definitive agreement to sell its European automotive coatings business, including its manufacturing site in Strullendorf, Germany, to the Mäder Group, a leading independent manufacturer of hi-tech industrial paints and coatings based in Lille, France, with operations throughout Europe. The transaction is expected to close later this year.
This transaction completes Rohm and Haas Company’s divestiture of its automotive coatings business, which started with the sale of its automotive coatings operations in North America (U.S., Canada and Mexico) and the Asia Pacific region to Nippon Paint Co., Ltd., in Oct. 2006.
The business manufactures a comprehensive range of automotive coatings with a focus on interior water-based products, which are supplied to high-end OEMs. In addition, the business also produces specialty coatings with applications in the general industrial and optical media markets. The business had sales of $25 million in 2006 and sales of $7 million in first quarter 2007. Financial terms of the transaction were not disclosed.
The coatings business acquired from Rohm and Haas Germany will be integrated into a new company named Mäder Plastilack GmbH with the intention of building a strong synergy between Mäder’s French division, Soritec, located in Saint-Georges-sur-Loire in western France, that is currently dedicated to plastic coatings.