San José, Costa Rica, since 1956

Compañía Global de Pinturas to buy H.B. Fuller's paint unit

Manufacturer H.B. Fuller will sell its paints unit, which is based in Central America, to a Colombia-based company in order to focus on its adhesives business.

The company announced Monday that it will sell its Central America paint business to Companía Global de Pinturas for $120 million. The deal is expected to close within 60 days, a spokesman for H.B. Fuller said.

The company’s paints unit generated $113.5 million in in revenue in 2011, about 7 percent of H.B. Fuller’s total revenue. The unit employs about 800 workers at production plants and laboratories in Costa Rica, Honduras and Panama.

The buyer is a paints company that operates in Colombia, Venezuela, Ecuador, Costa Rica, Panama and the Caribbean. Its parent company, Grupo Mundial, operates 53 companies in 12 countries and generated sales totaling $1.07 billion in 2011.

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