“The sale of Tennant’s coatings business is our latest move in the ongoing implementation of our enterprise strategy—specifically, winning where we have a competitive advantage,” Tennant CEO Chris Killingstad said. “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 previous 12 months ended Sept. 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.
Founded in 1870, Tennant Company (TNC), headquartered in Minneapolis, Minnesota, is a 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.
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.
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