Courtesy of Benzinga.
H.B. Fuller Company (NYSE: FUL) announced yesterday that it has signed an agreement to sell its Central American paints business to Compania Global de Pinturas S.A., a company of Grupo Mundial.
The transaction’s closing is subject to certain conditions, including the notification of government and regulatory authorities and should be completed within 60 days. The purchase price to be paid for the business is $120 million. In 2011, the business to be sold had revenue of $113.5 million and generated EBITDA of $13.3 million, before allocation of corporate expenses. The Central American paints business will be accounted for as a discontinued operation in H.B. Fuller’s current 2012 fiscal year.
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