THE VIRGINIAN-PILOT
Copyright (c) 1996, Landmark Communications, Inc.
DATE: Tuesday, October 15, 1996 TAG: 9610150289
SECTION: BUSINESS PAGE: D1 EDITION: FINAL
SOURCE: BY CHRISTOPHER DINSMORE, STAFF WRITER
LENGTH: 33 lines
The Sherwin-Williams Co. has entered the marine coatings business with the purchase of a small Portsmouth paint manufacturer.
Cleveland-based Sherwin-Williams purchased Seaguard Coatings Corp. in late September. Officials with the company and Portsmouth are marking the purchase in a ceremony today at Seaguard's offices at 3560 Elm Ave. in Portsmouth.
Seaguard Coatings primarily provides paint and anti-fouling coatings to the Navy and shipyards servicing warships based in Hampton Roads.
``We make a lot of battleship gray,'' said Pat Little, Seaguard's manager.
Seaguard employs 16 workers and has sales between $2 million and $5 million a year, Little said.
Seaguard was founded in 1962 in Portsmouth by A.E. Verbyla of Lenoir, N.C. After some environmental problems, the company went through a Chapter 11 bankruptcy reorganization in the mid-1980s.
Peter Tepperman, who owns several paint companies in New Jersey and Delaware, bought Seaguard out of bankruptcy in 1986.
Sherwin-Williams, a $3 billion paint manufacturer and retailer, had purchased another marine coatings business earlier this year, Pratt & Lambert United. In late September, the company also bought Pro-Line Paint Co. of San Diego, Calif. Pro-Line makes specialized coatings for commercial ships and pleasure boats.
``This company is a diamond in the rough,'' said Little, who started at Seaguard 20 years ago as a receptionist and worked her way up. ``It's got great growth potential, especially with Sherwin-Williams behind it.''
Officials from Sherwin-Williams could not be reached for comment. by CNB