Dec 6 2004
ArvinMeritor, Inc. announced today that it has sold Roll Coater, Inc., a wholly owned subsidiary, to an affiliate of Willis Stein & Partners. The cash purchase price of the stock transaction is approximately $162.5 million. National City acted as the financial advisor to ArvinMeritor for this transaction.
Roll Coater is a leader in the coil coating industry, and supplies a variety of markets, including automotive, appliance, heating and air conditioning, transportation, construction, roofing, and consumer products. The company will remain headquartered in Indianapolis, Ind., with state-of-the-art facilities in Greenfield, Ind.; Kingsbury, Ind.; Hawesville, Ky.; and Weirton, W.Va.
“This divestiture gives Roll Coater and its employees an opportunity to prosper, while allowing ArvinMeritor to focus on its core competencies in the global automotive and heavy truck markets,” said Charles G. “Chip” McClure, ArvinMeritor chairman, CEO and president.
“We are very excited to acquire Roll Coater, with its leading position and growing stable of blue chip customers,” said Daniel H. Blumenthal, managing director, Willis Stein & Partners. “We look forward to working closely with Roll Coater’s outstanding management team to continue to grow the business organically and through acquisitions.”
“I’m thrilled about Roll Coater’s future and what this means for our valued customers and employees,” said Bob O’Neal, CEO of Roll Coater. “We are very eager to move forward with our new ownership structure in place. With this announcement, Roll Coater is well positioned to build on a solid base by investing more to expand the company’s manufacturing capabilities. Roll Coater will continue to deliver top-quality products to fit the ever-changing needs of our customers, as well as pursue other opportunities that will enable us to even further exceed market expectations.”
For more information on coatings, click here.