PITTSBURGH--(BUSINESS WIRE)--Mar. 3, 2014--
PPG Industries (NYSE:PPG) today announced that it has completed its
previously announced acquisition of substantially all of the assets of
Hi-Temp Coatings Technology Co., Inc., a privately-owned supplier of
high-temperature-resistant and insulative coatings, based in Boxborough,
Mass. Financial terms were not disclosed.
The acquisition enhances the product portfolio of PPG’s protective and
marine coatings business, adding coatings that withstand extreme
temperatures to protect both carbon steel and stainless steel
substrates. The coatings are used widely in refineries, petrochemical
plants, pulp and paper mills, and power plants.
“With the acquisition of Hi-Temp and its unique technologies, we offer
even more high-quality solutions for a variety of customers, including
those in the petrochemical industry,” said Tim Knavish, PPG vice
president, protective and marine coatings. “We look forward to
leveraging these products for multiple growth opportunities for PPG’s
business.”
PPG is a world leader in protective and marine coatings, with products
protecting customers’ energy, infrastructure and marine industry assets
in some of the world’s most demanding conditions and environments.
Featured lines include the AMERCOAT®, PITT-CHAR® and SIGMA COATINGS®
brands. For more information, visit www.ppgpmc.com.
PPG: BRINGING INNOVATION TO THE SURFACE.(TM)
PPG Industries' vision is to continue to be the world’s leading coatings
and specialty materials company. Through leadership in innovation,
sustainability and color, PPG helps customers in industrial,
transportation, consumer products, and construction markets and
aftermarkets to enhance more surfaces in more ways than does any other
company. Founded in 1883, PPG has global headquarters in Pittsburgh and
operates in nearly 70 countries around the world. Net sales in 2013 were
$15.1 billion. PPG shares are traded on the New York Stock Exchange
(symbol: PPG). For more information, visit www.ppg.com
and follow @PPGIndustries
on Twitter.
Forward-Looking Statements
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 Hi-Temp acquisition. Actual events may differ materially
from current expectations and are subject to a number of risks and
uncertainties, including the failure to achieve the expected benefits of
the Hi-Temp acquisition and the other risks 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.
Bringing innovation to the surface is a trademark and Amercoat
is a registered trademark of PPG Industries Ohio, Inc.
Sigma Coatings is a registered trademark of PPG Coatings
Nederland B.V.
Pitt-Char is a registered trademark of PPG Architectural
Finishes, Inc.
Hi-Temp is a registered trademark of Hi-Temp Coatings Technology
Company, Inc.
Source: PPG Industries, Inc.
PPG Industries, Inc.
Media:
Mark Silvey, PPG Corporate
Communications, 412-434-3046
silvey@ppg.com
or
Investors:
Vince
Morales, PPG Investor Relations, 412-434-3740
vmorales@ppg.com