Sale of Shares Gives British Firm a 10.5% Stake in PRC

Products Research & Chemical said it completed the sale of 868,000 of its common shares to Courtaulds PLC of Britain for $25 a share, or $27.1 million. The sale gives Courtaulds a 10.5% stake in Glendale-based PRC.

Both companies make coatings, sealants and other specialty chemicals, and said they already had begun exchanging marketing and technical information to expand their markets.

PRC plans to introduce a new line of adhesives and sealants for use on boats and other marine products, which would be sold through Courtaulds’ International Paints unit.