PPG has announced that it has acquired certain assets of automotive refinish coatings company Futian Xinshi (Futian). Financial terms were not disclosed.
With approximate sales of US$15M in 2016, Futian is a privately owned company based in the Guangdong province of China. Futian distributes its products in China through a network of more than 200 distributors. PPG will acquire Futian’s trademarks, product technology and customer list.
"The acquisition of Futian will further enhance PPG’s position in the growing Chinese automotive refinish coatings market,” said John Outcalt, PPG Vice President, Global Automotive Refinish. "Futian has a proven track record of growth and profitability by leveraging well-positioned brands, mature technology, low-cost operations and a solid-performing distribution base.”
