Tennant Company Sells Its Coatings Business
Tennant Company has completed a sale of its coatings business, Tennant Coatings, to The Sherwin-Williams Company.
“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 in a company announcement. “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.”
Tennant Coatings designs and manufactures indoor and outdoor coatings systems for a variety of applications and industries. For the trailing 12 months ended Sept. 30, 2020, the coatings business generated $22.1 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.
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