Rohm and Haas Co. said today it has reached an agreement to sell its European automotive coatings business to the Mader Group of France. Terms were not disclosed for the operation that has a plant in Strullendorf, Germany and reported $25 million in sales in 2006.
The German business has 125 employees and Rohm and Haas said that "an important consideration in the sale was for a buyer who would acquire and continue to invest in the site and its employees."
The deal is expected to close later this year and finalizes the company's exit from the automotive coatings business, according to the Philadelphia specialty chemicals company.
Company shares were up 80 cents to $51.13 in morning trading on the New York Stock Exchange.