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PPG to acquire industrial coatings producer Spraylat
10/30/2012 |
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PITTSBURGH, Oct. 30, 2012 - PPG Industries (NYSE:PPG) recently announced that it has reached a definitive agreement to acquire certain assets of Spraylat Corp., a privately-owned industrial coatings company based in Pelham, N.Y. The transaction is expected to close in late 2012 subject to regulatory approval and customary closing conditions. Financial terms were not disclosed.
"Acquiring Spraylat furthers PPG's strategy to remain a leading industrial coatings supplier," said Richard Zoulek, PPG vice president, industrial coatings, Americas. "This transaction strengthens PPG's position in key end-use markets such as automotive parts while expanding PPG's overall liquid and powder coatings capabilities."
Zoulek added, "Spraylat's strong customer base, dedication to innovation and service, combined with PPG's global infrastructure, will create growth opportunities."
Spraylat holds a strong position in industrial markets such as automotive parts, architectural powder coatings, transportation, and general industrial niches, including mirror, electronic device, metal office furniture and storage, and sign coatings, according to Zoulek.
About Spraylat
Spraylat Corp. was founded in 1936 and now serves a customer base spanning more than 50 countries. Spraylat had annual sales of approximately $125 million in 2011. The company operates production facilities in the U.S., Europe and China, and it employs about 300 people. Spraylat specializes in high-quality industrial liquid and powder coatings with excellent performance characteristics that are applied to metal, glass and plastic substrates. Customers value Spraylat for its dedication to product innovation, flexible manufacturing process, reliable performance and outstanding technical service.
PPG: BRINGING INNOVATION TO THE SURFACE.(TM)
PPG Industries' vision is to continue to be the world's leading coatings and specialty products 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 more than 60 countries around the world. Sales in 2011 were $14.9 billion. PPG shares are traded on the New York Stock Exchange (symbol: PPG). For more information, visit www.ppg.com. |
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