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Diversified Coatings, Inc. acquires Morwear brand.

Los Angeles-based paint manufacturer Diversified Coatings, Inc. (DCI) has acquired the Morwear brand of high quality architectural paints and coating products from Morwear Manufacturing, Inc. (MMI) in a transaction approved by Judge Ellen Carroll in United States Bankruptcy Court.

After buying Morwear from the former Smiland Paint Company in mid-2004, MMI filed its bankruptcy case in August 2005, after posting sales of $2 million in its final month of operations.

As the court-appointed interim manager of MMI since October 1, 2005, DCI rehired most of the workforce and restarted the production and distribution of Morwear paints and specialty coatings.

Dieter Raabe, president of DCI, said, "Acquiring the Morwear brand will enable us to capitalize on opportunities that will establish DCI as a company of excellence representing an innovative product line of paint and coatings products. We look forward to expanding on our well-established distribution contacts in the paint and construction industries here in the U.S. and internationally."

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Title Annotation:As We Go To Press
Publication:Coatings World
Date:Jan 1, 2006
Words:158
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