From AFX News Limited
NEW YORK — Specialty materials maker Rohm and Haas Co. on Monday said it completed the sale of its automotive coatings unit to Japan-based Nippon Paint Co. for $230 million.
The sale includes Rohm and Haas’ North American automotive coatings segment, which includes its Lansing, IL, facilities as well as its 50 percent interests in two joint ventures with Nippon Paint — Morton Nippon Coatings in North America, and Nippon Bee Chemical in Japan.
Nippon Paint plans to retain the name of the Japanese unit and will begin to sell plastic automotive coatings to North American customers under the name NB Coatings Inc.
John Culbertson, former vice president of Rohm and Haas and director of the automotive coatings unit, was named president of NB Coatings, Nippon said.
Shares of Rohm and Haas fell 64 cents to close at $46.71 on the New York Stock Exchange.
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