Carlisle Companies Inc., Charlotte, NC, (NYSE:CSL) has agreed to buy the liquid finishing business assets from Graco Inc. and its subsidiary Finishing Brands Holdings Inc. for $590 million.
Graco, Minneapolis, MN, acquired the Liquid Finishing Brands business in 2012 as part of its purchase of the liquid and powder finishing businesses of Illinois Tool Works Inc. Liquid Finishing Brands is currently being held separate from Graco's other businesses by order of the U.S. Federal Trade Commission, and Graco is required to sell the business within 180 days after entry of the FTC’s final divestiture order, which occurred on October 6.
With annual sales of approximately $275 million, Liquid Finishing Brands is a manufacturer of liquid finishing equipment and systems serving OE automotive, automotive refinishing, aerospace, agriculture, construction, marine, rail and other industrial applications. The business operates from 26 locations in seven countries with half its sales in the Americas and half in Asia and Europe.