Stemco had announced to distributors earlier this month that the two companies had reached an agreement in principle on the deal. A week later, they announced they had mutually agreed to discontinue discussions.
"While we believe the acquisition would have been a good fit with Stemco, we have terminated our negotiations because we have been unable to reach an agreement that benefits both parties," said Stemco President Jon Cox. "The increasingly uncertain economic conditions have played a role in this decision as well."
Cox said the company will continue to search for acquisition candidates.