PA-PPG-INDUSTRIES
30.1.2015 15:08:58 CET | Business Wire | Pressemeddelelse
PPG Industries (NYSE:PPG) announced today that it has submitted an offer to acquire a majority interest in the aerospace and automotive sealants businesses of Le Joint Français (LJF). LJF is a supplier of sealants and adhesives products for the aerospace and automotive industries and has been a long-term licensee of PPG’s aerospace sealant technology.
LJF’s aerospace and automotive sealants businesses would be spun-off to form a new, separate entity, of which PPG would be the majority owner. PPG anticipates closing the transaction in the second half of 2015, following completion of the French works council consultation process, receipt of regulatory approvals and satisfaction of other customary closing conditions. Financial terms were not disclosed.
LJF is headquartered in France and is part of the Hutchinson Group, a world leader in sealing systems, vibration, acoustic and thermal insulation, fluid transfer systems, transmission and mobility. LJF’s aerospace and automotive sealants businesses employ more than 200 people, and the new entity would continue operations in Bezons, France, at the facility where these businesses are currently based.
“This venture is a natural progression for the two companies, as LJF has been a licensee of PPG technology for more than 60 years. This would allow us to serve our aerospace and automotive customers with greater geographic reach and with a wider array of automotive products,” said Michael McGarry, PPG chief operating officer.
PPG: BRINGING INNOVATION TO THE SURFACE.
™
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 2014 were $15.4
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.
About Le Joint Français
Le Joint Français is part of the
Hutchinson Group, a world leader in sealing systems, vibration, acoustic
and thermal insulation, fluid transfer systems, transmission and
mobility. For more information, visit www.hutchinsonworldwide.com
.
Forward-Looking Statements
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 PPG Industries’ 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
venture. 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 transaction and other risks
related to the 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 works
council and regulatory approvals; the ability of PPG Industries to
achieve the expected benefits of the transaction; 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.
Contact:
PPG Industries, Inc.
Media:
Mark Silvey,
412-434-3046
PPG Corporate Communications
silvey@ppg.com
or
Investors:
Vince
Morales, 412-434-3740
PPG Investor Relations
vmorales@ppg.com
Link:
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