Tennant Company Completes Sale of Coatings Business

Tennant Company (“Tennant”) (NYSE: TNC), a world leader in the design, manufacture and marketing of solutions that help create a cleaner, safer, healthier world, today announced the Company has completed a sale of its coatings business, Tennant Coatings, to The Sherwin-Williams Company (NYSE: SHW).

“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. “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 September 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.

BMO Capital Markets served as exclusive financial advisor and Ballard Spahr served as legal counsel to Tennant on the transaction.

Company Profile

Founded in 1870, Tennant Company (TNC), headquartered in Minneapolis, Minnesota, is a world leader in designing, manufacturing and marketing solutions that empower customers to achieve quality cleaning performance, reduce their environmental impact and help create a cleaner, safer, healthier world. Its products include equipment for maintaining surfaces in industrial, commercial and outdoor environments; detergent-free and other sustainable cleaning technologies; and cleaning tools and supplies. Tennant's global field service network is the most extensive in the industry. Tennant Company had sales of $1.14 billion in 2019 and has approximately 4,300 employees. Tennant has manufacturing operations throughout the world and sells products directly in 15 countries and through distributors in more than 100 countries. For more information, visit www.tennantco.com and www.ipcworldwide.com. The Tennant Company logo and other trademarks designated with the symbol “” are trademarks of Tennant Company registered in the United States and/or other countries.