PPG to Acquire Automotive Coatings Manufacturer Hemmelrath
PPG (NYSE: PPG) today announced that it has reached a definitive agreement to acquire automotive coatings manufacturer Hemmelrath. The transaction is expected to close in the first half of 2019, subject to customary closing conditions. Financial terms were not disclosed.
“We are excited to add Hemmelrath to our robust and diversified automotive coatings offering. This acquisition is another step forward in our strategic growth plan that will provide further value to our customers and shareholders,” said Michael McGarry, PPG chairman and chief executive officer.
Headquartered in Klingenberg, Germany, Hemmelrath is a family-owned manufacturer of coatings for automotive original equipment manufacturers (OEMs). With more than 450 employees, the company operates manufacturing facilities in Klingenberg and Erlenbach, Germany; Jilin, China; Duncan, South Carolina, United States; and Indaiatuba, Brazil. Hemmelrath supplies automotive plants worldwide, and more than 7 million vehicles are coated with its products each year.
“The fit between Hemmelrath and PPG is complementary. The acquisition will enhance PPG’s automotive coatings offering, and add formulating and manufacturing solutions,” said Rebecca Liebert, PPG senior vice president, automotive coatings.
PPG: WE PROTECT AND BEAUTIFY THE WORLD™
At PPG (NYSE:PPG), we work every day to develop and deliver the paints, coatings and materials that our customers have trusted for 135 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 $14.7 billion in 2017. We serve customers in construction, consumer products, industrial and transportation markets and aftermarkets. To learn more, visit www.ppg.com .
The forward-looking statements contained herein include statements relating to the timing of and expected benefits of the Hemmelrath 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 of the acquisition and other risks related to 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 regulatory approvals; the ability of PPG to achieve the expected benefits of the acquisition; and the other risks and uncertainties discussed in PPG’s 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.
We protect and beautify the world is a trademark and the PPG Logo is a registered trademark of PPG Industries Ohio, Inc.
Information om Business Wire
101 California Street, 20th Floor
CA 94111 San Francisco
Følg pressemeddelelser fra Business Wire
Skriv dig op her, og modtag pressemeddelelser på e-mail. Indtast din e-mail, klik på abonner, og følg instruktionerne i den udsendte e-mail.
Flere pressemeddelelser fra Business Wire
NY-INTERNATIONAL-FLAVORS22.1.2019 22:17 | Pressemeddelelse
IFF to Release Fourth Quarter and Full Year 2018 Results February 13
CA-GILEAD-SCIENCES22.1.2019 22:07 | Pressemeddelelse
Gilead Sciences to Release Fourth Quarter and Full Year 2018 Financial Results on Monday, February 4, 2019
OXFORD-NANOPORE22.1.2019 18:06 | Pressemeddelelse
Oxford Nanopore Prevails in Patent Ruling against Pacific Biosciences
NY-CITI22.1.2019 18:02 | Pressemeddelelse
Citi Announces Inaugural Green Bond Issuance
VÄRDE-PARTNERS22.1.2019 18:02 | Pressemeddelelse
Värde Partners Names New Partners, Additional Deputy CIO
OR-FLIR-SYSTEMS-INC22.1.2019 17:01 | Pressemeddelelse
FLIR Introduces Assisted Docking Technology and First Boat Manufacturer Partner
I vores nyhedsrum kan du læse alle vores pressemeddelelser, tilgå materiale i form af billeder og dokumenter samt finde vores kontaktoplysninger.Besøg vores nyhedsrum