PITTSBURGH--(BUSINESS WIRE)--PPG (NYSE:PPG) today announced that it has reached an agreement with the Emerging Europe Accession Fund (EEAF) to acquire DEUTEK S.A., a leading Romanian paint and architectural coatings manufacturer. PPG expects the transaction to close in the first quarter 2017, following the receipt of regulatory approvals and satisfaction of customary closing conditions. Financial terms were not disclosed.
DEUTEK, established in 1993, manufactures and markets a large portfolio of well-known professional and consumer paint brands, including OSKAR and Danke!. The company’s products are sold in more than 120 do-it-yourself stores and 3,500 independent retail outlets in Romania. DEUTEK, which is currently owned by EEAF, reported sales of 30 million euros in 2015.
“DEUTEK is a well-managed business with a long heritage of excellent customer service and a portfolio of leading, well-recognized brands in Romania,” said Jean-Marie Greindl, PPG senior vice president, global architectural coatings, and president, PPG Europe, Middle East and Africa (EMEA). “The acquisition adds the fastest-growing paint brands in Romania, where PPG has only a small presence in architectural coatings.”
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At PPG (NYSE:PPG), we work every day to develop and deliver the paints, coatings and materials that our customers have trusted for more than 130 years. Through dedication and creativity, we solve our customers’ biggest challenges, collaborating closely to find the right path forward. With headquarters in Pittsburgh, we operate and innovate in more than 70 countries and reported net sales of $14.8 billion in 2015. We serve customers in construction, consumer products, industrial and transportation markets and aftermarkets. To learn more, visit www.ppg.com.
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 DEUTEK transaction. 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 transaction and other risks related to completion of the transaction and actions related thereto, the parties’ ability to complete the transaction on the anticipated terms and schedule, including the ability to obtain regulatory approvals, 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.