PITTSBURGH--(BUSINESS WIRE)--Dec. 19, 2014--
PPG Industries (NYSE:PPG) today announced that it has entered into
exclusive negotiations with the AXSON Group to acquire REVOCOAT, a
global supplier of sealants, adhesives and damper products for the
automotive industry.
PPG expects the transaction to close in the first quarter 2015,
following the French works council consultation process, regulatory
approvals and other customary closing conditions. Financial terms were
not disclosed.
REVOCOAT, headquartered in France, is part of the AXSON Group, a world
leader in high-performance operational polymer formulation. REVOCOAT
employs more than 500 people and operates seven manufacturing facilities
and one research and development center.
“Acquiring REVOCOAT will enable PPG to continue to strengthen its
specialty materials offerings to global automotive customers,” said
Cynthia Niekamp, PPG senior vice president, automotive coatings. “The
business represents a true adjacency with our core automotive original
equipment manufacturer (OEM) coatings business, strengthening PPG’s
existing offering of sealant and adhesive products for this industry.”
“Combining the expertise of the REVOCOAT team with PPG’s footprint will
enable us to serve our customers around the world with an enhanced
product portfolio,” said Jean-Marie Greindl, president, PPG Europe, and
vice president of PPG’s automotive OEM coatings business in Europe, the
Middle East and Africa.
“During the last six years, the management team and employees of
REVOCOAT have driven the business to become a strong global competitor
in the automotive OEM adhesives and sealants market,” said Charles
Churet, AXSON president. “PPG’s automotive OEM coatings business is the
best possible vehicle to bring REVOCOAT to the next level of
performance, providing customers with a broader and stronger product
offering and REVOCOAT employees with more opportunities for growth and
personal development.”
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. Reported 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.
REVOCOAT
REVOCOAT is a supplier of sealants, dampers and adhesives for the
automotive industry. The business offers a range of complementary
epoxy-based products, polyurethanes and water-based emulsions. REVOCOAT
is part of AXSON Group, a world leader in high-performance operational
polymer formulation. For more information, visit www.revocoat.com/home.html.
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 timing of
and expected benefits of the REVOCOAT acquisition. Actual events may
differ materially from current expectations and are subject to a number
of risks and uncertainties, including the satisfaction of the conditions
to the acquisition and other risks related to the completion of the
acquisition and actions related thereto; the parties’ ability to
complete the acquisition on the anticipated terms and schedule,
including the ability to obtain works council and regulatory approvals;
the ability of PPG Industries’ to achieve the expected benefits of the
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 of PPG
Industries Ohio, Inc.
Source: PPG Industries, Inc.
PPG Industries, Inc.
Media:
Mark Silvey, 412-434-3046
PPG
Corporate Communications
silvey@ppg.com
or
Investors:
Vince
Morales, 412-434-3740
PPG Investor Relations
vmorales@ppg.com