Akzo Nobel are to complete the sale of Lancashire-based Crown Paints in a management buyout worth £70m.
The acquisition was supported by UK investment fund, Endless, and was agreed with Akzo Nobel.
The jobs of 600 staff have effectively been secured at the firm's headquarters in Darwen. Crown also has sites in Hull, Warrington, Belfast and Dublin.
The disposal comes after Akzo's purchase of Dulux-owner ICI earlier this year for £8 billion, which gave the group over half the UK paint market. The European Competition Commission had ordered the sale of the business earlier this year.
Crown was established almost 200 years ago. The company has annual revenues of about £180m and 15% market share in the UK and Ireland. Its employs 1,500 people and runs two factories in Darwen and Hull, with strategic warehouse depots located in Warrington, Dublin and Belfast.
The European Commission still has to give approval for the buyout, which is expected within the next two months
