H.B. Fuller Co. (FUL) announced that it has signed an agreement to sell its Central American paints business to Compania Global de Pinturas S.A., a company of Grupo Mundial. The purchase price to be paid for the business is $120 million.
The Central American paints business began operations in Costa Rica in 1949 and has been a member of the company's portfolio since 1967. The business being sold includes nearly 800 employees.
H.B. Fuller noted that Central American paints business will be accounted for as a discontinued operation in its current fiscal year 2012.
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