PPG Acquires Automotive Refinish Coatings Company Futian Xinshi
PPG (NYSE:PPG) today announced that it has acquired certain assets of
automotive refinish coatings company Futian Xinshi (Futian). Financial
terms were not disclosed.
With approximate sales of $15 million in 2016, Futian is a privately
owned company based in the Guangdong province of China. Futian
distributes its products in China through a network of more than 200
distributors. PPG will acquire Futian’s trademarks, product technology
and customer list.
“The acquisition of Futian will further enhance PPG’s position in the
growing Chinese automotive refinish coatings market,” said John Outcalt,
PPG vice president, global automotive refinish. “Futian has a proven
track record of growth and profitability by leveraging well-positioned
brands, mature technology, low-cost operations and a solid-performing
PPG: WE PROTECT AND BEAUTIFY THE WORLD™
At PPG (NYSE:PPG), we work every day to develop and deliver the paints,
coatings and materials that our customers have trusted for more than 130
years. Through dedication and creativity, we solve our customers’
biggest challenges, collaborating closely to find the right path
forward. With headquarters in Pittsburgh, we operate and innovate in
more than 70 countries and reported net sales of $14.8 billion in 2016.
We serve customers in construction, consumer products, industrial and
transportation markets and aftermarkets. To learn more, visit www.ppg.com.
Statements in this news release relating to matters that are not
historical facts are forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995 reflecting the
company’s current view with respect to future events or objectives and
financial or operational performance or results. The forward-looking
statements contained herein include statements relating to the expected
benefits of the Futian transaction. Actual events may differ materially
from current expectations and are subject to a number of risks and
uncertainties, including the satisfaction of the conditions of the
transaction and other risks related to completion of the transaction and
actions related thereto and uncertainties discussed in PPG Industries’
periodic reports on Form 10-K and Form 10-Q and its current reports on
Form 8-K filed with the Securities and Exchange Commission.
Forward-looking statements speak only as of the date of their initial
issuance, and PPG Industries does not undertake any obligation to update
or revise publicly any forward-looking statement, whether as a result of
new information, future events or otherwise.
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