US HB Fuller to divest Central America paints business for $120m

08 May 2012 17:16  [Source: ICIS news]

HOUSTON (ICIS)--HB Fuller has agreed to sell its paints business in Central America for $120m (€92m), the US-based adhesives, sealants and specialty chemicals producer said in a statement released late on Monday.

Fuller said it sold the business to Colombia’s paint producer Pintuco.

The sold business employs nearly 800 workers at plants and laboratories in Costa Rica, Honduras and Panama.

HB Fuller CEO Jim Owens said the paints business does not fit in with his company’s focus on its core adhesives business.

"Our strategic vision is to be the best adhesives company in the world, and the paints business is not, therefore, core to our strategic plan,” Owens said.

Fuller expects to complete the divestment within 60 days.

($1 = €0.77)

By: Stefan Baumgarten
+1 713 525 2653

AddThis Social Bookmark Button

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly