Expands architectural coatings product portfolio
PITTSBURGH--(BUSINESS WIRE)--Jun. 5, 2014--
PPG Industries (NYSE:PPG) today announced that its North American
architectural coatings business has reached a definitive agreement to
acquire The Homax Group, Inc., a supplier of decorative wall and ceiling
texture repair products. Homax is a portfolio company of Olympus
Partners. The transaction is expected to close in the third quarter,
subject to customary closing conditions. Financial terms were not
disclosed.
Homax is the industry’s leading supplier of decorative aerosol drywall
and ceiling texturing applications utilized primarily for home repair.
In addition, it supplies various epoxy finishes, patching, caulking and
mesh tape repair products, and other painting tools and accessories. The
company’s products are sold through major home improvement centers,
hardware stores and paint suppliers.
“Homax products represent a new and unique offering for our customers,”
said Scott Sinetar, PPG vice president, architectural coatings, North
America. “The acquisition supports our continuing commitment to
providing professional and do-it-yourself customers with leading
coatings and related home remodeling and repair products.”
PPG Architectural Coatings is an industry leader in residential and
commercial coatings and products. The business produces paints, stains
and specialty coatings and products marketed under well-recognized lines
such as FLOOD®, GLIDDEN®, LIQUID NAILS®, MANOR HALL®, OLYMPIC®, PPG
PITTSBURGH PAINTS®, PPG PORTER PAINTS®, PPG Paints and SIKKENS® brands.
Its distribution network includes more than 900 company-owned stores,
more than 5,000 independent dealer locations and all major home
improvement centers.
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.
About Olympus Partners
Founded in 1988, Olympus Partners is a private equity firm focused on
providing equity capital for middle market management buyouts and for
companies needing capital for expansion. Olympus is an active, long-term
investor across a broad range of industries, including consumer
products, business services, restaurants, healthcare, and financial
services. Olympus manages in excess of $5 billion on behalf of corporate
pension funds, endowment funds and state-sponsored retirement programs.
Sawaya Segalas & Co., LLC, a leading consumer investment banking firm,
acted as exclusive financial adviser to The Homax Group, Inc. in
connection with the transaction with PPG Industries.
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 Homax acquisition. Actual events may differ
materially from current expectations and are subject to a number of
risks and uncertainties, including the failure to close the acquisition,
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.
FLOOD, GLIDDEN, LIQUID NAILS, MANOR HALL,
OLYMPIC, PPG PITTSBURGH PAINTS, and PPG PORTER PAINTS are
registered trademarks of the PPG group of companies.
SIKKENS is
a registered trademark of AkzoNobel.
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