High-quality products, industry expertise to further enhance PPG
industrial coatings portfolio
PITTSBURGH--(BUSINESS WIRE)--Jun. 11, 2015--
PPG Industries (NYSE:PPG) announced today that it has reached a
definitive agreement to acquire IVC Industrial Coatings, Inc., a
U.S.-based specialty powder and liquid coatings manufacturer with 2014
sales of more than $100 million. The transaction is expected to close in
the third quarter, subject to customary closing conditions. Financial
terms were not disclosed.
IVC is a privately owned company founded in 1870 as the Indianapolis
Varnish Company. The company, based in Brazil, Indiana, focuses on the
development, manufacture and sale of powder and liquid coatings for the
general industrial segment. Its industry-leading coatings are used on a
wide variety of products such as metal office furniture, material
handling and storage products, automotive parts, motorcycles, industrial
containers, small appliances and electronics such as printers, servers
and audio-visual equipment. IVC employs more than 300 people and
operates five plants in the U.S. (two in Brazil, Indiana, and one each
in Grand Haven, Michigan; Atlanta, Georgia; and Casa Grande, Arizona),
one plant in Guangdong, China, and a small development lab in
Manchester, England. The company also has operations in Malaysia through
a joint venture.
“Acquiring IVC, which has a large, global distribution footprint, will
strengthen our ability to serve a variety of end-use markets and enhance
PPG’s supply positions in the U.S. and China,” said Shelley Bausch, PPG
vice president, global industrial coatings. “The addition of IVC's
high-quality products and industry expertise will further enhance PPG's
ability to deliver a robust portfolio of industry-leading industrial
coatings solutions."
PPG: BRINGING INNOVATION TO THE SURFACE.™
PPG Industries' vision is to be the world’s leading coatings company by
consistently delivering high-quality, innovative and sustainable
solutions that customers trust to protect and beautify their products
and surroundings. Through leadership in innovation, sustainability and
color, PPG provides added value to customers in construction, consumer
products, industrial and transportation 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 more
than 70 countries around the world. Reported net sales in 2014 were
$15.4 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 IVC Industrial Coatings, Inc., 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 of the acquisition and other risks
related to 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 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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20150611005264/en/
Source: PPG Industries
Media:
PPG Corporate Communications
Mark Silvey,
412-434-3046
silvey@ppg.com
or
Investors:
PPG
Investor Relations
Vince Morales, 412-434-3740
vmorales@ppg.com