Sherwin-Williams Signs Deal To Divest China Architectural Paint Business

(RTTNews) - Sherwin-Williams Co. (SHW), on Wednesday, announced signing of a purchase agreement with global coatings company Akzo Nobel N.V. to divest its China architectural paint business. The transaction is expected to close in the second half of 2023, pending customary regulatory approvals.

The business manufactures and sells decorative paints under the Huarun brand name in China, has annual revenue of about $100 million and employs about 300 people.

Sherwin-Williams Chairman and Chief Executive Officer, John Morikis, said, "The divestiture of our China architectural paint business aligns with our ongoing strategy to optimize our portfolio, brands and customer programs to drive continued value for our shareholders."

The architectural paint business being divested became part of Sherwin-Williams through the 2017 acquisition of The Valspar Corporation and was previously reported in the Sherwin-Williams Consumer Brands Group.