Dainippon Ink in talks to sell adhesive division to Forbo
A final agreement to sell the division of Reichhold Inc, a wholly owned U.S. subsidiary of Dainippon Ink, to the Swiss flooring group would be made by the end of 2001, Dainippon Ink said.
It did not say what price it was asking for the business.
The Nihon Keizai Shimbun business daily said on Wednesday that Dainippon Ink would sell the division for an estimated 25 to 30 billion yen ($206 to $247 million).
Reichhold plans to focus on its core business of resin for use in paints and fibre-reinforced plastics, Dainippon Ink said.
Reichhold's adhesive division, which has annual sales of $250 million, makes adhesives for a variety of areas, including furniture, automobiles and construction.