PITTSBURGH--(BUSINESS WIRE)--Mar. 26, 2014--
PPG Industries (NYSE:PPG) today announced that it has reached a
definitive agreement to acquire substantially all of the assets of Canal
Supplies, Inc. (CSI), a privately-owned distributor of protective and
marine coatings to customers in Central America. The company is based in
Panama. The transaction is expected to close in the second quarter,
subject to customary closing conditions. Financial terms were not
disclosed.
The acquisition will enhance access to PPG products for customers in
Central America, and specifically in Costa Rica and Panama, which are
growth markets for both protective and marine coatings.
“PPG looks forward to continuing to build its supply networks throughout
Central America and meet the growing demand for our products in Panama.
The Panama Canal is an important regional economic hub for the
industry,” said Tim Knavish, PPG vice president, protective and marine
coatings. “The acquisition will increase PPG’s ability to deliver
protective and marine coatings to customers throughout the region.”
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.
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 CSI 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 CSI 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.
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