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Surface Protection Industries Divests Paramount Paint & Lacquer Division
February 16, 2004
Surface Protection Industries has completed the divestiture of its Paramount Paint & Lacquer division to Chemcraft International, Inc. of Winston-Salem, NC. The transaction also includes the assets of Paramount's Mexican operations, SPI de Mexico. Terms of the transaction were not disclosed. Robert C. Davidson, Jr., CEO of Surface Protection Industries, said, "We are pleased with the transaction which allows us to focus on our strategic specialty products and brands while offering Paramount customers a greatly expanded product line from Chemcraft, an experienced wood coatings manufacturer." Surface Protection's Zolatone Interior Finishes, Mann Brothers retail operations and Zolatone Automotive Industrial & Marine businesses were not affected by the sale.