News roundup from PPG
News roundup from PPG
Keywords: PPG Industries, Imperial Chemical Industries, Awards,Acquisition, PRC De Soto
PPG Industries has been active over the last few weeks. It recently completed acquisition of the German-based original equipment speciality coatings business of Imperial Chemical Industries.
Terms of the transaction, announced in April and involving no fixed assets,were not disclosed.
The acquired business, which had 1998 sales of about US$16 million, becomes part of PPG’s industrial coatings strategic business unit. It supplies specialty coatings used by makers of buses and trucks, and for rail car,military and industrial applications.
The company also reports that it has completed its previously announced acquisition of PRC-DeSoto International of Glendale, California – formerly Courtaulds Aerospace – from Akzo Nobel of the Netherlands for US$512 million.
The global supplier of coatings and sealants for aircraft, as well as sealants for architectural insulating glass units, has annual sales of about US$240 million. It has production facilities in the USA and Europe, as well as 14 application support centers serving aircraft maintenance and aftermarket customers around the world.
PPG also informs us that it has completed the major elements of its acquisition of Imperial Chemical Industries’ automotive refinish and industrial coatings businesses, those operating in Europe and the Americas.
The entire acquisition, including Asian refinish and industrial coatings businesses to be purchased later this year, is valued at about US$684 million and the largest in PPG’s 116-year history. The units’ 1998 sales were nearly US$460 million.
PPG Industries reports that it has again received Quest for Excellence awards as “best of the best” automotive coatings and glass supplier in voting by readers of Automotive Industries (AI) magazine, a leading industry magazine.
Readers involved in automotive industry design, engineering, manufacturing,purchasing and management rate suppliers for quality, price, delivery, service and innovation; scores are tabulated by Price-WaterhouseCoopers LLP. AI initiated the awards in 1998, when Pittsburgh-based PPG also led the coatings and glass categories.
For 1999, PPG scored highest overall among automotive paints and coatings suppliers with top rankings for quality and service, and bested the glass category with highest rankings for quality, delivery, service and innovation.
