PITTSBURGH--(BUSINESS WIRE)--Jun. 8, 2016--
PPG (NYSE:PPG) announced today that it has reached a definitive
agreement to acquire MetoKote Corporation and its affiliates. MetoKote
is a U.S.-based coatings services business with 2015 global sales of
approximately $200 million. The transaction is expected to close in the
third quarter 2016, subject to customary closing conditions. Financial
terms were not disclosed.
MetoKote is headquartered in Lima, Ohio, and has more than 1,500
employees. MetoKote applies coatings to customers’ manufactured parts
and assembled products. It operates on-site coatings services within
several customer manufacturing locations, as well as at regional service
centers, located throughout the U.S., Canada, Mexico, the United
Kingdom, Germany, Hungary and the Czech Republic. Customers ship parts
to MetoKote service centers, where they are treated to enhance paint
adhesion and painted with electrocoat, powder or liquid coatings
technologies. Coated parts are then shipped to the customer’s next stage
of assembly. MetoKote coats an average of more than 1.5 million parts
per day.
“This acquisition will help us to better understand and meet our
customers’ critical coatings requirements,” said Viktor Sekmakas, PPG
executive vice president. “We are responding to customers’ requests to
streamline the purchasing, delivery and application of coatings by
adding MetoKote’s capabilities to PPG. This will simplify our customers’
operations, enabling them to focus on their core competencies of product
design and manufacturing. Having a more intimate understanding of our
customers’ coatings needs will help us to offer enhanced, end-to-end
solutions and services going forward.”
Sekmakas added, “MetoKote is a leader in coatings services. Its size,
breadth of capabilities and geographic reach complement PPG’s technology
and regional customer base. With this acquisition, we will be able to
deliver process efficiency and streamline coatings operations for our
customers, helping to drive a new era of innovation.”
PPG: WE PROTECT AND BEAUTIFY THE WORLD™
At PPG (NYSE:PPG), we work every day to develop and deliver the paints,
coatings and materials that our customers have trusted for more than 130
years. Through dedication and creativity, we solve our customers’
biggest challenges, collaborating closely to find the right path
forward. With headquarters in Pittsburgh, we operate and innovate in
more than 70 countries and reported net sales of $15.3 billion in 2015.
We serve customers in construction, consumer products, industrial and
transportation markets and aftermarkets. To learn more, visit www.ppg.com.
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 MetoKote 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 regulatory approvals; the ability of PPG
to achieve the expected benefits of the acquisition; and the other risks
and uncertainties discussed in PPG’s 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 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.
We protect and beautify the world is a trademark and the PPG
Logo is a registered trademark of PPG Industries Ohio, Inc.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160608005775/en/
Source: PPG
PPG Media Contact:
Mark Silvey
Corporate Communications
412-434-3046
silvey@ppg.com
or
PPG
Investor Contact:
Scott Minder
Investor Relations
412-434-3466
sminder@ppg.com
www.ppg.com/investor