CLEVELAND (AP) -- Paint manufacturer Sherwin-Williams Co. said Wednesday it has completed its $54 million purchase of Arch Chemicals Inc.'s industrial wood coatings business.
Arch Industrial Wood Coatings, which goes by the Sayerlack brand name, is based in Italy and sells coatings for wood joints, furniture and cabinets. Net sales last year totaled $147 million.
Sayerlack, which was founded in 1954, has several manufacturing sites throughout Western Europe and sales, distributor and technical representatives for clients in Asia and the U.S. Sayerlack will join Sherwin-Williams' global chemical coatings division, which has been growing since the company's buyouts of Inchem and Becker Powder Coatings U.S. in 2008.
Arch said the divestiture is in line with its strategy to focus on its bacteria-killing biocides business.
Shares of Sherwin-Williams rose 96 cents to $67.93 in afternoon trading Wednesday, while shares of Arch Chemicals rose 74 cents to $35.29.