PPG Industries announced, April 1, that it has finalised the acquisition of the North American architectural coatings business of AkzoNobel NV in a deal valued at US$1.05bn.
"We are pleased to have successfully completed this acquisition, the second-largest in our company’s history, as it further extends PPG’s architectural coatings business in the USA, Canada and the Caribbean and continues the accelerated pace of our business portfolio transformation,” said Charles E Bunch, PPG Chairman and CEO.
"With this acquisition, PPG has expanded its reach in all three major North American distribution channels, including home centres, independent paint dealers and company-owned paint stores. The company’s product offerings are now available in more than 15,000 outlets across the region.
"Our already strong portfolio of North American brands, including PPG Paints, PPG Pittsburgh Paints, PPG Porter Paints, Lucite and Olympic Paints and Stains, has been significantly strengthened with the addition of well-known brands such as Glidden, Flood, CIL, Sico and Liquid Nails,” Bunch said.
PPG will also license the following brands: Dulux, Devoe architectural coatings and Sikkens architectural wood products.
"As we welcome new colleagues, our focus will be to effectively and efficiently integrate these businesses and to exceed the expectations of our customers, while capturing the full earnings power of the combined organisation,” Bunch said.