Koppers’ Coatings Unit Sold
PITTSBURGH (AP) _ Investors led by two former Koppers Co. executives and a Washington, D.C., banker said they purchased Koppers’ coatings business.
No purchase price was given when the deal was announced Wednesday.
The business will be known as Kop-Coat Inc.
Burnett G. Bartley Jr., formerly executive vice president of Koppers, will serve as chairman and chief executive of Kop-Coat. The new company’s president and chief operating officer is Charles G. Pauli, formerly vice president and general manager of Koppers’ coatings unit.
They teamed with Washington banker John J. Mason to acquire Kop-Coat with financing arranged by Pittsburgh National Bank.
During British industrialist Brian Beazer’s successful takeover battle for Koppers earlier this year, the Pittsburgh construction materials and chemicals company filed court documents listing profits from the coating business as $1.7 million on sales of $45 million.
Kop-Coat has six plants nationwide that make protective coatings for industrial, marine, residential and commercial uses. The best known is its line of Wolman coatings.