Arch Chemicals Inc. in Norwalk has agreed to sell its Sayerlack industrial wood coatings business for $54 million to the Cleveland, Ohio, maker of such products as Dutch Boy paints and Thompson’s and Minwax sealants.
The deal with The Sherwin-Williams Co. is expected to close March 31.
The sale covers Sayerlack plants in North America, the United Kingdom, Italy, Spain and Singapore that produce decorative and protective coatings for wood furniture and cabinets. The coatings business had sales last year of $147.1 million, the company said.
Arch Chairman, President and CEO Michael Campbell said the divestiture fits the company’s goal to focus on its core biocides business. Proceeds will be plowed back into that business, Campbell said.
Arch has annual sales of about $1.4 billion.
