PITTSBURGH -- The Clorox Co. of Oakland, Calif., Thursday said it has agreed to sell its Olympic and Lucite paint and stain lines to PPG Industries Inc. of Pittsburgh for $130 million cash.
The agreement is subject to certain conditions, including clearance by government authorities.
Olympic HomeCare Products produces stains and paints under the Olympic brand name. Lucite HomeCare Products produces and markets paint under the Lucite brand name. The units' combined annual sales exceed $100 million.
'We have a long tradition of offering top quality products to consumers and professional painters under the Pittsburgh Paints label,' said Eugene Mosier, PPG group vice president of coatings and resins. 'The addition of the well-known Olympic and Lucite product lines will contribute to the profitable growth of our architectural coatings business.'
Under the sale, PPG will acquire plants in Ballard, Wash.; Batavia, Ill.; Langley, British Columbia; and Louisville, Ky.; and headquarters offices in Bellevue, Wash. The Olympic and Lucite units employ about 350 people.
Clorox Chairman Charles Weaver said in June that the company had made a strategic decision to sell its paints and stains business and focus on its core business as a diversified manufacturer and marketer of household grocery products.
PPG markets trade paints under the Pittsburgh Paints brand name in North America and the PPG Corona brand name in Europe. It is a leading producer of coatings for automotive, industrial and architectural markets.