PITTSBURGH--(BUSINESS WIRE)--PPG Industries (NYSE:PPG) today announced that it has entered into exclusive negotiations with the AXSON Group to acquire REVOCOAT, a global supplier of sealants, adhesives and damper products for the automotive industry.
PPG expects the transaction to close in the first quarter 2015, following the French works council consultation process, regulatory approvals and other customary closing conditions. Financial terms were not disclosed.
REVOCOAT, headquartered in France, is part of the AXSON Group, a world leader in high-performance operational polymer formulation. REVOCOAT employs more than 500 people and operates seven manufacturing facilities and one research and development center.
“Acquiring REVOCOAT will enable PPG to continue to strengthen its specialty materials offerings to global automotive customers,” said Cynthia Niekamp, PPG senior vice president, automotive coatings. “The business represents a true adjacency with our core automotive original equipment manufacturer (OEM) coatings business, strengthening PPG’s existing offering of sealant and adhesive products for this industry.”
“Combining the expertise of the REVOCOAT team with PPG’s footprint will enable us to serve our customers around the world with an enhanced product portfolio,” said Jean-Marie Greindl, president, PPG Europe, and vice president of PPG’s automotive OEM coatings business in Europe, the Middle East and Africa.
“During the last six years, the management team and employees of REVOCOAT have driven the business to become a strong global competitor in the automotive OEM adhesives and sealants market,” said Charles Churet, AXSON president. “PPG’s automotive OEM coatings business is the best possible vehicle to bring REVOCOAT to the next level of performance, providing customers with a broader and stronger product offering and REVOCOAT employees with more opportunities for growth and personal development.”
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. Reported 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.
REVOCOAT is a supplier of sealants, dampers and adhesives for the automotive industry. The business offers a range of complementary epoxy-based products, polyurethanes and water-based emulsions. REVOCOAT is part of AXSON Group, a world leader in high-performance operational polymer formulation. For more information, visit www.revocoat.com/home.html.
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 REVOCOAT 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 to the acquisition and other risks related to the 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 works council and 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.