PITTSBURGH--(BUSINESS WIRE)--Feb. 3, 2014--
PPG Industries (NYSE:PPG) today announced that it has reached a
definitive agreement to acquire 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. The transaction is expected to close in the first quarter, subject
to customary closing conditions. Financial terms were not disclosed.
Hi-Temp is a global supplier of coatings that withstand extreme
temperatures to protect both carbon steel and stainless steel
substrates. The company’s coatings are used widely in refineries,
petrochemical plants, pulp and paper mills, and power plants. Hi-Temp’s
products, including HI-TEMP(R) 1027, the industry-leading corrosion
under insulation (CUI) coating, may also be applied while equipment is
hot and in operation, reducing facility downtime during maintenance.
“PPG looks forward to integrating Hi-Temp coatings into our product
offering,” said Tim Knavish, PPG vice president, protective and marine
coatings. “Hi-Temp’s unique technologies bring multiple growth
opportunities to PPG, particularly in the petrochemical
segment. Combining their excellent corrosion-under-insulation coatings
portfolio with PPG’s legacy portfolio enables us to provide additional
high-quality options to meet more of our customers’ coatings needs.”
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(R), PITT-CHAR(R) and SIGMA
COATINGS(R) brands. For more information, visit www.ppgpmc.com.
About Hi-Temp Coatings Technology
Hi-Temp Coatings Technology Co., Inc., is a technological leader in the
field of high-temperature-resistant coatings. The company specializes in
heat-resistant coatings that are available in all colors, the prevention
of corrosion under insulation, and coatings for original equipment
manufacturers. The company was founded in 2001 by Fred Zupicich, who
serves as its CEO. For more information, visit www.hitempcoatings.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 timing of
and 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