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 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.”