IN BRIEF : Koppers Sells Chemical Division
Beazer PLC said today that its Koppers Co. subsidiary has sold its Industrial Specialty Chemical division to Koppers managers for $190 million.
A consortium of management investors led by former Koppers President Glen C. Tenley, assisted by Sterling Group of Houston and Chase Manhattan Capital Corp., purchased the division Friday, Beazer said.
Frank M. Spinola, former general manager of industrial specialty chemicals under Koppers, will be chief executive officer of the new entity, officials said.
The sale includes plants in Petrolia, Pa., near Pittsburgh, and in Tuscaloosa, Ala. The division employs about 390 workers and makes adhesives for tires and laminated wood, and chemicals for the paper industry.
Beazer, a British-American building materials and construction company headquartered in Bath, England, said it has sold or has contracts to sell about $420 million in Koppers assets. The division sold Friday is the largest Koppers asset sold so far.
