Sherwin-Williams Buys Accurate Dispersions from Eastman Chemicals
CLEVELAND, OHIO, Dec. 1, 2003 The Sherwin-Williams Company (NYSE:SHW) today announced the purchase of Accurate Dispersions' colorants product lines and related assets from Eastman Chemical Company. Terms of the agreement have not been disclosed. Accurate Dispersions supplies pigment concentrates and additives for coatings to the automotive, aerospace, maintenance, transportation, trade sales paint and packaging markets.
"With the consolidation occurring in the chemical industry in general and the colorant business in particular, this acquisition ensures a continuing supply of high-quality colorants to Accurate's customer base, the coatings industry and our company," said Chris Connor, Sherwin-Williams chairman and CEO. "Accurate Dispersions will operate as an independent business unit within the Sherwin-Williams Consumer Division under the direction of the current Accurate Dispersions management team who have joined Sherwin-Williams."
"The divestiture of Accurate Dispersions is an important step forward in Eastman's ongoing strategy to improve performance in our coatings, adhesives, specialty polymers and inks segment," said Brian Ferguson, chairman and CEO of Eastman Chemical Company. "After determining that Accurate Dispersions' pigment concentrates and additives product lines were not a strategic fit within Eastman's coatings offerings, we are extremely pleased that Sherwin-Williams, a well respected company in the coatings markets, will be the new owner of Accurate Dispersions."
Eastman acquired Accurate Dispersions in 2000 as part of its acquisition of McWhorter Technologies. Approximately 140 Eastman employees associated with the Accurate Dispersions operations will now become employees of The Sherwin-Williams Company. The sale to Sherwin-Williams includes manufacturing and distribution facilities located in South Holland, Ill. Sales revenue attributable to Accurate Dispersions products was in the range of $40 million to $45 million in 2002.
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