Rohm and Haas Company to Sell its Automotive Coatings Business to Nippon Paint |
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Rohm & Haas Co.
100 Independence Mall W.
Philadelphia, PA, 19106 2399
USA
Press release date: August 7, 2006
Philadelphia, PA, August 7, 2006 - Rohm and Haas Company (NYSE:ROH) said today that it has reached an agreement to sell its global Automotive Coatings business to Nippon Paint Co., Ltd. (NPC). Terms of the sale include approximately $230 million in cash subject to adjustments at closing. The company does not expect a significant gain or loss from this transaction, however the final determination depends on closing adjustments. The transaction will be finalized upon receipt of all necessary government and regulatory approvals, which are expected by early October, 2006. The sale involves the company's North American Automotive Coatings business (United States, Canada and Mexico) including the company's facilities based in Lansing, Illinois as well as its interests in two joint ventures with NPC. The transaction does not include Rohm and Haas Company's European Automotive Coatings business. Rohm and Haas also intends to divest that portion of the business and is actively pursuing potential buyers.
In commenting on the sale, Alan E. Barton, Rohm and Haas Company Vice President and Business Group Executive, Coatings, noted that the sale is consistent with Rohm and Haas Company's portfolio management strategy. "We have worked closely with NPC as partners in two joint ventures for the automotive industry," said Barton. "We recognize their commitment to this market, and are pleased that this transaction will continue to provide quality products and services to the customer base we have enjoyed serving."
About Rohm and Haas Company Rohm and Haas is a global leader in the creation and development of innovative technologies and solutions for the specialty materials industry. The company's technologies are found in a wide range of markets including: Building and Construction, Electronics, Industrial Process, Packaging and Paper, Transportation, Household and Personal Care, Water, Food and Retail and Pharma and Medical. Its technologies and solutions help to improve life everyday, around the world. Based in Philadelphia, Pa, the company generated annual sales of approximately $8 billion in 2005. Visit www.rohmhaas.com for more information.
CONTACTS:
Investor Relations Gary O'Brien Director, Investor Relations +1-215-592-3409 GOBrien@rohmhaas.com
Media Relations Carmen Ferrigno Communications Director, Coatings +1-215-592-2908 CFerrigno@rohmhaas.com
Media Relations for Nippon Laura Battle Edelman (on behalf of Nippon Paint) +1-312-233-1374 Laura.battle@edelman.com
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