PPG Industries 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 (ppg.com) 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.
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.
Investors: Vince Morales - PPG Investor Relations
P: 412-434-3740 - E: vmorales[.]ppg.com.