FRANKFURT, Germany (May 2) — Rohm and Haas Co. agreed to sell its European Automotive Coatings business to the Mader Group, an independent manufacturer of industrial paints and coatings.
Terms of the sale, expected to close later this year, were not disclosed.
The transaction includes Rohm and Haas´ plant in Strullendorf, Germany. About 125 employees work for the unit, and Mader said it expects to maintain operations at the Strullendorf site.
Lille, France-based Mader said it will integrate the automotive coatings unit into a new company called Mader Plastilack GmbH to work in conjunction with Mader´s French Division, Soritec, which is dedicated to plastic coatings.
The automotive coatings unit had sales of $25 million in 2006 and sales of $7 million in the first quarter of this year under Rohm and Haas.