PITTSBURGH--(BUSINESS WIRE)--Jun. 3, 2015--
PPG Industries (NYSE:PPG) announced today that it has reached a
definitive agreement to acquire Cuming Microwave Corporation based in
Avon, Massachusetts, and its wholly-owned subsidiary Cuming-Lehman
Chambers, Inc., based in Chambersburg, Pennsylvania. The transaction is
expected to close in the third quarter, subject to customary closing
conditions. Financial terms were not disclosed.
Cuming Microwave is a global supplier of specialty coatings and
materials that absorb microwaves and radio waves, such as radar. The
company’s products are used in military aircraft and have applications
in end-uses such as electronics, telecommunications, medical and
automotive. The company employs about 160 people, operates three
manufacturing facilities in Avon and maintains an office in Chambersburg.
“Acquiring Cuming Microwave will enable us to serve customers around the
world with an enhanced product portfolio,” said Barry Gillespie, PPG
vice president, aerospace. “The company’s technologies complement and
expand PPG’s portfolio of products for the military and aerospace
segments. Cuming Microwave products also represent a new and unique
offering for customers across PPG’s businesses.”
PPG Aerospace is the aerospace products and services business of PPG
Industries. PPG Aerospace – Transparencies is the world’s largest
supplier of aircraft windshields, windows and canopies. PPG Aerospace –
PRC-DeSoto is the leading global producer and distributor of aerospace
coatings, sealants, and packaging and application systems. For more
information, visit www.ppgaerospace.com.
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 Cuming Microwave Corporation 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 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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20150603005706/en/
Source: PPG Industries, Inc.
PPG Industries, Inc.
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