PITTSBURGH--(BUSINESS WIRE)--PPG Industries (NYSE:PPG) today announced that it has reached a definitive agreement to acquire substantially all of the assets of Canal Supplies, Inc. (CSI), a privately-owned distributor of protective and marine coatings to customers in Central America. The company is based in Panama. The transaction is expected to close in the second quarter, subject to customary closing conditions. Financial terms were not disclosed.
The acquisition will enhance access to PPG products for customers in Central America, and specifically in Costa Rica and Panama, which are growth markets for both protective and marine coatings.
“PPG looks forward to continuing to build its supply networks throughout Central America and meet the growing demand for our products in Panama. The Panama Canal is an important regional economic hub for the industry,” said Tim Knavish, PPG vice president, protective and marine coatings. “The acquisition will increase PPG’s ability to deliver protective and marine coatings to customers throughout the region.”
PPG is a world leader in protective and marine coatings, with products protecting customers’ energy, infrastructure and marine industry assets in some of the world’s most demanding conditions and environments. Featured lines include the AMERCOAT(R), PITT-CHAR(R) and SIGMA COATINGS(R) brands. For more information, visit www.ppgpmc.com.
PPG: BRINGING INNOVATION TO THE SURFACE.(TM)
PPG Industries' vision is to continue to be the world’s leading coatings and specialty materials 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 nearly 70 countries around the world. Net sales in 2013 were $15.1 billion. PPG shares are traded on the New York Stock Exchange (symbol: PPG). For more information, visit www.ppg.com and follow @PPGIndustries on Twitter.
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 CSI acquisition. Actual events may differ materially from current expectations and are subject to a number of risks and uncertainties, including the failure to achieve the expected benefits of the CSI 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 and Amercoat is a registered trademark of PPG Industries Ohio, Inc.
Sigma Coatings is a registered trademark of PPG Coatings Nederland B.V.
Pitt-Char is a registered trademark of PPG Architectural Finishes, Inc.