Tennant completes sale of coatings business

Tennant has announced that the company has completed a sale of its coatings business, Tennant Coatings, to Sherwin-Williams.

One graphic shows two figures shaking hands over the words
Biesterfeld and US manufacturer Dymax have extended their distribution partnership.  Image source: fotomek – stock.adobe.com.

Tennant Coatings designs and manufactures indoor and outdoor coatings systems for a variety of applications and industries. For the trailing 12 months ended September 30, 2020, the coatings business generated USD 22.1 million (EUR 18,5 million) in sales, or 2.2 percent of Tennant Company’s total sales. Following the sale, approximately 70 Tennant employees are expected to join The Sherwin-Williams Company.

“Business that is not central to our core strengths”

“The sale of Tennant’s coatings business is our latest move in the ongoing implementation of our enterprise strategy—specifically, winning where we have competitive advantage,” said Tennant CEO Chris Killingstad. “By divesting a business that is not central to our core strengths in industrial and commercial floor cleaning, we can redirect resources toward more strategic and profitable activities.”

Hersteller zu diesem Thema

This could also be interesting for you!